MTN, aYo Introduce Micro-insurance Product for Low-income Earners

Launching of Recharge with Care in Accra

Accra, April 5, 2018//-MTN Ghana, in partnership with aYo and Metropolitan Life Insurance Ghana today launched another innovative micro-insurance product dubbed Recharge with Care for Ghanaians especially low-income mobile users in the country.

The product covers hospital bills and funeral expenses of closed family members, according to senior officials of MTN Ghana and aYo Ghana.

Speaking at the launch, the Country Head for aYo Ghana, Francis Gota said: “aYo in partnership MTN and MetLife are happy to introduce another novel micro insurance product for all Ghanaians, a solution that gives you peace of mind”.

“Peace of mind to know that your MyHospital cover will help take care of your hospital bills if you are hospitalized due to an accident or illness. Peace of mind to know that should then unforeseen happen and you or your nominated loved one pass away, your MyLife cover can help take care of the funeral so that you don’t need to break your savings or take a bank loan to support a befitting funeral”.

He added that aYo Recharge with Care is truly a ground-breaking product which is here to demystify insurance, make it affordable and serve by providing instant cover and rapid pay-outs on a digital platform-mobile phone.

Mr Gota continued: “You can get life cover (for yourself and a family member) and a hospital benefit to your hospital admission bills. All this by paying as little as GH¢0.50 per benefit per month”.

With GH¢2 deducted from your airtime, a subscriber gets a hospital cover which pays a benefit amount of GH¢40 per day in case he or she is admitted at a hospital and he or she stays there for at least one night.

“You can top-up your hospital cover to GH¢50 and pay from your MTN Mobile Money wallet.”

In addition, for GH¢2.00 paid from your airtime per month, you can get up to GH¢2,000 life cover for yourself and one family member depending on airtime purchased in the previous month, Mr Gota explained.

“You will soon be able to buy additional cover with your mobile money to get up to GH¢3,000 for yourself and one family member. Every premium deducted gives you a cover for 30days”.

How to sign on

No need to fill out any proposal forms as required for traditional insurance. Subscriber just needs to dial *296# to register, choose his or her benefit/s and set up his or her AutoBoost premium amount then he or she is good to go.

“You must be an MTN subscriber and you must be between the ages of 18 and 65years old to buy this policy. Family must not be above 65years old at enrollment. A 30day waiting period applies non-accidental demise and hospitalisation”, Mr Gota added.

Premium is deducted from your airtime and it’s flexible: Subscriber chooses how much should be deducted for his or her insurance from the airtime every time he or she recharges.

“Your cover increases anytime you recharge your MTN airtime and you get your cover on the same day so you don’t have to wait. The cover you get is a multiple of the premium paid and the more you buy MTN airtime, the cheaper the price of cover and the higher cover multiple you get.”

Easy to claim

 You can file for claims on your mobile phone by dialing *296# and valid claims are paid promptly to your mobile money wallet as soon as they are approved..

The subscriber will be required to enter his or her personal information and upon successful completion, his or her claim will be validated and the cover will be paid into his or her MTN Mobile Money account.

“No need to travel to any insurer’s office. You need to submit a hospital discharge letter in case of a MyHospital claim and evidence of death for a MyLife claim (death certificate, medical certificate of cause of death, burial permit or letter from a local chief or religious leader confirming the death of the deceased person)”.

In a speech read for the Acting Chief Marketing Officer of MTN Ghana, Noel Ganson said the launch the aYo Recharge with Care service demonstrates MTN phenomenal commitment to innovation and  value for life.

“The mobile money platform exists at the intersection of finance and telecommunications and as such, we believe that it could become a platform that transforms Ghana’s economy as it is adopted across commerce, healthcare, agriculture and insurance”.

The Chief Executive Officer of aYo Holdings, Imran Mahomed and  General Manager for MTN Mobile Financial Services, Eli Hini were among the dignitaries who graced the launch at the Rawlings Park in Accra.

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