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MTN Uganda has partnered with AON and Jubilee Insurance to launch “MTN LifeCare”, a life insurance policy, which MTN customers can subscribe to through MTN Mobile Money services. Ugandans can buy “MTN LifeCare” life insurance for UShs. 7,500/- to 22,500/- per year which will provide death benefits of UShs. 1,000,000 to UShs. 5,000,000 respectively.
‘MTN LifeCare’ is the most affordable life insurance ever launched in Uganda and the package has been uniquely crafted exclusive to MTN Mobile Money customers. By doing so, MTN Uganda continues to lead innovation by becoming the first company in Uganda to offer affordable life insurance services paid through Mobile Money in partnership with AON Uganda & Jubilee Insurance.
In a first partnership with AON, Uganda’s largest Insurance Broker, the MTN Mobile Money service will initially focus on life insurance named ‘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, MTN Chief Marketing Officer, Ernst Fonternel said that a customer can simply dial *221# to get insured. They currently offer three cover options and different pay out values upon death of the insured MTN customer. According to Fonternel, the options include the following:
/ Pay out
|Total payable annual premium|
“MTN LifeCare customers is entitled to choose one beneficiary per package and 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. For one to qualify as a beneficiary they must be an MTN customer. Non-registered MTN Mobile Money customers can also register for ‘MTN LifeCare’, and their loved ones can pay on their behalf via Mobile Money.” said Fonternel.
“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.” Fonternel added.
“MTN Mobile Money is making a significant contribution in realizing real achievements in respect of financial inclusion in Uganda, and we are proud to spearhead a new dimension in Mobile Money convenience through partnering with key service providers to continue giving Ugandans world class and universal access to Mobile Money services.” Fonternel concluded.
On his part, the Aon Director Large Clients/Business Development, Jeremy Kirkland welcomed the partnership with MTN adding “This groundbreaking insurance cover provides trusted security that is designed to meet the real needs of Ugandans 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.”
Patrick Kimathi, Manager Life and BancAssurance at Jubilee Insurance, Uganda’s largest Insurer 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 Jubilee Insurance. A claim form shall be gotten from any MTN Service Centre or Dealer outlet or downloaded from the Jubilee website www.jubileeinsurance.com from where it will also be returned for onward delivery to the Jubilee head office. Filled claim forms can also be emailed directly to email@example.com
MTN Uganda has enjoyed unprecedented success since it was launched 4 years ago, now registering in excess of 28 million transactions each month. According to the central bank, Mobile Money transactions totaled Ushs11.7 trillion in 2012, which was a 211% increase since 2011. MTN continues to lead Mobile Money in Uganda with almost 5 million registered users since their launch in 2009.
As per the GSMA 2012 Global Mobile Money adoption survey, MTN Uganda ranks 2nd in terms of number of active Mobile Money customer accounts in the world.
Join the new world of Better Money, register for MTN Mobile Money today.
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