By: Ernest Best Anane
MTN, the largest telecom network in Ghana, in collaboration with the UT Bank, has launched Mi-Life Insurance in Kumasi.
Mr. James Bukari, Commercial Manager of Sales, explained at the launch that MTN had realised several products like vehicle traffic devices, Mobile money and others to help their customers not to carry monies in their bags, and students not to walk far away for their school fees.
He said the insurance would help customers to prepare for the unexpected, as it allows every person to insure a loved one, which he said, would work through MTN mobile, where the person receives a confirmation by SMS message.
Mr. Bukari indicated that when two persons contribute GH¢1.00 every month for over three, and the unfortunate thing happens, or one dies, GH¢400 will be paid for the other partner as insurance.
However, when they contribute GH¢2.00 a month for over three months, GH¢800.00 will be paid to the other person.
He further noted that Mi-Life insurance provides money in the event of death of the subscriber or the next of kin.
Meanwhile, the premium payment for insurance will be deducted from your MTN Mobile Money wallet once per month, while one receives an SMS of the deduction of the monthly premium as the insurance cover is renewed.
According to him, once the premium is deducted, the insurance cover lasts for one month until the next monthly premium is deducted.
Mr. Bukari, however, said if one does not top up one's wallet within 30 days of the previous deduction to meet the insurance cover, the subscriber and his next of kin will not be covered for a month.