This comes after five years of standing tall in the micro insurance space and impacting thousands of lives with their Recharge with Care and Send with Care insurance products, both of which provide life and hospital covers.
The new feature allows customers to pay GH¢130 for a full year’s cover. Hitherto, customers only paid a monthly premium of GH¢6 whenever they recharge MTN airtime, and are provided with monthly life and hospital cover.
According to the company, the introduction of the new feature was based on feedback from customers.
The Chief Executive Officer (CEO) of aYo Ghana, Francis Gota said “This feature aims at addressing the situation in which customers have lost out on claims due to premium payment issues.
It will also eliminate complaints about frequent airtime deductions and why their benefits keep changing.”
He noted that when a customer purchased the Recharge with Care Annual Insurance Policy, the benefits available to them include a static Life Cover Benefit of GH¢6,000 for the policyholder, a static Life Cover Benefit for one Family Member, and GH¢120 per night for Hospitalisation Cover for the policyholder and a 10 per cent No Claim Cashback bonus.
The 10 per cent Cashback Bonus means that if the policyholder does not make any claims during the cover period, he or she will receive 10 per cent of the premium paid, which is GH¢13.
The annual cover feature also allows existing customers who are on either life or hospital cover to get both life and hospital once they pay the onetime annual premium of GH¢130.
According to Francis Gota, customers could sign up by dialing *928*101#, then follow the prompts and make instant payments, or aYo’s Call Centre agents would contact the customer via 0244300000 to assist with the sign-up process.
“Once payment is made, the customer will receive an SMS confirming their payment, the benefit amount, start date, and cover expiry date, and the customer’s benefits are calibrated on the portal for visibility.
“A 30-day waiting period applies to the policy. During the waiting period, only accidental hospitalisation and death claims are admissible,” the CEO explained.
The annual cover feature, the CEO said, was available to existing aYo customers who are already on both Life and Hospital covers on RwC and want the additional policy, as well as non-aYo customers who are MTN subscribers.
aYo Intermediaries recently celebrated its fifth anniversary in Ghana, during this period it has served over 7.9 million customers and counting, and has paid out about GH¢10.56 million in claims to over 32,524 policy holders and beneficiaries.
The company recently picked up two top awards at the Ghana Insurance Association Awards 2022, stamping its authority on the country’s micro insurance space.
The two laurels were the Mobile Insurance Leadership Award and the Best Growing Intermediary Firm of the Year.