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Insurtech aYo launches Family Cover in Ghana

By , ITWeb
Ghana , 21 Jun 2023
Francis Gota, CEO, aYo Ghana.
Francis Gota, CEO, aYo Ghana.

African insure-tech aYo Holdings has launched its Family Cover product, a new hospital and life insurance policy, in Ghana.

The product allows Ghanaians to get cover for themselves and up to six family members.

Family Cover will collect all premiums digitally via the MTN Mobile Money (MoMo) platform.

Until now, aYo offered hospital and life insurance coverage to individuals through two insurance products, ‘Send with Care’ and ‘Recharge with Care’, but due to growing market demand for insurance for the whole family prompted the company to create the new product offering, says the company.

The cover allows customers to insure members between the ages of 1 and 69 on life and hospital cover, with a maximum hospitalisation benefit of $26 (GHS300) per night for each family member.

Policyholders and covered family members get a maximum of $1,320 (GHS15,000) life cover and insured lives on the policy remain covered until 80 years of age.

Customers must maintain active MoMo accounts to pay premiums and receive claim payments.

Also, customers can pay premiums monthly, quarterly or annually via MoMo, and receive a 10% cash back after 12 months of no claims.

Francis Gota, CEO, aYo Ghana, comments: “In Ghana, we value togetherness, support, and security, and as a result, we continue to develop insurance solutions that meet the needs of Ghanaians, necessitating the emergence of Family Cover, which not only benefits family members but also reduces the financial burden of dependents.

“Our vision at aYo is to create a future in which every Ghanaian buys and uses insurance digitally, to increase financial inclusion.

“Today, every Ghanaian can purchase insurance on the go, using their mobile phones. Offerings like Family Cover provide a much-needed social safety net that helps vulnerable people and people with low incomes to stay afloat when the unexpected happens.” 

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