Insurance Policy for Low-Income Earners Launched

Sagakope (V/R), Oct 31, GNA- The Gemini Life Insurance Company (GLICO) has launched a new product known as Life Assurance Policy that provides the family of the policy-holder with not less than 5 million as death benefit.

It also provides the policyholder to accumulate investment income towards other unexpected expenses.

Launching the product at Sogakope in the South Tongu District of the Volta Region, the Marketing Director of GLICO, Mr Eric Adani, said the new product was the outcome of research conducted by CARE International, an NGO.

Care International has identified that one of the major financial problems was when children are forced out of school or the family becomes perpetually indebted due to moneys they borrowed with interest thereon.

Based on this finding GLICO has developed the policy under the brand name "Morkporkpor" (an Ewe word meaning Hope) to help alleviate the hardships associated with the death of the breadwinner. Mr Adani said policyholders in the district should operate account with Agave Rural Bank.

The District Chief Executive of South Tongu, Mad Cate Aglah, appealed to the people to plan for the future and not to rely on the extended family.

Mr Kojo Ablordeppey, a businessman, said the introduction of the policy in the district would give the people economic power. He suggested that part of the premiums collected should be redirected at training and sponsoring the youth in income generating ventures.