You probably have received this message from MTN: “You can now enjoy a life insurance cover of N350,000 for just N15 per day with MTN Yellow Cover. Send Life to 770 now for free! From MTN with Mansard Insurance.”
But you did not take the message seriously, did you?
The successful execution of Mansard Insurance’s first claims on this airtime-based policy, introduced into Nigeria’s insurance sector in 2013, promises to boost insurance distribution and enhance market penetration.
Beyond this advantage, the policy is an easily affordable life insurance product which could be explored by subscribers for personal finance.
The collaboration between Mansard Insurance and MTN attracted major attention in November last year when the workability of the policy generated newspaper headlines.
It was reported that one Abimbola Ogunyemi, a subscriber to MTN Y’ello Cover, had a minor accident while trying to open a corked wine on November 7, 2013 made a medical bill claim.
The pressure she exerted on the cork caused a snap in her right wrist, making it impossible for her to use the wrist for a couple of days. She later visited a hospital, where the doctor diagnosed “ganglion” caused by the force applied to the wrist.
The insurance company reportedly made an offer to the policy holder following receipt of her claim on November 15, 2013 and completion of documentation. Her claim was said to be have been paid on December 3, 2013 the same day her account details were received.
MTN Y’ello Cover is a simple and convenient way everyone on the network can access an affordable life protection plan from their mobile phones.
It is advisable to explore this insurance policy for just N15 per day or N100 per week. With this token premium, you may enjoy up to N350,000 life insurance cover for medical expenses incurred in case of accidents, and also enjoy benefits in case of accidents resulting in permanent disability or demise.
Mansard Insurance is one of the most capitalised insurance companies on the Nigerian Stock Exchange (NSE), currently traded for more than N2 per share.
It is also licensed by the National Insurance Commission (NAICOM) to underwrite both life and general insurance business.
Ogunyemi said “the service given to me was okay. I was impressed with the follow-up and quick response to disbursement of the fund. Thank you; I never expected anything.’’
The claim settlement by Mansard Insurance affirms its ability to fulfill promises and the role MTN Business tailors products and services to meet the everyday needs of customers.