L-R: Ken Omami General Manager Health, Old Mutual General Insurance Kenya (OMGIK), Japheth Ogalloh Managing Director OMGIK, Prudence Khamati Head of Operations OMGIK and Levi Nyamwaro General Manager Distribution OMGIK at the launch of Old Mutual’s new Monthly Premiums Plan.
Old Mutual General Insurance Kenya (OMGIK) has introduced a new Monthly Premiums Plan designed to provide customers with a more flexible and affordable way to manage their insurance coverage.
The plan, which applies to a variety of insurance solutions including health, motor, home, and personal accident coverage, allows customers to pay their premiums in monthly installments rather than in a single, large upfront payment.
This new offering comes at a time when financial pressures are mounting for many Kenyans. According to the recent Old Mutual Financial Services Monitor, 48 percent of working Kenyans report being financially stressed. The report also highlighted that 90 percent of Kenyan consumers are earning the same or less than they did before the COVID-19 pandemic.
These factors have left households with limited disposable income, with only 8 percent of their budget available for critical needs like insurance and medical aid.
“With this plan, we aim to reduce the financial burden on our customers by allowing them to spread their payments across the year,” said Japheth Ogalloh, Managing Director of OMGIK. “This flexibility ensures that individuals and families can maintain comprehensive insurance coverage without compromising on essential services such as healthcare.”
The minimum premium for the Monthly Premiums Plan starts at KES 25,000. To encourage more customers to adopt the plan, Old Mutual is offering exclusive discounts, incentives, and bonuses for those who commit to annual coverage.
In addition to providing financial relief, Old Mutual has invested in digital platforms like Old Mutual Thrive. This platform promotes holistic wellness, integrating financial literacy, physical health, and mental well-being. “By combining personalized wellness programs with practical financial solutions, we empower consumers to build resilience against financial stress, which can impact both their physical and mental health,” Ogalloh added.
Customers can easily manage their insurance through Old Mutual’s online portal. The platform allows users to track their payments, view their coverage, and adjust or cancel their subscriptions at any time, providing an added layer of convenience and control.
This initiative is part of Old Mutual’s broader commitment to supporting Kenyans in achieving financial stability and security. The Monthly Premiums Plan underscores the company’s mission to offer innovative solutions tailored to the evolving needs of its customers.