The National Insurance Commission
(NAICOM) has announced 100,000 telecoms subscribers on the MTN and Airtel
networks have been buying microinsurance products every month since last
October.
NAICOM’s Deputy Director of
Authorisation and Policy Leo Lekan, disclosed that the number of telecoms
subscribers with the products is now 600,000.
He said: "MTN and Airtel get
100,000 subscribers every month for microinsurance since October."
In Nigeria, Airtel is offering
its airtime-based microinsurance product called Padi4Life in partnership with
FBN Insurance, while MTN is offering its own insurance service with Mansard
Insurance called MTN Y’ello Cover.
Meanwhile, First Bank of Nigeria
Life Assurance Limited and its partner Airtel Nigeria in a bid to capture the
market often woo the public with free cover through their Padi4Life product.
In a text message sent by the
telecoms company, the public were offered the privilege to enjoy seven day free
insurance cover worth N500, 000.
The public were enjoined to
complete their profile by sending their names to a code 45433001.Thereafter,
subscribers are asked to send their birth details and name and phone number of
their next of kin.
Having completed the process, the
subscriber would be sent a message that read thus: "Thank you for
subscribing to Padi4Life insurance scheme. You are now insured for a Life cover
benefit of N500, 000 upon death or permanent disability at N20 per day. To
unsubscribe text ‘STOP’ to 45433. To get claims text claim to 45433.
The Managing Director of the
company, Val Ojumah, said Padi4life is a life protection plan available to only
registered Airtel subscribers upon payment of a daily premium of N20.
According to him, it provides all
Airtel subscribers the opportunity to take daily insurance cover for death and
permanent disability to the tune of N500,000 for each Airtel line at the
subject to a maximum of two lines.
He emphasised that the plan
covers the life assured in the event of death and total permanent disability
arising from both natural and accidental causes.
Ojumah added that the minimum
entry age for the life insurance plan is 18 years while the maximum age to
enjoy death and total permanent disability benefit is 70 years; thereafter a
member shall only be insured for death benefit.
Under the life assurance plan,
suicide or suicide attempts, intentionally self-inflicted injury or illness
wars and related activities as well as any intentional contravention of
criminal laws by anyone acting on behalf of the scheme member with his
permission or knowledge are not covered.
Ojumah further stated that FBN
Life intends to efficiently deploy inexpensive and simple insurance protection
products across channels and market segments in line with its vision of
building the biggest retail insurance business in the country.
FBN Life is pursuing strategic
opportunities in partnership with other financial service businesses and mobile
network operators on key initiatives to increase penetration and distribution
of our products.
We designed this product in
partnership with Airtel Nigeria for exclusive distribution to registered
subscribers on the network. It is worthy of mention that FBN Life is the first
insurance company in Nigeria to embark on this innovative and revolutionary
method of selling life insurance protection.
And supported strongly by our
ownership strength of FBN Holdings Plc and the Sanlam Group of South Africa
whose combined wealth of experience and expansive network places us at an
advantage to lead our industry with consumer friendly and affordable insurance
products, Ojumah said.
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