miWay insurance provides money in the event of death and total permanent disability of the subscriber only and death of the next of kin. The plan pays out a lump sum to help you cater for the funeral expenses when you or a covered family member dies.
Who is this Policy for?
- Anyone who is concerned about the increasing cost involved in laying loved ones to rest.
- Anyone who would want to organize a befitting funeral for their loved ones.
- Anyone looking for an insurance policy that is easy to sign up with premium contributions and claims request accessible by mobile phone
- Anyone who wants a savings product, that is convenient and managable on their phone
- Anyone whose family will look up to him/her to bear most of the funeral expenses of a deceased family member.
The policy is purchased through MTN Mobile Money and you will need to register a Mobile Money account. The issue age for this policy is 18 – 59 for the subscriber and 18 to 74 for the next of kin.
Cover and Benefits
- At the time of purchase of this policy you select the loved ones to cover and your desired level of cover, which determines your monthly premium.
- The miWay policy allows you to cover yourself and one dependent, who may be your spouse, parents, sibling or child.
- You are covered against death and total permanent disability and your selected dependent is covered against death.
- The available sum assured options are GH¢1,000; GH¢2,000; GH¢3,000; GH¢4,000 and GH¢5,000.
- The waiting period for the subscriber and selected next of kin is 1 month and is effective when first premium is deducted.
Premium payment starts at the purchase of the policy and lasts for the duration of cover. Premiums are paid through the MTN MoMo platform. Premium payment for insurance will be deducted from your MTN Mobile Money wallet once per month The premium amount options are: GH¢3.50, GH¢6.50, GH¢9.50, GH¢12.50 and GH¢15.50.
- To protect your benefits against inflation, the policy includes a 10% automatic premium adjustment and a 7.5% benefit adjustment, to be applied annually.
- A cashback benefit of 5% of annual premiums will be paid back to you at each policy anniversary, provided no claim is made.
- Subscribers can manage their own policy by dialing *165# on any MTN phone.
- The subscriber will be credited with 5% of total premiums paid within a year if they do not make a claim during the period.
- Subscribers will receive an SMS to inform them if monthly premium deduction was successful or unsuccessful.
- You may choose to make additional premium contributions towards a purely investment account.
- The policy includes an optional savings account which allows the subscriber to make additional contributions towards savings. Savings contributions are set at GHS 5 with the maximum amount set at GHS 100
Advantage of this Plan
- The miWay plan is simple, accessible and affordable.
Interested in this policy? Have questions?