miFuture

What is miFuture?

miFuture is an investment-linked microinsurance (MI) plan which allows customers to select insurance Benefits and monthly contribution at inception. It further allows customers to contribute into a savings fund for interest. Eligibility age shall be between 18 and 59 years.

miFuture is a simple mobile delivered life insurance policy. It pays out a benefit when the policyholder passes away, or becomes disabled. The policy allows you to save monthly for your future needs.

Who can subscribe to miFuture?

Anyone between the ages of 18–59 years with a Vodafone Cash wallet in good health and is resident primarily in Ghana.

What do I need to subscribe?
  • Vodafone cash registered Customer
  • Full name of a Selected Beneficiary
  • Phone number of the Beneficiary (if 18 years or above)
  • Full name/phone number of Trustee (if beneficiary is less than 18 years)
How do I subscribe?
  • By dialing *462# on Vodafone and following the sign-up instructions
  • Through a dedicated tele sales agent/Sales Agent
  • By calling miFuture helpline on 462 (Vodafone only)
  • Through Vodafone *110# menu

Risk Premium Categories

Risk Premium (Monthly)

Benefit

Cool

GHS 2

GHS 2,000

Standard

GHS 5

GHS 6,000

Champion

GHS 10

GHS 12,000

How do I pay the monthly premium?

Premiums will be deducted automatically from your Vodafone Cash wallet.

How does the savings work?

The policy is designed for every customer to select a monthly savings amount subject to a minimum of GHS10 every month. The savings amount is a top-up on your monthly risk premium. Savings accrue interest based on prevailing market interest rate.

When can withdrawals be made on the Savings account?

The policy also offers the policyholder an opportunity to make withdrawals any time after policy starts.

Who receives the miFuture benefit?

If you become permanently disabled during the term of the policy, we would pay you the benefit and if you pass on, we would pay your selected beneficiary the benefit.

How do I make a claim?

Request a claim via *462# USSD menu or Call 462 to request.

What documents are needed for claims?

The customer or beneficiary will be asked to go to any Vodafone Branch Office or designated merchant to submit:

  1. A valid national ID (Voter Card, Driver’s License, Passport, Ghana Card, SSNIT ID) of person making claim
  2. A valid national ID of deceased
  3. And any of the following:
  • Death Certificate
  • Medical certificate indicating cause of death (if deceased died at a hospital)
  • Police report in case of accidental death
  • Mortuary receipt with contact details (if deceased was taken to a mortuary)
  • A letter from a recognized authority or institution
  1. Proof of disability shall be a certification from a qualified medical practitioner, recommended and recognized by us, stating that you are totally unfit to perform substantially all of the duties of any gainful occupation for which you are reasonably trained.
What is total permanent disability?

A condition that prevents you from working in any occupation for 3 months and you become incapacitated to such an extent that you are unlikely to ever be able to work in any occupation for which you are reasonably suited by training, education or experience.

Partial permanent disability:

A condition that makes you partially but permanently incapacitated. For example, loss of toe, thumb or finger. Refer to table 1 below for schedule.

Table 1 Disability benefit schedule

Category

Sub category

% of Disability Benefit

Total Permanent Disability

Total permanent disability that prevents a person from engaging in any employment or occupation of any description.

100%

Loss of sight of one eye and such loss of one entire hand or one entire foot

100%

Loss of use of an entire hand or foot without physical separation

50%

Loss of use of an entire hand or loss of sight of one eye

50%

Complete loss of speech or complete loss of hearing in both ears.

50%

Partial Permanent Disability

Loss of toe or big toe or thumb or finger

20%

 
Exclusion:

This policy shall cover of all forms of death and disability out of any accident unless risks are considered illegal for cover.

Maturity:

This policy has no term duration or maturity period upon registration.

Frequency:

A policyholder must pay premiums monthly.

Timeliness:

It is your responsibility to fund your wallet to ensure that your premiums reach us at the specified time.

Eligibility:

You can subscribe if you are between ages 18 to 59 years. You must be in good health and be resident in Ghana at the time of subscription.

Waiting Period:

When your policy starts, there is 4 months (120 days) period during which no benefit will be paid, except for death or total permanent disability as a result of an accident.

Accidental death shall mean death by bodily injury caused solely and directly by violent, external, unintentional and visible means. Causes of death relating to illness, diseases or the ageing process shall be deemed to be caused by natural causes.

Medical Exam:

The policy does not require medical examination.

Start Date:

The policy will start when the company has accepted your application and your first premium has been deducted. You may cancel the policy for a total refund of premium paid if you cancel the policy within (15) days from the start of the policy.

Changes:

If you increase your monthly premium, you will still be insured under your old benefit amount for 4 months (120) days after the increase. Your new benefit only applies after the four months have passed.

You may change your selected beneficiaries during the validity of the policy. If your beneficiary is below 18 years, you will be required to select a trustee.

Missed Payments:

If you miss three (3) monthly premiums, your policy will become inactive and you will lose your benefits. Your policy becomes reactivated when you pay at least one-month premium. A waiting period of 4 months (120 days) apply for reactivated policies. Any premiums you miss will be deducted from the benefits to be paid to you or your beneficiary.

Maximum Benefit Payable:

The maximum amount of benefit that can be paid on an insured person is GHS 12,000. If a subscriber has multiple premiums on different Momo wallets, they will receive up to GHS 12,000.

Ending Your Policy
Termination/Expiry:

Your policy is terminated if you pass away, cancel the policy. If you cancel the policy, any savings you have will be paid to you.

Surrendering:

If you miss 3 consecutive months of premium, the policy will end and you will be entitled to the savings contributions less any unpaid premium.

Reinstating a Terminated Policy:

If your policy ceases you can request surrender benefit payout or request to be re-instated.

Agreement:

This document shall form the basis of the entire contract. Any changes passed through any appropriate endorsement to these documents shall be accepted as part of the contract.

In the event of any disputes between you and us, we will endeavor to solve the matter ourselves. If we are not able to resolve the difference, an independent arbitrator including the National Insurance Commission shall be engaged in accordance with the Arbitration Act 1964 of Ghana.

With the documents listed above, you can also file on our website at www.milifeghana.com/ claims. Call us on 462 or send us a WhatsApp message on 050 151 8609 or walk into any of our branches.

Definitions:

Accidental Death or Disability: Death or disability caused solely and directly by violent, external, unintentional and visible means and that such injury was the sole cause of death or disability.

You: Policyholder

Us or We: miLife Insurance Company Limited

Risk Premium: Premium paid to cover the insurance benefit and does not include additional contribution towards your savings account.

Interested in this policy? Have questions? 

Contact A Sales Rep