Please find below available information on MTN Yéllow Life Plus:

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What is MTN Y’ello Life?

MTN Y’ello Life is an affordable, airtime-based life insurance service from the suite of MTN Y’ello Cover, a portfolio of insurance services brought to you by MTN. It is a simple and convenient way MTN subscribers can access an affordable life protection plan directly from their mobile phones.

For as low as N15/day or N100/week, subscribers can enjoy a N350, 000 life insurance cover. This cover is applicable in the case of accidents resulting in permanent disability or demise. MTN Y’ello Life is offered in collaboration with Mansard Insurance plc.

Why MTN Y’ello Life?

Insurance is sometimes perceived to be complicated, involving a lot of paperwork and expensive. As such a large portion of the population has gone uninsured. MTN Y’ello Life, is a service that addresses this situation.

Firstly, the insurance cover can be accessed in just a few minutes meaning no long paperwork.

Secondly, since it costs as low as N15/day, a large portion of the previously uninsured can enjoy the peace of mind that comes with having an insurance plan.

Thirdly, it is a pay-as-you-go service meaning you enjoy the convenience of paying on a daily basis when you can afford it.

What does my MTN Y’ello Life policy entail?

The MTN Y’ello Life policy provides benefit in the form of an agreed cash payment to a named beneficiary of a deceased subscriber, or to a subscriber in the case of permanent disablement as a result of accident.

For how long do I pay my premium and how frequent?

Premiums are payable daily and are deducted from a subscriber’s airtime.

For how long does my policy grant me cover?

The policy grants cover for as long as daily premiums are paid, however, the policy ceases once a death or total permanent disability claim is paid.

What happens in case of my demise?

The sum assured becomes payable to your named beneficiary(s)

What happens if I stop paying my premium before the end of the policy term?

If a regular premium becomes unpaid as and when due, policy shall lapse without value and the life assurance benefit under the policy shall cease to be payable.

What is the minimum and maximum age at entry?

Between 18 – 60 years of age.

What is the minimum sum assured?

The minimum sum assured is N350,000.00 for the minimum premium payable of N15/day

Will I be required to undergo medical examination?

No.

When does cover start?

Cover begins immediately the first premium sum of N15.00 is deducted from the airtime. However, there is no cover for demise/total permanent disability resulting from natural causes during the first 30 days of subscription.

When is the sum assured, payable?

The sum assured is payable in the case of:

Demise

Permanent Disability

Accidental Medical Allowance (10% of the sum assured, payable once a year)

TERMS AND CONDITIONS FOR MTN Y’ELLO LIFE

MTN Y’ello Life offered in collaboration with MANSARD INSURANCE is an affordable airtime-based life insurance product. 

It is a simple and convenient way to access affordable life protection plan with your mobile phone and registered MTN number at N15/day or N100/week with a benefit plan of up to N350,000 to cover medical expenses and/or permanent disability benefits in case of accident. In the event of subscriber’s demise, benefit shall be paid to a named beneficiary.

Benefits/offerings are broken down into:

Cover for medical expenses arising from accidents – N35,000.00 (i.e. 10% of the sum assured) payable to the insured

Cover for permanent disability arising from accidents – N350,000.00 becomes payable to the insured

On the demise of the insured as a result of accident, illness or other causes - N350,000.00 becomes payable to the named beneficiary or Next of Kin.

PRODUCT DYNAMICS

Only registered MTN subscribers between ages 18 – 60 years are eligible to the service

No registration fee or opt out charges are applied. Service fee which is inclusive of Premium shall be paid via deductions from loaded Airtime. Subscribers can cancel the insurance plan at any time

When a subscriber accepts product terms and conditions for the insurance cover, a policy number will be sent to the subscriber by SMS. Access to the customer portal will also be available to a subscriber to update subscription details & print policy certificate. Presentation of policy number is however sufficient proof of insurance cover

Policy starts once a subscriber chooses a cover plan and accepts terms and conditions of the service. Subscriber will be covered once they have registered for the cover and paid the first premium.

