Life Insurance on your Mobile from MTN (Y’ello Life)

Life Insurance on your Mobile from MTN (Y’ello Life)

Y’ello Life is one of the earlier offerings under MTN Y’ello Cover package, which is part of MTN’s Y’ello Biz solutions for small business-focused Y’ello Biz. It is however designed to make life insurance affordable and accessible to the average Nigerian – more specifically, those on the MTN network.

What is Y’ello Life?

MTN Y’ello Life is an airtime-based service designed to offer subscribers life insurance cover in exchange for highly affordable fees. It makes life insurance policy accessible to people who would not have been able to afford one – straight from their mobile device.

Of course, MTN is not an insurance company so they are partnering with a leading insurance company in Nigeria, Mansard Insurance plc to offer the cover. So, Mansard insurance offers the cover, while MTN makes it easily accessible via their network.

You can enjoy a life cover of N350,000 by paying as little as 15 Naira per day or 100 NGN per week as service fee. You could of course insure your life for a higher sum by paying a higher service fee.

MTN Y’ello Life is not only affordable, it also helps to reduce the stress of paperwork involved in getting life insurance, which is one of the reasons why Nigerians don’t consider life insurance cover. It covers accidents resulting in death or permanent disability.

Eligibility and Cover Information

MTN Y’ello Life is available to registered MTN customers between the ages 18 and 60. The minimum daily premium is N15, which qualifies you for a minimum sum assured of N350,000.

This essentially means you can pay a higher daily premium to have greater sum assured. An interesting thing about the Life Insurance cover is that no medical examination is required to register.

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You start to enjoy the insurance cover as soon as the first daily subscription – a minimum of N15 – is deducted from your credit balance.

MTN says death or total permanent disability that occurs as a result of natural causes during the first 30-day period from registration is exempted from cover. However, deaths and disabilities as a result of accidents are covered from day 1.

This condition is probably to prevent abuse.

Agreed premiums have to be paid as at when due to continue enjoying the life insurance cover. However, your life insurance policy lapses without value and becomes un-payable once your premiums are not paid as required.

So, make sure you have enough credit balance on your phone to pay for your daily or weekly premium, so that your life insurance policy will not lapse. You can choose between weekly or daily payment of premium.

When Does Policy Becomes Payable?

The sum assured is payable when the insured suffers total permanent disability as a result of an accident or dies. In the event of the insured’s demise, the sum assured is paid to a named beneficiary in cash.

In addition, the insured can get 10 percent of sum assured (e.g. N35,000 when sum assured is N350,00) in accidental medical allowance once a year. Need more information about the life insurance policy? Read this

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Life Insurance on your Mobile from MTN (Y’ello Life) was last modified: April 15th, 2016 by Internet User

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