Vodafone Cash, miLife and Millennium Insurance have launched their redesigned and improved micro-insurance product under the new name, miFuture. The revamped life and disability insurance product can be accessed by dialing *462# from any Vodafone number or via the Vodafone Cash platform *110# menu.
miFuture is born out of a collaboration between Vodafone Cash, miLife, Millennium Insurance and powered by an advanced digital platform. The product was designed with the main objective of providing the informal sector with a platform to save and have insurance.
The investment-linked microinsurance (MI) plan allows customers to select insurance benefits with corresponding monthly premiums plus additional savings contributions at inception. miFuture customers can make withdrawals from their savings with ease. Customers can opt to change their plan at any time.
Speaking at the launch of the product, Head of Vodafone Cash, Martison Obeng-Agyei said: “We are excited about the launch of miFuture. This is part of our effort aimed at liberalising the mobile money platform to embrace all and sundry. Vodafone Cash has been proactive in the introduction of innovative and industry first initiatives. miFuture will definitely deepen financial inclusion and redefine the insurance landscape in the country. Customers have options to choose from a varied number of packages that are convenient, reliable and guarantee total fulfilment of customers’ financial obligations.”
The Chief Executive Officer of miLife, Kwaku Yeboah-Asuamah, said: “Since the launch of the miLife brand, we have committed ourselves to making life insurance simple, affordable and more accessible. This partnership with Vodafone, and with support from Millennium Insurance to birth miFuture, is one of the ways we are living that commitment. miFuture offers the ordinary Ghanaian the opportunity to save for their everyday needs such as rent, school fees, raising seed capital and other projects while enjoying life insurance cover for death and disability.”
Traditionally Ghanaians have been used to the daily savings / deposits often referred to as SUSU. miFuture presents a secured, affordable and easily accessible means of doing your savings and at the same time having life insurance.
This is in addition to the diverse ways miLife is helping Ghanaians to build their dreams.
Commenting on the partnership, Chief Executive Officer of Millennium Insurance, Oliver Akubia said: “Millennium Insurance believes in partnerships of this nature directed towards deepening the understanding of insurance and the benefits thereof. This belief underpins our tag line, your trustworthy partner in providing the much-needed compensation following partial and total disability and death.
Being a property and liability insurer, our objective is not only to offer protection for your property but your very person and we are thus excited about this product as it offers ordinary Ghanaians the opportunity to access insurance at affordable cost.”
miFuture covers death and disability for GHS2,000, GHS6,000.00 and GHS 12,000. A customer would have to choose monthly savings starting from GHS10; however, customers may make additional contributions as and when they have excess income to save.
Our economy has largely been powered by the informal sector of over 14 million people. However, there is an access barrier to financial products for members of this sector. The partners are confident that miFuture will help bridge the financial access gap.
Dial *462# on Vodafone to have your insurance cover and also have the opportunity to do your daily, weekly or monthly savings with ease.