A whopping 600,000 microinsurance products have so far been sold within six months through subscriptions to MTN and Airtel mobile telecommunications networks.
National Insurance Commission (NAICOM) ‘s Deputy Director of Authorization & Policy, Mr. Leo Lekan who disclosed this said “ MTN and Airtel get 100,000 subscribers every month for microinsurance since October.
Airtel Nigeria offers the microinsurance products in partnership with FBN Insurance. The product is called Padi4Life. Padi4Life is an affordable airtime-based insurance.
It is a simple and convenient way to access affordable life protection plan with your phone for registered Airtel subscribers at N20/daily with a benefit plan of N500, 000 upon death or total permanent disability.
MTN Nigeria too offers its mass insurance solutions in conjunction with Mansard Insurance. It is called MTN Y’ello Cover. MTN Y’ello Cover is an affordable airtime-based life insurance product.
It is a simple and convenient way to access affordable life protection plan with mobile phone and registered MTN number at N15/daily with a benefit plan of up to N350,000 to cover medical expenses and/or permanent disability benefits in case of accident. In the event of subscriber’s demise, benefit shall be paid to a named beneficiary.