Micro-Insurance
Abusua Nkyemfa (All In One)
This product is designed to provide Family Cover and Health Care Benefits to clients.
The cover includes the:
- Principal Assured
- Spouse
- One extended family
- Two children
It is a life cover, which consists of the funeral benefit and hospitalization.The policy can be taken and premiums paid at the Post office.
Anidaso Policy (Hope)
The initial concept, in partnership with Care International- a Non Governmental Organization, was to reach out to low income earners in the rural area to offer insurance assistance in the event of loss so that they can continue trading.
The Anidaso Insurance Policy is a pure term insurance plan designed to provide payment of a lump sum at the end of the policy period. The unique feature of this product is that it can be taken out as a stand-alone policy or taken together with a savings benefit. The policy can also be extended to cover the principal life insured’s immediate dependants, that is, spouse and children below 18 years or above if in full time education.
The minimum daily contribution is GHS 10.00 and is available for individuals 18 years and above.
Additional benefits:
- Hospitalization Income Benefit: in the event that the policy holder is hospitalized during the period this policy is in force, the rider shall pay the amount of benefit applicable as Daily Hospital Income Benefit for the number of days that the insured shall be admitted in the hospital up to the maximum period of 360 days.
- Accident Disability Benefit: if the policy holder sustains bodily injuries in an accident leading to temporary or permanent disability, the policy shall pay the amount of money payable under the accident Disability Benefit.
Asetena Pa Plan (All in One)
In addition, it provides a Sum Assured for the Policyholder in the event of death.
Child Care Plan (Micro)
It also provides benefits when the child is hospitalized for a period of 3 days and above and a benefit to the parent prior to the loss of the child.
Having child care insurance provides security and peace of mind towards your child’s education and health.
Credit Protection Plan (Micro)
The purpose of this product is to help reduce some of the risk associated with credit delivery.
The policy covers:
- Death of Borrower
- Permanent Disability of Borrower
- Total Destruction of Property by Fire and Allied Perils
Benefits Of the Policy Include:
- Peace of Mind
- Sustained Relationship
- Reduced Cost of Loan Recovery
- Competitive Premium Rates
- Marketing Tool.
Premiums are paid annually on each Individual Loan
Target market:
- The Rural and Community Bank Loan Protection Scheme (ARB APEX)
- The Ghana Association of Microfinance Companies Loan Protection Scheme (GAMC)
- Micro-Credit Association Ghana
- Ghana Association of Saving and Loans Companies (GHASALC)
Edwa Nkosuo Policy (Business Progress)
The unique feature about this product is that it combines both savings and insurance and a policy holder (depending on age) can combine Anidaso with Ekwa Nkosuo to reap in much benefit.
The policy runs for a period of one (1) year and is renewed annually. Contributions/premiums are paid on a daily bases through a structured daily collection process at respective market places. The minimum contribution a policy maker can make is GHS 5.00.
It is interesting to note that Edwa Nkosuo & Anidaso have been lumped up and sold as a joint policy to make it easier for the non- banking public to enjoy the provisions of the stated benefits.
Fisherman’s Life Insurance (Micro)
The policy covers natural/accidental death of fisherman and their fishing gear.
Health Care Plan (Micro)
Having micro healthcare insurance is most often less expensive than remaining uninsured. Medical bills can leave you in debt and may lead to difficulty in one’s life. With micro healthcare, you need not worry.
Investment Funeral Plan (Micro)
Sika Plan (Okum-Ka)
The main target group for the scheme is the informal sector. The minimum contribution for this policy is GH¢2.00 per day. The scheme has a slogan “OKUM-KA” meaning to “Kill Debt”
One of the advantages of this policy is to assists all contributors to build up savings for debt settlement, school fees, rent advance, expansion of business etc.
Features:
- Savings
- Daily, weekly, fortnightly or monthly
- Collection is done at the doorstep of the contributors by our Sales Executives
- The Scheme has a period of one year but contributors may access sixty percent (60%) of a partial withdrawal of the attained funds value from the beginning of the seventh month after the inception of the policy and 30 percent at the beginning of the fourth month.
- Interest on contribution
- Life Insurance cover of GH¢500.00
Target Market
- Businessmen and women
- Traders
- Artisans
Frequently Asked Questions
Our links with the top insurers in the country help us get multiple quotes for comparison within minutes. We actually do these at no cost to you. Just place a call to us now.
What are the types of insurance?
General Insurance – General Insurance provides financial security and protection for your movable & immovable assets and investments. It could be your house, vehicle, office assets, business operations, personal belongings, etc.
Types: Motor Insurance, Travel Insurance, Home Insurance, Personal Liability, Business Insurance, Property Insurance and more.
Life Insurance – Life Insurance plan(s) pays a certain amount of money (lump sum or part) to the insured person as per the plan term or to his or her beneficiary in the event of the death of the insured. Types: Term Plans, Income Replacement, Child Plans, Retirement Plans, Tax Saving Plans, Money-Back Plans, Monthly Income Plans, Funeral Plans, Short Term Guarantee Plans, Systematic Investment Plans and more.
Health Insurance – Health Insurance gives coverage for the insured’s medical or hospital expenses.
This assures that you and your family will have enough money to pay for expenses if ever you get ill and are hospitalized. Types: Individual Health Plans, Family Health Plans, Corporate or Group Health Plans, Critical Illness Plans, Preventive Health Plans and more.
Micro-insurance – Micro-insurance as the name suggests, encompasses of life, health and general insurance but offers coverage to low-income households or individuals who have little savings. It is tailored specifically for lower valued assets and compensation for illness, injury or death. Some of these risks include agricultural insurance, insurance for theft or fire, health insurance, term life insurance, death insurance, disability insurance and insurance for natural disasters and more.
How to choose an insurance company
Here are some of the things that you need to consider before choosing an insurance plan, hence a company:
• The reputation of the insurance company
• Compare the benefits and coverage of their policies.
• Is it the right type for your needs?
• What is the claims settlement ratio?
• Terms and Conditions of their policies.
• Policy serving and claims handling (are they prompt and efficient).
• If you are ready to explore your options, then let the experts assist you!
How to choose the best insurance plan
1. First, understand your requirements (future financial needs, your child’s education, marriage, or some other requirement).
2. Second, calculate how much premium you can pay every month or quarterly or half-yearly or annually.
3. See what benefits the Plan gives (each insurance company gives different benefits, so compare).
4. Decide on the tenure of the Plan.
5. See whether it is value for your hard earned money.
6. Decide the Sum Assured, the more the sum assured, the more the benefits.
7. Read the Terms and Conditions of the Plan.
8. Find out how prompt the insurance company is in settlement of claims for the plan.
What is insurance excess / deductible?
An example; If a motorist had a car insurance policy that has a policy excess of 10% and files in a claim for damage to his/her vehicle amounting to GH¢10,000, he/she would have to cover the first GH¢1,000 (ie.10% of the claim amount), with the insurer covering the remaining GH¢9,000.
It is possible to opt for zero excess or buy the excess off…however; the insurer has the prerogative in accepting or even increase it depending on the risk in question.
What is an insurance policy?
What is a quote?
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