MTN Rwanda has partnered with Ascoma and Prime Life Assurance to launch MTN LifeCare, a life insurance policy which MTN customers can subscribe to through MTN Mobile Money services. Rwandans can buy MTN LifeCare life insurance for RWF4,525 to 21,625 per year which will provide life benefits of RWF250,000 to RWF1,250,000 respectively.
In a first partnership with ASCOMA, Rwanda’s largest Insurance Broker, the MTN Mobile Money service will initially focus on MTN LifeCare which enables a registered MTN Mobile Money customer to get a life insurance cover which upon their death will enable their chosen beneficiary to receive a lump sum payment to support them.
Explaining the registration procedure, the General Manager of MTN Business, Norman Munyampundu said that a customer can simply dial *188# to get insured. There are three cover options and different pay out values upon the demise of the insured MTN customer. According to Norman, the options include the following:
|
PRODUCT CATEGORY |
SUM ASSURED IN RWF (BENEFIT PAYABLE) |
COST IN RWF (PREMIUM) |
|
MTN Silver |
250,000 |
4,525 |
|
|
|
|
|
MTN Gold |
750,000 |
13,075 |
|
|
|
|
|
MTN Platinum |
1,250,000 |
21,625 |
“MTN LifeCare customers are entitled to choose one beneficiary per package. It is also free to change the beneficiary at any time during the cover period. However, one can only take out one insurance policy per year” said Norman.
MTN LifeCare is the most affordable life insurance ever launched in Rwanda and the package has been uniquely crafted exclusive to MTN Mobile Money customers. By doing so, MTN Rwanda continues to lead innovation by becoming the first company in Rwanda to offer affordable life insurance services paid through Mobile Money.
“MTN Mobile Money is making a significant contribution in realizing real achievements in respect of financial inclusion in Rwanda, and we are proud to spearhead a new dimension in Mobile Money convenience through partnering with key service providers to continue giving Rwandans world class and universal access to Mobile Money services.” Norman added.
“Life is unpredictable but with MTN LifeCare, MTN customers can count on their Mobile Money accounts to secure the future of their families in a simple, yet cost effective and reliable way. It’s a great addition to the innovative Mobile Money services already offered by MTN” Norman concluded.
The Ascoma Director General, Providence Kazintwari welcomed the partnership with MTN adding, “This groundbreaking insurance cover provides trusted security that is designed to meet the real needs of Rwandans at a price they can afford. There is no need for medical checkups or complicated application forms. Subscribers simply enroll via their phone and the cover is immediately effective upon payment of the premium by the Mobile Money customer”. He said the premium will be paid as a one off lump sum and the cover expires after 12 months upon which the customer can choose to renew it.
“The cover is very clear. Death from accidents is covered from day one and even death from sickness and natural causes are covered after the first 60 days.”
Gregoire Minani, CEO at Prime Life Assurance, said “The claims process is very simple. Payout cash upon the death of the insured is processed via Mobile Money within 48 hours upon receipt of the complete claim documents by Prime Life Assurance. A claim form shall be gotten from any MTN Service Centre or Dealer outlet or downloaded from the Prime Life website www.pla.rw from where it will also be returned for onward delivery to the Jubilee head office. Filled claim forms can also be emailed directly to mtnlifecare@pla.rw.”
MTN Mobile Money has enjoyed unprecedented success since it was launched five years ago, now registering in excess of 17 billion transactions each month. According to the central bank, Mobile Money transactions totaled RWF148 billion in 2013, which was a 35% increase since 2012. MTN continues to lead Mobile Money in Rwanda with over 1.3 million registered users since their launch in 2009. As per the GSMA 2012 Global Mobile Money adoption survey, MTN Rwanda ranks 2nd in terms of number of active Mobile Money customer accounts in the world.
-ENDS-
