Low income earners to access insurance
Low income earners, who have for long been unable to afford insurance covers, are set to benefit from a new product that will enable them to pay their medical bills in case of an accident.
The MyLife mobile personal accident insurance product launched by Liberty Life – a life insurance service provider – and MCash – a mobile money payment service provider – provides cover for accidental disability, loss of life as well as hospital cash back in the event the insured is involved in an accident, upon payment of monthly fees of between Shs2,500 and Shs12,500 depending on the plan.
The product has three plans including silver where a customer pays monthly fees of Shs2,500, gold Shs6,250 for the gold plan and Shs12,500 for the platinum plan.
Upon being hospitalised for more than 72 hours, disability or loss of life, the beneficiary or customer is entitled to a lump sum of Shs1 million, Shs2.5 million and Shs5 million for the silver, gold and platinum covers, respectively.
Speaking at the launch of the product in Kampala yesterday, Mr Joseph Almeida, Liberty Life managing director, said the product was driven by the insurance firm’s commitment to create a range of products and solutions to meet customers’ ever changing financial, investment and lifestyle risk situations. “One will never know when an accident will occur and sometimes the unexpected happens when we least expect. …MyLife will take away the burden of worrying about the financial implication of such an accident,” Mr Almeida said.
He added that the firm has sophisticated software that enables them to track at any stage claim submitted to ensure prompt settlement after receiving all the required documentation.
MyLife product is expected to improve access to insurance, especially among the lower segment of the population which has for long been untapped and grow penetration rates from the current 0.6 per cent, at which it has stagnated for years. The product, however, will be accessible to M-Cash account holders as premiums will only be paid through M-Cash.