Tigo insurance pays GH¢4.5m in more than 6,000 claims

Tigo Insurance scheme has paid over GHC4.5million in more than 6,000 claims between 2010 and now.

Scheme Manager, Barbara Asante disclosed this at a brief event where they presented a check for GH¢2,000 to Madam Eunice Dzifa Heyman to cover her funeral expenses.

Tigo Insurance has two micro-insurance policy packages: a Life Insurance Scheme and a Hospital Support Insurance Scheme.

Barbara Asante said customers are required to pay GH¢1.30 monthly premium for the Life Scheme and GHC1.40 monthly for the Hospital Support Scheme.

“The Life scheme covers the policy holder and one other family member, and it pays up to GH¢2,000 maximum when any of the two dies. The Hospital Support scheme pays up to GH¢600 when any of the beneficiaries is on admission in a hospital,” she said.

Barbara Asante said so far the scheme has over 1.5million customers, adding that it was designed to make insurance simple and affordable for the many Ghanaians who are unable to afford the regular insurance policies.

Insurance coverage in Ghana is said to be less than two per cent of the population, and mobile micro-insurance has been identified as one of the sure ways of boosting insurance uptake in Ghana.

The Tigo Insurance Manager said because of the negligible monthly premium of up to only GH¢1.40, compared with the relatively huge premiums the regular schemes charge, the uptake of Tigo Insurance has been encouraging over the last five years.

She said the scheme is also designed to be simple and easily accessible, in that every valid claim is paid within 72 hours, unlike some of the regular insurance schemes, which pay claims in two weeks or more.

The scheme has Provident Life and mobile insurance experts, BIMA Micro-Insurance as its partners.