Old Mutual Celebrates World Health Day With N5000 Premium Critical Illness Plan

L-R: Executive Head, Marketing & Customer Experience, Old Mutual, Mrs. Alero Ladipo; Executive Head, Business Development and Strategy, Hygeia, Mr. Obinna Ukachukwu; Managing Director, Old Mutual Nigeria Life Assurance Company, Mr. Keith Alford; Country Manager, Roche Products Limited, Dr. Ladi Hameed and Head, Retail Mass Market, Old Mutual, Mr. Kayode Odetola during the Critical Illness Cover partnership launch in commemoration of the World Health Day on Monday, April 8, 2019, in Lagos.

By LOVETH AZODO, Lagos

……. Poise to Curb Online Fund Raising For Critically Ill patients

In commemoration of the 2019 World Health day, Old Mutual Nigeria Life Assurance Company, a subsidiary of the Pan-African insurance and leading global financial services group, Old Mutual Limited, has commenced its Critical Illness Plan with a minimum premium of N5000 per month.

This plan was birthed sequel to the recent rise of online fund raising for patients with critical illness such as cancer, kidney failure to mention but a few whom in most cases die or get too critical before the needed fund is raised.

The World Health Day which has been annually scheduled for April 7 by the World Health Organization (WHO) was celebrated yesterday with the theme Universal health coverage: Everyone, Everywhere.”

For the effective actualization of this plan, the Managing Director, Old Mutual Nigeria Life Assurance Company, Mr. Keith Alford told newsmen today in Lagos that the 173year old Insurance company has gone into partnership with Roche, a global research-driven healthcare and pharmaceutical company and the pioneers of health Insurance in Nigeria, Hygeia Health Maintenance Organization (HMO).

Speaking on the impact of the plan, the Managing Director, Old Mutual Nigeria Life Assurance Company, Mr. Keith Alford said “Currently, over 800 million people worldwide spend at least 10% of their household budgets to pay for health care. In Sub-Saharan countries like Nigeria, medical expenses are often made through out-of-pocket payments with little coming from government or privately structured healthcare management initiatives. In the case of terminal illness, many sufferers have lost their jobs and their source of income significantly affected. Families have been driven into poverty in a bid to raise money for the treatment of loved ones. Unfortunately, insurance which ideally serves as financial protection has not been fully utilised by Nigerians.

“There is a need for us to plan with insurance policies specially designed to provide protection from the financial burdens of terminal illnesses. It is to this end that, we entered into a partnership with Roche to develop this innovative insurance plan to protect Nigerians from the financial implications of terminal illness. As we commemorate World Health Day today, we use this occasion to call on Nigerians to choose life and take up insurance as a protection against the financial burden of terminal illnesses, that usually invade lives unannounced.”

“We offer you peace of mind, Education and we are here to take away that financial burden” he added

On the importance of Healthcare Coverage, Mr Alford stated that with Universal Health Coverage everyone can obtain the right kind of medical care they need and in due time, without suffering financial hardship. Speaking further, he also noted that this financial hardship becomes heightened in the cases of terminal illnesses, due to their sometimes prolonged costly treatment and deadly impact.

Also speaking, Head, Retail Mass Market, Old Mutual, Mr. Kayode Odetola stated that the minimum entry age of the plan is 18years, maximum entry age is 67years, ceasing age is 70years while policy term is 3-15years.

Furthermore, he explained that the maximum sum assured is N30,000,000, minimum sum assured is N500,000 and with 5000 premium per month a customer is entitled to N5,000,000 covering.

On its role in the partnership, Country Manager, Roche Products Limited, Dr. Ladi Hameed said “supplying drugs is one way of our partnership, Old Mutual is not interested in buying drugs from us but they want to learn for on our expertise of experience. We work with the patient from the awareness, diagnosis of the disease, going to see the doctor to getting the right medication.

Executive Head, Business Development and Strategy, Hygeia, Mr. Obinna Ukachukwu who explain further on the importance of the partnership said “There’s a topknot we struggle to crack and that is the critical illness needs, yes, we provide access to your basic care, primary/secondary care but when we come to critical illness the covering is limited and that’s where we are excited with what Old Mutual is doing, then have knowledge and ability to actually provide better coverage for critical illness than we would even do.”

“Asides from being a business, Old Mutual wants to save lives.” He explained.