Insurance penetration in Kenya remains significantly low, with affordability cited as one of the biggest barriers preventing millions of citizens from accessing meaningful protection.
For many households, the cost of monthly premiums competes with essential expenses such as food, rent, school fees, and transport.
As healthcare costs continue to rise, innovative and affordable solutions are increasingly critical for bridging the gap. One such option is the Equity Bank’s Riziki Cover, a mobile-based insurance product accessible via the Equitel line.
The product is designed to cushion subscribers against the financial burden that comes with hospital admission, particularly for individuals who rely on daily income from employment, small businesses or informal work.
Unlike traditional insurance models that require long processes and fixed premium payments, Riziki Cover is structured around everyday mobile usage, allowing subscribers to qualify for benefits through regular airtime purchases, banking transactions or low-cost monthly premiums.
The Cover offers cash payouts per night when a subscriber is admitted to hospital, easing the pressure caused by lost income during recovery. Subscribers can access different packages depending on their usage and preferred level of cover.
Packages available under Riziki Cover
For light mobile users, Riziki Cover (Lite User) is available at no extra cost, as long as the subscriber uses Equitel airtime worth Sh100 or conducts mBanking transactions worth Sh100 or more per month. Under this option, subscribers receive a payout of Sh400 per night during hospital admission.
For more active users, Riziki Cover (Heavy User) is also free, provided a subscriber purchases airtime worth Sh100 and makes mBanking transactions worth Sh1,000 or more monthly. This package provides a higher benefit of Sh800 per night when admitted.
For those seeking stronger financial protection, Equitel also provides packages with a higher daily payout. Under the Bundle + Riziki Personal Cover, subscribers can purchase a monthly Equitel bundle of Sh1,249 which includes 500 minutes plus Riziki cover, or a monthly data bundle of Sh1,099 which includes 2GB plus Riziki cover.
This package pays Sh2,500 per night in case of hospital admission. Subscribers can also choose to pay directly for the enhanced cover. The Riziki+ Personal Cover requires a premium of Sh140 per month and provides Sh2,500 per night when admitted.
For families, the Riziki+ Family Cover costs Sh620 per month and pays Sh2,500 per night if the subscriber or a covered family member is hospitalised. The family cover includes the subscriber, one spouse, and children under the age of 19.
Who is eligible?
Eligibility for the product is broad, with any Equitel subscriber aged 18 years and above able to sign up for Riziki and Riziki+ covers.
However, to purchase a Riziki+ policy, one must have an Equity Bank account, since payouts are processed through the bank.
For Riziki+ cover, the subscriber and spouse (where applicable) must be between 18 and 65 years, while children must be 18 years or younger. Once enrolled, coverage can continue indefinitely as long as premiums are paid and the subscriber remains alive.
Limits on payouts
Like most insurance products, Riziki Cover has a cap to ensure sustainability. A subscriber can receive payouts for a maximum of 30 nights in hospital within a 12-month period, for each policy.
Under the family cover, this limit applies separately to each covered person, meaning each family member can claim up to 30 nights per year.
Claims process and documentation
Making a claim is designed to be straightforward. Subscribers are required to call the insurance call centre via 0763 063 745 to submit a claim and receive guidance on the next steps.
For hospital claims, claimants must provide copies of National ID, Hospital payment invoice or receipt, and Admission and discharge documents signed by a doctor or hospital.
Where the claim is being made for a child under the family plan, a birth certificate is required to confirm the relationship. Claims for a spouse may also require proof of relationship.
Importantly, claims must be submitted within 90 days after discharge from hospital. Equity Bank notes that claims are targeted to be paid within 48 hours or less, once approved.
Payments are deposited directly into the subscriber’s Equity Bank account, offering convenience and reducing delays associated with traditional reimbursement systems.
