Putting away small amounts of money regularly for future needs may seem easy, however when third parties are involved people tend to be very cautious.
They usually want to know about prompt payments of claims and the value of their money over the period.
Tigo Insurance, a partnership between Mobile Network Operator, Millicom and Bima have however demonstrated over the years the importance of having a financial fall back plan in times of need.
The scheme has in the last 5 years paid over GHC 5million as claims to some 7,000 people for Hospital and Life Insurance.
At a short ceremony in Dansoman, a suburb of Accra, Tigo Insurance presented cheques to various claimants. The biggest was a cheque for GHC 2000 presented a beneficiary, Eunice Dzifa Heyman, to cover her late father’s funeral expenses.
Ms. Heyman currently unemployed chose the Tigo Life Insurance Scheme for herself and late her father in 2014year.
Explaining how the scheme works, the Claims Manager for Tigo Insurance, Nicholas Normeshie, said customers after signing up pay GHC 1.40 for the Hospital Insurance and GHC 1.30 for the Life Insurance schemes through monthly deductions on their airtime. Claims are usually paid within 72 hours after customers have submitted the necessary documentation.
“The Life Insurance scheme covers the policy holder and one other family member and pays up to GHC2,000 maximum when either of the two die whilst the Hospital Support scheme pays up to GHC600 when either of the beneficiaries are admitted to a hospital” he added.
The Operations Manager for Tigo insurance, Barbara Asante, revealed due to the small monthly premium of GHC1.40, uptake on Tigo Insurance has over the years been very encouraging.
Tigo Insurance was launched in 2010 and currently boasts of over 1.5million customers.
Tigo