A couple of days ago, i dropped a post on the FREE airtel insurance cover, questions about claiming the benefits and how it works were answered in the post but this time around i want to quickly review another airtime-based life insurance in Nigeria, the MTN Y'ello life which is powered by Mansard
This MTN Y'ello life gives registered MTN subscribers in Nigeria very affordable LIFE insurance through their mobile phone without any long paper works or stress. In case you are wondering how it works, i have compiled few lines to highlight the important things you need to know about the MTN Y'ello life cover
- It costs as low as 15 naira / Day and grants you cover as long as the premium is paid at when due (minimum of 15 naira daily or 100 naira/ week).
- You get 350,000 Naira for the minimum premium of 15 naira daily in cases of Demise or permanent disability.
- You get 10% of the sum assured (minimum of 350,000 naira) as accidental medical allowance and you can only get that once in a year. This means that you are entitled to 35,000 naira once in a year as medical allowance in cases of accident.
- The Life insurance cover begins immediately you pay the first premium sum of 15 naira, but you can't get the entitlement for demise or total disability in the first 30 days.
- You should make sure you have enough credit to pay the daily premium so you can get the benefits in the case of disability or accidents.
- The policy stops once a demise or permanent disability claim is paid
- You will be automatically opted out of the insurance cover after 60 days of not making credit available for payment.
- You can read the terms and conditions here
How do i make claims on the insurance when the need arisesWhat's the essence of putting in for an insurance policy if not to be covered in case of an emergency. Well, to get make claims on the MTN Y'ello life insurance, you need to provide the following documents
a. Completed claim form
b. Pictures of the subscriber showing affected area
c. Completed physician certificate by the doctor (orthodox or unorthodox) who attended to the subscriber
d. Police report if the injury is as a result of road traffic accident only
Unlike the Airtel Insurance cover that is opened to subscribers between the ages of 18 - 65 years, the MTN Y'ello life cover is only opened to subscribers between the ages of 18 - 60 years. But nevertheless, a lot of people in Nigeria are not so interested in Insurance policies probably because of the paper works or the complexity but having our Telecommunication providers introduce their subscribers to this airtime based insurance policies is definitely worth commendation. What do you think about this, are you already on one of these insurance policies or just about giving it a shot? Lets hear from you via comments.
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