Riziki Cover from Equity Bank and Britam is FREE to certain Equitel customers, Find out How to Subscribe

Mobile based insurance cover is currently touted as the next big thing in mobile banking industry – at least here in Kenya, and savvy organisations ranging from Banks and Mobile service providers are not leaving anything to chance; the latest to board this bandwagon being Equity bank in partnership with Britam. Riziki Cover will see Equitel subscribers  covered for lost daily income from their employment or personal business in case they are admitted to hospital. And the product is accessible to anyone with an Equitel who use airtime from Sh100 and above or make mobile banking transactions worth Sh1,000 or more per month.

How to Qualify for a Riziki Cover;

To qualify for a Riziki Cover is pretty straight forward process if you’re currently an Equitel subscriber, but that’s not the only thing you’re required to do/have, below are the requirements;

• First, you at least need to be an Equitel customer/user
• Secondly, register via a USSD code by dialing *745# OR sending the word ‘EQUITY’ to 74035 and following the easy steps.
• Spend at least Ksh 100 airtime on your Equitel line OR carry out M-banking transactions of at least Ksh 1000 in one month to get free coverage for the next month, for example, by spending at least Ksh 100 in January, you will receive free insurance in February.
• Spend at least Ksh 100 and make M-banking transactions exceeding Ksh 1000 in a month, to receive double the benefits for the next month.
• For you to continue enjoying Riziki cover, you have to continue meeting the specified criteria i.e airtime usage of minimum M-banking transactions.

How Riziki Cover from Equitel and Britam work;

Let’s say you are admitted to a hospital for a period of three consecutive nights or more, a registered subscriber who meets the specified criteria, will receive a fixed payout for every night spent at the hospital. The cash payout will range from Ksh.400 per night for a subscriber who uses airtime from Sh100 or makes mobile banking transactions worth Sh1,000 or more per month and a cash payout doubling to Sh800 for those who use airtime from Sh100 and make M-banking transactions worth Sh1,000 or more per month.

“We are proud to introduce this unique service to all our Equitel users who can now secure their daily earnings through Riziki Cover. It is easy and convenient to sign up and offers benefits that are accessible instantly. Our subscribers will now have peace of mind as they focus on getting back to full health in the event of sickness or injury,” said Jack Ngare, the Managing Director of Finserve Africa.

On it’s part, Britam Micro Insurance has indicated this partnership will facilitate the provision of the cover to more people.

“The partnership with Equitel goes a long way towards increasing insurance penetration. We now have the capability to cover over 1.8 million subscribers with the Riziki cover through a fast and efficient mobile platform,” said Charles Muyodi, General Manager, Britam Micro Insurance Business.

Muyodi said Riziki will cover all hospital admissions, as long as the illness, injury or condition requires a subscriber to be admitted to hospital for three consecutive nights or more. On his part, Jeremy Leach, Chief Executive, Inclusivity Solutions said that the launch of Riziki Cover is the start of an exciting new range of digital insurance products for Equitel.

Equitel subscribers can upgrade their cover to ‘Riziki Plus Personal Cover’ or ‘Riziki Plus Family Cover’ by paying monthly premiums of Sh140 and Sh620 per month respectively.

For those covered under Riziki Plus plan,  they’ll receive a cash payout of Sh2,500 per night for hospitalization of three consecutive nights and above and an equal cash payout of Sh2,500 per night in case any of his/her dependents (a registered spouse and children who are under 18 years are hospitalized for three nights and above)