BIMA Launches Insurance Policies For Lower-Income Earners

Leading mobile insurance provider Bima Ghana has introduced B-life and B- health insurance policies into the Ghanaian market.

The new policies which provide up to a cover of GH¢10,000 is targeted at improving the habit of insurance in the informal sector and among low-income earners.

Speaking at the launch of the new products, Country Manager for BIMA Ghana, Damien Gueroult explained that the company would stop at nothing to make insurance affordable for the average Ghanaian.

“The launch of B-Life and B-Health is one more step for us to bring new products dedicated for this market. As Ghana is developing, the line between under-served and well-served customers is getting broader.

With B-Health policy, customers and the families have unlimited access to qualified medical practitioners over the phone, cash support for purchasing medicine and a cash payout of up to GH¢1,500 when admitted to the hospital.

The B-Life policy, on the other hand, provides financial relief against funeral expenses and the loss of income due to permanent disabilities. Customers can receive a lump sum payment of up to GH¢10,000 if any of the insured incidents occur.

Although the insurance coverage rate has improved from eight to 30 percent within the last seven years, the essence for more education on the need for insurance still remains; as a majority of this percentage are from the upper class.

Also present at the launch was the Deputy Commissioner of the National Insurance Commission (NIC) Kofi Andoh lauded the group as their mobile delivered insurance has helped boost insurance coverage in Ghana.

“Seventy-five per cent of BIMA customers are first time insurers. Which tells you that they are learning about it for the first time and gradually the knowledge will trickle down” he noted.

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Source: www.goldstreetbusiness.com