Allianz Life Insurance last week outdoored its innovative microinsurance products targeted at the informal sector in Koforidua in the Eastern region.

The two products, Allianz Life Anidasoô Plan and Allianz Life Apômuden Plan, are aimed at revolutionizing the current life insurance market while offering affordable life insurance solutions to the informal sector.

Speaking to market women and traders at the Koforidua Small Market, Mrs. Jane Kitome. Head, Alternate Distribution Channels at Allianz Life Ghana said insurance although essential, is not very popular among the informal sector where it is needed the most.

She stated that this lack of adoption could be explained by existing policies which do not cater for the actual needs of people. Ms. Kitome explained that Allianz Life is outstanding because it is customer-centered and products are designed from the perspectives of customers and most importantly, claims are paid on time.

Mrs. Kitomeexplained that, the ‘Allianz Life Anidasoô Plan’ has a daily, weekly or monthly savings element (popularly called susu) and also takes care of the funeral costs and other living expenses during the trying period of the death of a person whose life has been insured.

It comes with a monthly insurance premium starting from GHS4.00 and pays up to GHS4,000.00 in case of natural death and up to GHS8,000 in case of death through a car accident.

The Allianz Life Apômuden Plan, on the other hand also provides a means to save either daily, weekly or monthly while the plan pays for the income lost by the insured due to hospitalization. The monthly insurance premium starts from GHS6.00.

The insured gets to enjoy a hospitalization cash payment of up to GHS100 each night for 30 nights.

The two microinsurance products having been launched in Accra, have so far been outdoored in Kumasi and Takoradi.

The short colourful ceremony had in attendance the Market Queen of the Koforidua Small Market, Akosua Pokua and her deputy, Lydia Yeboah as well as other market leaders.