Gemini Life Insurance Company (GLICO), on Friday paid nearly GH¢800 in claims to the beneficiary family of a deceased holder of its micro insurance policy that targets the low income bracket at Dabala in the South-Tongu District. In addition to paying benefits to dependants on the death of a holder, the Micro-Insurance Policy, known as "Morkporkpor" or "Anidaso" also pays claims to a holder on the death of his or her spouse, children below 18 and provides hospitalization and accident covers for the holder. Mr Padmore Gyasi, Manager, Micro and Individual Life Insurance of GLICO, who presented the cheques covering the benefits to the family of the late Daniel Agbanyo, urged the people to take up life insurance policies as a protection. He noted that a lot of people still do not appreciate the essence of insurance policies as wise investments. He said the main aim of the micro-insurance is to enable people, particularly in the low-income group, to leave benefits for their dependants, as the death of many breadwinners placed dependants in dire financial situations. Mr Gyasi said policy holders had the privilege of acquiring loans from GLICO to expand their businesses, three years after taking the policy and paying their monthly premiums, which could be as low as GH¢2.00. GLICO, he said, was the only insurance company currently mandated in the country to operate three insurance businesses, including life, general and health insurance. Miss Lena Giegiesbert, a Research Fellow of the German Institute of Global and Area Studies, who is leading a two-man team to undertake research into performance of the micro-insurance policy in Ghana, said people needed to understand the policy, which according to her, should also be managed properly for the intended purpose.Source: GNA