Magazine date:
May 2015 In association with Citadel Micro Insurance Agency, the Kenyan company APA Insurance Launches "Linda Salo," a micro-insurance product for low-income people.
Policyholders can benefit from this product by paying a minimum premium of 820 KES (9.36 USD) per year or 70 KES (0.78 USD) per month. Linda Salo covers job loss, health and life.
In case of job loss, the insured person is indemnified up to 150 000 KES (1 684 USD).
Health risk, requiring hospitalization, gives entitlement to the payment of a maximum of 20 000 KES (224 USD) as an income supplement.
The death benefit is capped at 100 000 KES (1 123 USD) and is paid to the beneficiaries as funeral costs.
These new products mainly target unionized workers, individuals and group policies.