By Nawa Mutumweno – MTN and African Life Assurance Zambia have introduced MTN Life after Life, a unique Life Assurance product that enables a policy holder to cover their Life at a Micro-Insurance level using MTN airtime as the method of payment.
This initiative allows every Zambian who has an MTN line to have Life Assurance at an extremely low cost. From as low as ZMK1 500 a month, the family of the policy holder can receive a level of financial support should a tragedy occur.
‘’MTN and African Life Assurance Zambia believe this is an important step in providing Life Assurance to the millions of people in Zambia who currently do not have any life cover. MTN Zambia, as a facilitator, will act as a distribution channel of this special assurance cover providing MTN customers the ease and convenience of signing up and paying monthly subscription fees directly from their mobile phones through airtime deduction,’’ information obtained from MTN Zambia in Lusaka indicates.
African Life Assurance Zambia (ALAZ) is a subsidiary of the Sanlam Group and they have a micro insurance scheme registered with the Pensions and Insurance Authority (PIA) under the Ministry of Finance.
MTN Zambia is a member of the South African-headquartered MTN Group, the multinational communications and network access company which focuses on emerging markets. It is the second largest mobile service provider in the country after Airtel Zambia. The other mobile service provider is Zamtel, a parastatal which is the country’s sole fixed line operator.
With no transaction fees, no complicated documents to process and no fuss, the MTN Life after Life product provides immediate cover by African Life Assurance Zambia once the premium is paid using MTN airtime. All claims will be paid in Kwacha by African Life Assurance Zambia with the whole process being simple and easy to administer.
This real innovation in the Zambian insurance sector works as follows:
Life Cover Monthly Instalment
ZMK1 000 000 ZMK1 500
ZMK2 000 000 ZMK2 500
ZMK3 000 000 ZMK3 500
ZMK12 000 000 ZMK12 500