.. unveils Black and White Family Plan
One of Ghana’s innovative Insurance Companies, Old Mutual has launched the Black and White Family Plan – a revolutionary digital funeral policy aimed at offering a seamless solution to ease the financial burden felt by grieving families.
For most Ghanaians, funeral payments are one of the big expenses in life. They create severe financial stress for families trying to meet the traditional obligations of giving befitting funerals. With the use of the popular WhatsApp messaging app, Ghanaians can now conveniently and easily sign up for Black and White Family Plan designed to help families invest and protect themselves from the brunt of funeral expenses.
Commenting on the launch of Black and White Family Plan, Rita Boateng, Head of Marketing and Operations at Old Mutual Ghana, said: “According to the latest annual report from the National Insurance Commission, Ghana’s insurance penetration rate stands at less than 2%, largely because of delays in the payment of claims, complex underwriting processes, expensive premiums among others.
Black and White Family Plan has tapped into the biggest messaging app (WhatsApp) to reach and enable Ghanaians to bridge this gap in a simple, accessible and convenient manner.
Over the past three years, WhatsApp has become the most active social media platform/messaging app in Ghana. By providing this product via WhatsApp, Old Mutual Ghana provides a seamless and convenient solution as Ghanaians can now invest in a funeral plan while accessing and using their favourite app.”
“Our goal as an insurance company is to encourage families to protect themselves and loved ones from shock in the event of death. Now they can do this with their phones as they can simply just say Hi to 0242 426 455on WhatsApp and follow the interactive prompts to experience real-time convenience in insurance.
This funeral cover starts from GH¢2,000.00 to GH¢20,000.00 and covers the policyholder as well as selected spouse, children, parents, and parents in law,” Rita Boateng added.
Black and White Family Plan was inspired by the traditional black and white cloth used during funerals to celebrate lives. The policy seeks to celebrate life in a meaningful way and to give comfort to the bereaved without any barriers.
The Black and White Family Plan has low monthly premiums with a short premium payment term of fifteen years and the cover continues for the whole of life of the policyholder. Payments are made within 48 hours of reporting a claim after providing satisfactory proof of death.
However, premiums and cover are guaranteed for the first 5 years of the policy. In addition, 10% of premiums paid in any three-years period will be paid back after each third-year period provided the policy is still in force.
