Mobile operator yuMobile has today launched an Insurance scheme that gives a life and disability insurance cover for its pre-pay subscribers. Dubbed yuCover, the product is underwritten by Jubilee Insurance and powered by MicroEnsure. YuCover rewards yuMobile subscribers with a renewable monthly life and disability cover based on the amount of airtime re-charged each month.
Subscribers qualify for this insurance by topping up a minimum of KES.100 worth of airtime each month and as they increase their monthly top-up, they earn more insurance cover, earning them upto a maximum of KES 60,000 of insurance cover per month. yuCover becomes active on the first day of month following registration and basis of cumulative Recharge done by the subscriber in the previous month.
“Just as we have made mobile calling accessible to many with our free calls all day and night, we are taking insurance to those who have never been able to afford insurance. By offering insurance, we are offering a superior telecom experience to the yuMobile community with real value and peace of mind to our customers.” Said Madhur Taneja, yuMobile Country Manager.
Jubilee Insurance Kenya CEO Mr Patrick Tumbo said the product plays a big role in delivering insurance to millions of Kenyans who use the mobile phone, and compliments Jubilee’s plans to make use of technology to reach the uninsured.
On her part, MicroEnsure Kenya Country Manager noted that MicroEnsure is committed to providing affordable and convenient insurance options for Kenyans with a target of serving at least 1 million lives by 2015. According to statistics, only about 9% of Kenyans are insured
How yuCover works
- Subscribers dial *555# to learn about yuCover, register, access policy details, and make a claim.
- yuCover offers monthly renewable insurance in the event of loss of life or permanent disability suffered by a yuMobile subscriber. Provided that subscribers top up at least KES. 100 each month, they will maintain this insurance. Subscribers do not have to purchase the airtime in a single transaction as yuCover calculates the cumulative airtime purchased for each month.
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The cover becomes active on the first day of the month following registration and basis cumulative Recharge value. For example, a registered subscriber who tops up KES 350 in September gets KES 20,000 insurance for full month of October. By topping up KES 550 in October, you get KES 40,000 insurance in November.
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To make a claim, registered subscribers and beneficiaries simply dial *555*4# or 0750 100 100