Micro Insurance

Abusua Nkyemfa (All In One)

This product is designed to provide Family Cover and Health Care Benefits to clients.

The cover includes the:

• Principal Assured
• Spouse
• One extended family
• Two children

It is a life cover, which consists of the funeral benefit and hospitalization.The policy can be taken and premiums paid at the Post office

Anidaso Policy (Hope)

The objective of Anidaso is to offer potential policyholders a low cost life insurance product concept and to help overcome the market blockages hindering clients from accessing insurance products.

The initial concept, in partnership with Care International- a Non Governmental Organization, was to reach out to low income earners in the rural area to offer insurance assistance in the event of loss so that they can continue trading.

The Anidaso Insurance Policy is a pure term insurance plan designed to provide payment of a lump sum at the end of the policy period. The unique feature of this product is that it can be taken out as a stand-alone policy or taken together with a savings benefit. The policy can also be extended to cover the principal life insured’s immediate dependants, that is, spouse and children below 18 years or above if in full time education.

The minimum daily contribution is GHS 10.00 and is available for individuals 18 years and above.

Additional benefits:

• Hospitalization Income Benefit: in the event that the policy holder is hospitalized during the period this policy is in force, the rider shall pay the amount of benefit applicable as Daily Hospital Income Benefit for the number of days that the insured shall be admitted in the hospital up to the maximum period of 360 days.
• Accident Disability Benefit: if the policy holder sustains bodily injuries in an accident leading to temporary or permanent disability, the policy shall pay the amount of money payable under the accident Disability Benefit.

Asetena Pa Plan (All in One)

The “Asetena Pa” Plan is a Micro Insurance Plan designed to provide a short to medium term savings to enable the Policyholder save towards education of his/her child, build business capital and short term financing etc.
In addition, it provides a Sum Assured for the Policyholder in the event of death.

Child Care Plan (Micro)

This is a product designed to provide financial support towards a child’s educational future prior to the loss of his/her parent/ guardian.

It also provides benefits when the child is hospitalized for a period of 3 days and above and a benefit to the parent prior to the loss of the child.

Having child care insurance provides security and peace of mind towards your child’s education and health.

Credit Protection Plan (Micro)

This is an innovative Credit Life Policy product designed to provide cover for both the Savings and Loans Companies and their Clients.

The purpose of this product is to help reduce some of the risk associated with credit delivery.

The policy covers:

• Death of Borrower
• Permanent Disability of Borrower
• Total Destruction of Property by Fire and Allied Perils

Benefits Of the Policy Include:

• Peace of Mind
• Sustained Relationship
• Reduced Cost of Loan Recovery
• Competitive Premium Rates
• Marketing Tool.

Premiums are paid annually on each Individual Loan

Target market:

• The Rural and Community Bank Loan Protection Scheme (ARB APEX)
• The Ghana Association of Microfinance Companies Loan Protection Scheme (GAMC)
• Micro-Credit Association Ghana
• Ghana Association of Saving and Loans Companies (GHASALC)

Edwa Nkosuo Policy (Business Progress)

This policy has currently been enlarged to include the informal sector, NGO’s, Market Circles across the country in addition to its initial target of the Spare Parts Hub in Ghana. This is done with the objective of assisting policyholders in creating short-term accumulation of savings with interest and insurance protection.

The unique feature about this product is that it combines both savings and insurance and a policy holder (depending on age) can combine Anidaso with Ekwa Nkosuo to reap in much benefit.

The policy runs for a period of one (1) year and is renewed annually. Contributions/premiums are paid on a daily bases through a structured daily collection process at respective market places. The minimum contribution a policy maker can make is GHS 5.00.

It is interesting to note that Edwa Nkosuo & Anidaso have been lumped up and sold as a joint policy to make it easier for the non- banking public to enjoy the provisions of the stated benefits.

Fisherman’s Life Insurance (Micro)

FLIS is an innovative insurance policy facilitated by the ministry of fisheries and aquaculture development and administered and marketed by Star Microinsurance to protect fishermen against perils of the sea.

The policy covers natural/accidental death of fisherman and their fishing gear.

Health Care Plan (Micro)

This is a product designed to cater for its members prior to being hospitalized through accident or illness. It consists of an accident and hospitalization cover. Under the accident cover, the insured person benefits when he is unable to engage in his/ her normal employment due to being permanently disabled through an accident. Under the hospitalisation cover, one benefits from being an in-patient for a period of 3 days and above.

Having micro healthcare insurance is most often less expensive than remaining uninsured. Medical bills can leave you in debt and may lead to difficulty in one’s life. With micro healthcare, you need not worry.

Investment Funeral Plan (Micro)

This is an investment funeral policy, which gives the policyholder an opportunity to invest alongside their funeral policy, for a minimum of three years. This policy gives access to partial withdrawal when the need arises.

Sika Plan (Okum-Ka)

This is a special micro insurance package developed to address the financial needs of the self-employed in the informal sector. It is “Susu” backed by a Life Insurance cover.

The main target group for the scheme is the informal sector. The minimum contribution for this policy is GH¢2.00 per day. The scheme has a slogan “OKUM-KA” meaning to “Kill Debt”

One of the advantages of this policy is to assists all contributors to build up savings for debt settlement, school fees, rent advance, expansion of business etc.

Features:

• Savings
• Daily, weekly, fortnightly or monthly
• Collection is done at the doorstep of the contributors by our Sales Executives
• The Scheme has a period of one year but contributors may access sixty percent (60%) of a partial withdrawal of the attained funds value from the beginning of the seventh month after the inception of the policy and 30 percent at the beginning of the fourth month.
• Interest on contribution
• Life Insurance cover of GH¢500.00

Target Market

• Businessmen and women
• Traders
• Artisans