Milife Insurance has launched a new product known as Mifuture micro-insurance.

It is an investment link insurance policy which covers the risk of death and disabilities.

There is also an automatic savings port which will be beneficial to anyone who signs onto the policy.

The Chief Executive Officer (CEO) of Milife Insurance, Mr Kweku Yeboah-Asuamah, said at the launch that “since the launch of the Milife brand, we have committed ourselves to make life insurance simple, affordable and more accessible”.

The General Manager of Milife Insurance in charge of Operations, Mr Victor Aggrey-Fynn, said people between the ages of 18 to 59 years, including those who had registered Vodafone SIM cards and on Vodafone Cash could sign onto the policy.

He said there was an auto debit that was set up on wallets of such Vodafone users for which deductions were done as soon as they signed up.

Mr Aggrey-Fynn said the premium had been categorised from GH¢2, a month to ensure customers received an insurance benefit of GH¢2,000 while GH¢5 goes for GH¢5,000 and GH¢10 for GH¢12, 000 respectively.

With regards to risk, he said with total disability, the client was entitled to have 50 per cent of the benefit while those with amputation would have 100 per cent of the benefit.

Mr Aggrey-Fynn further stated that there was also a waiting period of four months during which a client was qualified to claim the benefits after signing up.

He added that the policy would expire if the account became dormant for more than three months.

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Background

As part of the plans of USAID to initiate a safety net for fishes, fishermen and their families were encouraged to have a survival tool, especially during closed seasons of the sea and incase of any life uncertainties.

Due to these reasons, Milife Insurance in 2017, introduced a policy that insured the lives of fishermen and their families to help secure their lives and properties, and also help the fishing industry to grow.

The introduction of the new product, Mifuture was carried out with partnership from Vodafone Ghana, with support from Millennium Insurance.

Mr Yeboah-Asuamah said based on a research finding, his outfit decided to overhaul that policy by introducing the Mifuture policy.

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