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
“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
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.