MiWay is an insurance policy which covers the life of the customer against death and permanent disability; and the life of the Next-of –Kin against death.

FEATURES

1) MiWay insurance provides money in the event of death and permanent disability of the Customer and death of the next of kin.

2) The issue age for this policy is Eighteen to sixty (18 – 60) for the customer and Eighteen to Seventy five (18- 75) for the Next-of-Kin.

3) The Premium payment for insurance will be deducted from your MTN Mobile Money wallet once per month.

Premium is selected at the purchase of the policy and premiums are paid to keep policy in force

4) Monthly premiums range from GH¢ 3.60 to GH¢15.60 with corresponding insurance cover ranging from GH¢ 1,000 to GH¢ 5,000.

5) The policy will elapse for non-payment of premiums after (3) three consecutive months of non-payments

or ten (10) months accumulated arrears during the lifetime of the policy.

6) Customer will receive an SMS to inform them when the monthly premium is deducted.

Customer will have to keep their mobile money wallet funded to ensure premiums are successfully deducted to keep your policy active.

7) If there are insufficient funds in your wallet, you will receive an SMS reminder so that you can top up your wallet and keep your life insurance cover active.

8) Manage your own policy by dialing *165# on any MTN phone.

9) The waiting period for policy- holders/beneficiary is 1 month and is effective when first premium is deducted.

However, if subscriber changes Next-of-Kin, a waiting period of 6 months will apply.

10) A policy can be reinstated within 2 years by paying at least, one month premium and a waiting period of 1 month will apply to both lives

11) The policy includes a cash back provision; policy holder receives 5% of premiums back every year on the total premium contributions within the year.

12) The policy has a saving option which allows policyholders to make additional premium contributions for investments from which they can make withdrawals.

Withdrawals from the fund can be made after the first 13 months. Contributions are set at GHS 5 with the maximum amount set at GHS 100.

13) Upon death of the policyholder or selected dependent before the maturity of the policy, benefit payable is equal to:

Selected Sum Assured minus any outstanding premium (the outstanding premiums to be deducted will be the exact monthly risk amount being calculated by My-way)

14) Upon total and permanent disability of the policyholder whiles the policy is in force, benefit payable is: disability benefit minus any outstanding premium