Pakistan’s first and fastest growing mass market-health insurance – Easypaisa mass marker-health insurance crosses more than 100,000 subscribers in under a year!
Almost 120 million people live below the poverty line in Pakistan. The lack of access to health care is amongst the leading reasons for low life expectancy here. According to the CIA World Fact Book (2013), 63% of Pakistanis bear the financial cost of illness by resorting to utilizing their savings, borrowing money or even selling household assets to overcome major health catastrophes. These survival techniques leave households in significant debt, making it very challenging to escape the vicious poverty cycle.
Easypaisa Mass Marker-Health Insurance Crosses More than 100K Subscribers
Inflationary pressures coupled with meager pay scales have made it difficult for people at the bottom of the pyramid to make both ends meet; consequently such individuals are reluctant in binding themselves to a monthly premium for health insurance policies. Although there are over 50 insurance companies in the country, over the last two decades, they have at best been able to penetrate only a fraction a percent of total insurable market.
In January 2015, Easypaisa launched “Easypaisa Sehat Sahara Health Insurance”, Pakistan’s first mass market health insurance product in partnership with MicroEnsure and a leading local insurance company. Easypaisa Sehat Sahara offers a convenient way of improving access to health care by providing financial assistance for inpatient hospitalization and disability, offering a new innovative method of health financing to those in need.
In just under a year since launch, Easypaisa health insurance has gained more than 100,000 subscribers and is opening up new avenues for access to healthcare amongst the masses. So far a few thousand customers, who met an unfortunate accidents or unforeseen illnesses, have had their claims honored through the Easypaisa health insurance hospital cash model.
Any Pakistani can subscribe for Easypaisa Health Insurance by paying only PKR 950 per year. In return they receive inpatient treatment of up to PKR 1,000 per day of hospitalization or PKR 2,000 for each night confined in an intensive care unit of a hospital. In addition, a weekly benefit of PKR 5,000 in case of temporary disability due to injuries is also offered. There is a generous 30 days limit for any single admission and no limit on maximum hospitalizations.
Unlike conventional health insurance, the customer is not required to visit a specified panel hospital, and instead can freely visit the nearest healthcare facility, which includes free government or trust as well as private hospitals. Furthermore, the customer is not required to submit lengthy documentation or submit to any medical tests; instead they need only their CNIC, making this insurance accessible to unparalleled number of people.
Expressing his delight, Muhammad Yahya Khan, Chief Financial Services Officer and Head of Easypaisa said,
“The phenomenal growth of subscribers is a testament of the faith subscribers have placed in Easypaisa Sehat Sahara health insurance to help bear the cost of medical care. Such a radically simple process is completely unprecedented in the Pakistani market. In under a year, Easypaisa Sehat Sahara health insurance has gained intense momentum, recognition and popularity amongst the underprivileged segment of Pakistan.”
Richard Leftley, CEO MicroEnsure Holdings Limited, UK, said:
“MicroEnsure is excited to partner with Easypaisa to bring this revolutionary product to the mass market in Pakistan. It demonstrates that it is possible to make it easy to sign up, pay premiums and make claims using the mobile phone, all without the normally laborious administration associated with a financial product such as insurance. We are excited to cross 100,000 customers that have opted to buy this product and we look forward to reaching new heights in partnership with Easypaisa.”
Anyone can get an Easypaisa Sehat Sahara policy by visiting a Telenor Sales & Service Center, Franchise or a participating Easypaisa Retailer. In addition, Easypaisa Mobile Account Customers can dial the Easypaisa helpline 3737 to subscribe for the Easypaisa Sehat Sahara health insurance.