aYo Ghana has launched Family Cover, which allows Ghanaians to get hospital and life cover for themselves as well as their direct and extended family members. The new product will also see all premiums collected (and claims paid) digitally via the MTN Mobile Money (MoMo) platform. Until now, aYo has offered hospitalisation and life insurance cover to individuals through two insurance products, ‘Send with Care’ and ‘Recharge with Care’, but due to growing market demand for insurance for the whole family prompted the company to create the new product offering, Family Cover, which allows policy holders to add up to six family members, including themselves.
“In Ghana, we value togetherness, support, and security, and as a result, we continue to develop insurance solutions that meet the needs of Ghanaians, necessitating the emergence of Family cover, which not only benefits family members but also reduces financial burden of dependents.
Our vision at aYo is to create a future in which every Ghanaian buys and uses insurance digitally, with the goal of increasing financial inclusion,” said Francis Gota, CEO of aYo Ghana. Family Cover will allow customers to insure members between the ages of 1 and 69 on both life and hospitalisation cover, with a maximum of GHs300 hospitalisation benefit per night for each family member. Policyholders and family members also each get a maximum of GHs15,000 life cover. Insured lives on the policy remain covered up until the age of 80.
As with aYo’s existing products, Family Cover customers must maintain active Mobile Money (MoMo) accounts to pay premiums and receive claim payments. Customers get the flexibility to pay their premiums monthly, quarterly or annually via MoMo, and receive a 10% cash back after 12 months of no-claims.
Customers can enrol by dialling the USSD code *296* and select the Family Cover option to enrol and manage cover, and under phase two via the Progressive Web App. As with ‘Send with Care’ and ‘Recharge with Care’, valid Family Cover claims are paid directly to the claimant’s mobile money wallet without any hassle.
“aYo’s Microinsurance offerings are dispelling the myth that insurance is just for the wealthy, educated, and formal-sector employees. Today, every Ghanaian can purchase insurance on the go, using their mobile phones. Offerings like Family Cover provide a much-needed social safety net that helps vulnerable people and particularly people with low incomes to stay afloat when the unexpected happens,” said Francis Gota.