Old Mutual General Insurance Kenya (OMGIK) has introduced a Monthly Premium Plan to offer Kenyans a more flexible way to manage insurance costs.
The plan covers health, motor, home, and personal accident insurance, allowing customers to spread payments over monthly installments instead of paying a large sum upfront.
This approach aims to help families maintain insurance coverage while managing limited budgets.
The plan was created in response to research by Old Mutual, which found that 48% of working Kenyans are financially stressed, with most earning the same or less than before COVID-19. Current economic challenges mean many households spend only 8% of their income on insurance and medical aid.
The plan requires a minimum premium of KES 25,000 for financing. Customers opting for annual coverage can also benefit from discounts and bonuses. This initiative aims to make insurance more accessible during tough economic times.
