The aYo micro insurance is designed by mobile phone operator MTN and insurance-based financial services group MMI Holdings as a joint venture to deliver much-needed insurance solutions. By Staff Writer
The new aYo micro-insurance solution will target MTN customers across the African markets.
We compiled an explainer of the aYo micro-insurance providing details you main need to know as an MTN prepaid customer.
The explainer is provided by MTN and MMI.
What is aYo Recharge with Care?
- aYo Recharge with Care provides pre-paid MTN customers with free life (MyLife) or hospital (MyHospital) cover every time they load MTN airtime
- Cover is instant and valid for a minimum of 30 days
- MyLife cover is payable in the event of the policyholder’s passing whereas MyHospital cover is payable when spending at least one night in hospital due to a trauma event (i.e. accidental hospitalisation)
- Claims are paid into the relevant MTN Mobile Money account
- Once customers have signed up, they also have the option to buy extra cover using MyBoost or MyAutoBoost. With MyBoost, customers can buy extra cover using their airtime or MTN Mobile Money. MyAutoBoost allows customers to choose how much extra cover they want to purchase and then every time they load airtime the amount is deducted automatically
- MyBonus is earned as customers interact with aYo Recharge with Care. MyBonus value will build up until it reaches a specific value at which point customers will be able to use it to buy additional cover, cash it out to their MTN Mobile Money account or buy MTN airtime
What is aYo Send with Care
- aYo Send with Care allows MTN Mobile Money customers to purchase insurance cover valid for 120 days, every time they send money to a beneficiary (either an individual person or to a school for school fees)
- If customers send money to a beneficiary using aYo Send with Care and then in the unfortunate event of their passing or spending at least one night in hospital due to a trauma event, the accumulated cover will be paid into the beneficiary’s MTN Mobile Money account over a period of 12 months
- A premium, that is payable by the sender of money, is applicable to Send with Care benefits. This cost is currently based on a fixed 5% of the amount sent to the beneficiary or school
- MyBonus is earned when using aYo Send with Care. The value earned is an amount equivalent to 10% of the premium deducted from the customers’ MTN Mobile Money account every time customers remit money using aYo Send with Care. MyBonus value will build up until it reaches a specific value at which it will be cashed out automatically to the customer’s MTN Mobile Money account