Nigerians who want to take insurance cover but would not go through the conventional method are in for a good time, as Airtel Nigeria, one of the leading telecommunications providers in the country, collaborates with MicroEnsure and Cornerstone Insurance plc, to launch a free insurance product which offers Airtel customers life and hospitalisation insurance with increasing benefits based on monthly airtime recharge.

The insurance scheme according to the Telco is packaged to “deliver affordable insurance services and encourage insurance culture among Nigerians and has been endorsed by the National Insurance Commission (NAICOM).

Airtel stated that the ‘package’ is open to all Nigerian residents between the ages of 18 and 65 years. All that is needed is to dial *259# to register for the service.

All hospitalisations are covered, both for natural and accidental causes, with no medical exclusions, making it the most widely accessible and generous free insurance cover in the country.

Airtel Insurance rewards loyal Airtel customers with a renewable monthly life and hospitalisation cover based on the amount of monthly airtime recharged. Customers can qualify for this insurance by recharging as little as N1,000 with Airtel each month, and as they increase their monthly recharge, they earn more insurance cover – with up to N 500,000 and N50,000 of life insurance and hospitalisation cover per month. Airtel Insurance becomes active on the first day of month following registration, and is based on the amount of airtime recharged the previous month, with a minimum monthly recharge of N 1,000

Customers also have a variety of packages to choose from. With a monthly recharge of N1,000 Airtel insurance gives the customer N10,000 hospitalisation and N100,000 life insurance while N5,000 recharge will earn customers as much as N25,000 hospitalisation and N250,000 life insurance. A N10,000 recharge will attract N50,000 hospitalisation and N500,000 life insurance.

Maurice Newa, Chief Commercial Officer, Airtel Nigeria, observed that the Airtel Insurance was designed to make affordable insurance available to everyone in a simple manner noting that majority of Nigerians especially the middle and low income earners in Nigeria cannot afford most available insurance policies due to income levels and complicated insurance processes.

“In line with our vision to enrich the lives of Nigerians and offer them quality services, Airtel Nigeria collaborated with two very reputable insurance organisations to package this innovative product which guarantees our customers quality, affordable and accessible insurance services. This further corroborates Airtel’s commitment towards creating a robust platform that helps customers accomplish their professional and personal success and goals in life,” Newa said.

Mr. Ganiyu Musa, Group MD of Cornerstone Insurance PLC, said: “Cornerstone is delighted to be at the forefront of providing truly innovative products and channels combinations that address the Nigerian situation. That we are grossly under-insured as a nation is very well documented; we are glad to be able to provide a platform for millions of financially excluded Nigerians to enjoy the benefits and peace of mind of insurance – for free. As we say at Cornerstone, ‘The Future’ is, indeed, ‘Assured’.”

•Photo shows Airtel Nigeria CEO, Segun Ogunsanya.