One of Sierra Leone’s frontrunner mobile companies, Africell, yesterday launches Life insurance product for its esteemed customers.
Joe Abass Bangura, cooperate director Africell said that the launch of the product is in response to Sierra Leone’s government four-year national strategy for financial inclusion.
That the findings of the study supports strategy indicating that only 13% of the adult population in Sierra Leone have access to formal financial services like savings, credit and insurance.
This, he maintained, indicates that unless the excluded population are given the ability to access financial services, the chances of moving them above poverty line becomes ever more difficult and of course impossible.
He said the financial inclusion strategy quite aptly identifies digital financial service as key to promoting financial inclusion.
He claimed however that Africell as a mobile market leader is delighted to be the first to launch a mobile life insurance product, thereby adding to the long lists of firsts in the market.
“In Sierra Leone, the loss of a bread winner in a family can bring severe financial setback, with ripple effect across the whole family,” Joe Abass emphasized.
Continued: “less than five percent of low income families in the emerging markets have life insurance policies.”
The causes, he said, relate to affordability, accessibility, education and of course trust.
He called on subscribers to grab the opportunity by contributing an annual premium of Le 50,000 to benefit the mobile life insurance with Africell, which he said provides USD1000 persons eligible to the claim.
He said the Africell mobile life insurance covers death.
Chadi, Africell MD reiterates his company’s anxiety in the erradication of poverty in Sierra Leone.
That it is for this reason that the life insurance product is established, even though limited to death.
He promised to in the future extend the insurance scheme to other life threatening issues.
Beneficiaries so far targeted are between the age brackets of 18-45 years.
Claims, he said, can be made upon death of the policy holder, and that the beneficiary has one month after death to claim and should provide official death certificate indicating date of birth of the deceased insured person and any other documents requested which goes through verification process before claim is granted.