OCTAGON AFRICA PARTNERS WITH JUBILEE HEALTH INSURANCE TO PROVIDE POST RETIREMENT MEDICAL COVER TO RETIREES

OCTAGON AFRICA PARTNERS WITH JUBILEE HEALTH INSURANCE TO PROVIDE POST RETIREMENT MEDICAL COVER TO RETIREES

By Vera Shawiza

Octagon Insurance Brokers Ltd, a subsidiary of

Octagon Africa Financial Services Ltd,

partnered with Jubilee Health Insurance to

provide affordable and flexible post-retirement

medical cover to retirees of up to 85 years.

Dubbed ‘Octagon Afya Plus’, the comprehensive

medical cover will be available to Octagon

Africa customers and will be underwritten by

Jubilee Health Insurance. Other than accessing

inpatient and outpatient services, those covered

will also be able to access highly subsidized

services in dental, optical and last expense.

Speaking during the launch Retirement Benefits

Authority (RBA) Chief Manager in charge of

Supervision Charles Machira, on behalf of the

CEO Nzomo Mutuku, commended the efforts by

Octagon Insurance Brokers and Jubilee Health

Insurance in ensuring the gap of health access

experienced, especially upon retirement, is

bridged.

“We are glad to see that we continue to inch

closer to achieving the goals we set in the RBA

strategic plan 2019-2024, which is pegged on

innovation as a key theme. Innovative products

such as the ‘Octagon Afya Plus’ make

retirement schemes more beneficial and will

help increase the pension coverage in the

country, which currently stands at 20 percent,”

said Charles Machira.

A Kenya Retirement Preparedness Survey

carried out by the Association of Kenya Insurers

(AKI) in 2019 established that only 29 per cent

of Kenyans feel they are well prepared for

retirement. Further studies also indicate that 60

per cent of an individual’s medical costs are

incurred in retirement age.

“We identified the growing need for medical

cover with flexible terms for retirees. This is

why we have customized this product to serve

eemployees or retirees actively in service.

Members who are already in the scheme can

have the cover extended to up to 85 years of

age,” said Octagon Insurance Brokers Ltd

General Manager Davis Ongiro.

“In addition, the medical scheme will see

members choose a cover from the five different

flexible categories that cater for their unique

needs. Members also have the option to make

additional payments to the scheme,” he added.

Octagon Afya Plus also provides members with

an avenue to invest and save or transfer up to

10% of their retirement benefits into the post-

retirement medical scheme. The investment

earns an annual investment income.

On his part, Jubilee Health CEO Dr. Patrick

Gatonga noted that the need for affordable

health insurance by a majority of retirees is a

crucial cog in ensuring that the older persons in

society lead a decent life even after spending

their productive lives serving the society.

“As partners, we gain pride in providing

affordable and accessible health insurance

services to our members in recognition for their

loyalty. The Octagon Afya medical cover is in

response to the growing need to ensure that

health services are readily available through our

suit of products”, Dr. Gatonga said.

Octagon Africa, headquartered in Nairobi,

Kenya, is one of the leading financial services

providers of pension, actuarial services,

insurance brokerage and training services to

individuals, non-profit, public and private sector

organisations.

In line with its Pan-African dream, Octagon has

expanded its operations to Kampala, Uganda

and Lusaka, Zambia. Over the last 13 years,

Octagon has grown its fund portfolio to more

than 200 corporate clients at the end of 2018.

Jubilee Insurance Ltd, a wholly owned

subsidiary of Jubilee Holdings Ltd, was

established as the first incorporated Insurance

Company based in Mombasa in August 1937.

We have since spread our wings and sphere of

influence as the No. 1 Insurance Company in

the region with offices in Kenya, Uganda,

Tanzania, Burundi and Mauritius and are

recognised as the largest Composite Insurer in

East Africa with over 450,000 clients.