For daily plan, cover would commence 12:00am and ends 11:59pm of subsequent day of subscription payment. Only claims that occur between this period of cover after every subscription payment would be covered and deemed payable by the insurer

For weekly plan, Cover would commence 12:00am of subsequent day of subscription payment and ends 11:59pm of day 7 from day of subscription payment. Only claims that occur between this period of cover after every subscription payment would be covered and deemed payable by the insurer

A user may switch from daily to weekly cover and from weekly to daily cover but this is only allowed once in 90 days. When a subscriber requests to switch from weekly to daily, the request takes effect from the expiration of the current weekly subscription

Only claims in relation to medical expenses cover arising from an accident are payable within the first 30 days. Thus there will be an initial waiting period of 30 days after subscription, to qualify for benefits of total permanent disability or demise caused by natural causes

The policy ceases once a demise or total permanent disability claim is paid

Claims notification must be done within 30 days of the scheme member’s demise, injury or permanent disability. Notification beyond this would be subjected to reasonability of the period after the event and circumstances that led to the delayed notification.

Next of Kin/Beneficiary can be changed only once in 30days. A policy holder has the sole obligation to inform his beneficiary or legal adviser of the existence of the policy

The subscriber must have sufficient credit balance. Where the subscribers credit balance is insufficient, the subscriber is notified of not being on cover and will be asked to top-up the line in order to be billed for cover again

If there is no sufficient credit balance on the customer line for 60 consecutive days, the subscriber will be automatically opted out of the service. Customer profile would however remain on the platform for another 30day period after which customer will have to re-register to the service

Where the subscriber’s credit balance is insufficient, the system will retry to deduct the charge from a customer credit balance thrice daily for maximum of 90days

Responsibility lies with the subscriber in the event of phone misuse or fraudulent activity from the subscriber’s MSISDN with respect to the insurance service

In case an individual registers more than one line, the maximum cover shall be two times the specified sum assured for a maximum of two lines. However, the beneficiary maybe the same person for the two lines

Subscribers must accept these Terms and Conditions of the product prior to subscription

Claims processes: Claims will be paid within five (5) working days from the receipt of all documentations for customers with complete registration as at time of claim and Ten (10) working days from the receipt of all documentations for customers with incomplete registration.

Contract: The contract shall continue as long as premium is paid as at when due.

OTHER TERMS, BENEFITS AND CONDITIONS

In the event of demise of the assured, the named beneficiary may be required to present some or all of the following documents to Mansard Insurance or any designated representative:

Completed claim form

Originals of medical certificate of cause of death

Death registration certificate

Burial warrant

Clergy certificate

Police report (in case of road traffic accident)

In the event of a Permanent Disability claim, the insured shall present the following original documents to Mansard Insurance or any designated representative

Completed claim form

Pictures of the subscriber showing affected area

Completed physician certificate by the doctor (orthodox or unorthodox)who last attended to the subscriber

Police report if the disability is as a result of road traffic accident only

To process an Accidental Medical Allowance claim, the named beneficiary shall present the following original documents to Mansard Insurance or any designated representative

Completed claim form

Pictures of the subscriber showing affected area

Completed physician certificate by the doctor (orthodox or unorthodox) who attended to the subscriber

Police report if the injury is as a result of road traffic accident only

Nil Surrender Value: This policy does not at any time qualify for surrender value. The insured shall not be entitled to any cash value if the policy is terminated by the insured any time after commencement.

Suicide and Act contrary To Public Policy: The insurance company shall not be liable to pay the sum assured under the policy if the demise of the insured occurred as a result of suicide or the execution of judicial sentence of death.

Currency and Law: All amounts payable in terms of this scheme, either to or by Mansard Insurance, are payable in the lawful currency of Nigeria. Any question of law arising under this scheme shall be decided according to the laws of Nigeria.

This product is underwritten by Mansard Insurance plc.