Tigo Introduces New Life Insurance Product: Xtra-Life

Accra, Oct 29, GNA - Tigo mobile company has introduced Xtra-Life to the Tigo Family Care Insurance plan which now allows prepaid subscribers that have signed onto the promotion to have the option to enjoy double life insurance cover for a small fee.

A statement copied to the Ghana News Agency on Saturday said, “The Tigo Family Care Insurance cover claims previously ranged from GH¢ 200 to GH¢ 1,000 but with Xtra-Life, the cover levels are now doubled.”

“That is, it ranges from GH¢ 400 – GH¢ 2,000. Xtra-Life registed subscribers are required to pay a daily promotional fee of 5Gp or a maximum of GH¢ 1 per month. This special promotional price is for all who subscribe to Xtra-Life before 10th January 2012.”

Tigo Family Care Insurance is renewed monthly and depends on the subscribers' previous month's airtime usage on the mobile network. Tigo communicates the cover levels to subscribers via SMS text messages at the beginning of each month, so they know how much cover they have earned.

The mobile network operator's introduction of the Family Care Insurance product in December last year is aimed at providing Tigo subscribers with affordable life insurance cover. This follows research findings that even though many subscribers wanted to have life insurance cover they could not afford to pay monthly premiums for it.

The statement explained that if the registered subscriber or their family member passes away, the insurance cover that could be claimed would be determined by the amount of airtime the subscriber used in the previous month. “The more airtime a subscriber uses, the more insurance they get.”

Xtra-Life is subscription-based which means that after a subscriber signs on to Tigo Family Care Insurance, he must specifically register for Xtra-Life and after registration, commence payment in order to enjoy double life insurance cover every month.

It said all subscribers who have registered for Tigo Family Care Insurance could now opt to subscribe to Xtra-Life after receiving an SMS text message inviting them to do so.

"Tigo has also honoured its promise of paying claims within 72 hours to more than seventy subscribers who lost their loved ones across the country. All claims were paid within 72 hours, irrespective of subscribers' location after they submitted the required documentation," the statement said.

Tigo Family Care Insurance is underwritten by Vanguard Life Assurance, with MicroEnsure providing an efficient claims administration process, which assures subscribers of receiving claims made within 72 hours.

More than 250,000 subscribers have so far signed onto the Tigo Family Care Insurance product from the network's Customer Service Centres across the country.

GNA