Tigo Insurance has launched a new income protection policy plan to provide financial support for mid to high customers who work in both the formal and informal sectors in the event of an accident or illness that prevents them from working.

The policy, which is for high airtime users, covers permanent disability as a result of an accident, permanent disability due to illness, selected critical illness such as cancer, stroke, kidney failure and hospitalization for various reasons. 

The ‘Tigo Income Protection Policy’, will pay out a lump sum of up to GHS 4000 for disability and critical illness; and up to GHS60 night or GHS1800 a year for hospital admission.

At the press briefing in Accra, the Chief Commercial Officer at Tigo, Tara Squire, highlighted the need to widen the portfolio mix of micro-insurance products to cater for the needs of mid to high tier income earners.  

“We are proud to introduce yet another first, an insurance product that will bring financial relief to our mid to high value customers. This is what leading the digital lifestyle means to us as a brand; delivering innovative digital services to our customers with ease and convenience,” he said

Providing some insights that led to the development of the product, the Country Manager for BIMA, partners of Tigo Insurance, Russell Haresign, said it was developed in response to customer demands for micro-insurance products with higher living benefits.

“It comes with increased cover and it is a threefold benefit because it covers accident, illness and hospitalisation. We are excited to say that this is also the first mobile insurance policy to offer a ‘no claims bonus’ meaning customers who don’t make claims are awarded airtime credit every year”, he added.

Customers can access the product through *550# and follow the screen prompts to register and subscribe to Tigo Income Protection Policy. To enjoy the policy benefits, they will have to contribute 30p a day for at least one month.

Tigo Insurance policies are underwritten by Prudential Life and distributed by BIMA, leading provider of micro-insurance.