Vodafone Cash, miLife and Millennium Insurance have launched their redesigned and improved micro-insurance product under the new name ‘miFuture’. The revamped life and disability insurance product can be accessed from any Vodafone number or via the Vodafone Cash platform menu.
miFuture is born out of a collaboration between Vodafone Cash, miLife, Millennium Insurance and powered by an advanced digital platform. The product was designed with the main objective of providing the informal sector with a platform to save and have insurance.
The investment-linked microinsurance (MI) plan allows customers to select insurance benefits with corresponding monthly premiums plus additional savings contributions at inception. miFuture customers can make withdrawals from their savings with ease, and customers can opt to change their plan at any time.
Speaking at the product’s launch, the Head of Vodafone Cash, Martison Obeng-Agyei, said miFuture is so obvious that it will deepen financial inclusion.
“We are excited about the launch of miFuture. This is part of our effort aimed at liberalising the mobile money platform to embrace all and sundry. Vodafone Cash has been proactive in the introduction of innovative and industry-first initiatives. miFuture will definitely deepen financial inclusion and redefine the country’s insurance landscape. Customers have options to choose from a varied number of packages which are convenient, reliable and guarantee total fulfilment of customers’ financial obligations,” he stated.
The Chief Executive Officer of miLife, Kwaku Yeboah-Asuamah, said as part of the collaboration they aim at reaching every household with Insurance; and this is done through a simple technology that is easily accessible.
He added: “Since launching the miLife brand, we have committed ourselves to making life insurance simple, affordable and more accessible. This partnership with Vodafone, and with support from Millennium Insurance to birth miFuture, is one of the ways we are living that commitment. miFuture offers the ordinary Ghanaian an opportunity to save for their everyday needs such as rent, school fees, raising seed-capital and other projects while enjoying life insurance cover for death and disability”.
Traditionally, Ghanaians have been used to the daily savings deposits often referred to as SUSU. miFuture presents a secured, affordable and easily accessible means of doing your savings and at the same time having life insurance. This is in addition to the diverse ways miLife is helping Ghanaians to build their dreams, Mr. Asuamah emphasised.
Commenting on the partnership, Chief Executive Officer of Millennium Insurance, Oliver Akubia, said the company believes strongly in collaborations which throw more light on the impact of insurance in an individual’s life.
“Millennium Insurance believes in partnerships of this nature directed toward deepening the understanding of insurance and the benefits thereof. This belief underpins our tag-line, ‘your trustworthy partner in providing much-needed compensation following partial and total disability and death’.
“Being a property and liability insurer, our objective is not only to offer protection for your property but your very person, and we are thus excited about this product as it offers ordinary Ghanaians the opportunity to access insurance at an affordable cost,” he said.
miFuture covers death and disability for GH¢2,000, GH¢,6000 and GH¢12,000. A customer has to choose a monthly savings plan starting from GH¢10; however, customers may make additional contributions as and when they have excess income to save.
The economy has largely been powered by the informal sector of over 14 million people. However, there is an access-barrier to financial products for members of this sector. The partners are confident that miFuture will help bridge the financial access gap.
Individuals are advised to Dial *462# on Vodafone to have their insurance cover and also have the opportunity to do their daily, weekly or monthly savings with ease.