tiGO Insurance launches new insurance policy
tiGO Insurance has introduced a new income protection policy plan to provide financial support for mid to high customers who work in both formal and informal sectors in the event of an accident or illness that prevents them from working.
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The policy, which is for high airtime users, covers permanent disability as a result of an accident, permanent disability due to illness, selected critical illness such as cancer, stroke, kidney failure and hospitalisation for various reasons.
The ‘tiGo Income Protection Policy’ is expected to pay out a lump sum of GH¢4000 for disability and critical illness as well as GH¢1800 a year for hospital admission.
The Chief Commercial Officer, tiGo, Mr Tara Squire, underscored the need to widen the portfolio mix of micro-insurance products to cater for the needs of mid to high tier income earners.
Customer demand
For his part, the Country Manager for BIMA, Mr Russell Haresign, said it was developed in response to customer demands for micro-insurance products with higher living benefits.
“It comes with increased cover and offers a three-fold benefit because it covers accident, illness and hospitalisation. We are excited to say that this is also the first mobile insurance policy to offer a no claim bonus meaning customers who do not make claims are awarded airtime credit every year,” he added.
tiGo Insurance is managed by BIMA, a micro-insurance agent protecting low-income families in 14 countries across the world.
tiGo Insurance policies are underwritten by Prudential Life.
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Mr Haresign urged Ghanaians to take insurance policies more seriously by insuring their properties against eventualities.
According to him, many people did not recognise the need for insurance until they encountered accidents, a situation he described as disturbing.
“Businesses, homes and other general possessions one acquires in life are meant to serve as some form of guarantee for ensuring a stable and comfortable life; the question, however, remains on how fortified these life guarantees are and what the assurance is that our possessions will continue to provide the stability and comfort we as modern human beings so desire,” he asked.
“Measures must always be in place to reduce and support uncertainties in business and human life, the fear of sudden loss should not be a phenomenon which should plague us constantly, and that is why at BIMA there is no compromise on the quest to provide the best assurance products to guarantee security and a sound mind for the customer,” he observed.
Micro-insurance policies
He said BIMA Ghana Limited in the past two-and-half years had sold about 250,000 micro-insurance policies in Accra, Tema and Kumasi. The company has also paid GH¢175,000 as claims over the period.
Mr Haresign said the company was optimistic that it would be able to insure about one million people in the next five years.
He said although a young company, it had demonstrated its ability to pay claims promptly and ‘be on the side of the customers’, as its tag line goes.