Airtel, leading telecommunications services provider in Nigeria has collaborated with two prominent insurance providers, to launch a free insurance product which offers Airtel customers life and hospitalisation insurance with increasing benefits based on monthly airtime recharge.

The Airtel partners on the product are MicroEnsure and Cornerstone Insurance plc.

The product launch is in line with Airtel’s vision to be the most loved brand in the daily lives of Nigerians,

The product, which is tagged Airtel Insurance is packaged to deliver affordable insurance services and encourage insurance culture among Nigerians. It is first of its kind in Nigeria and has been endorsed by the National Insurance Commission (NAICOM).

It is open to all Nigerian residents between the ages of 18 and 65 years. All they need to do is 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.

The product 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.

Mr. Maurice Newa, chief commercial officer, Airtel Nigeria, explained 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.

He said the Airtel Insurance plan on the other hand was designed to make affordable insurance available to everyone in a simple manner.

“In line with our vision to enrich the lives of Nigerians and offer them quality services, Airtel Nigeria collaborated with twovery 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.

“MicroEnsure is proud to be leading the world as a mobile insurance provider, and this launch in Nigeria marks a milestone in free mobile insurance offerings,” said Peter Gross, regional director for MicroEnsure Africa.

He added that the combination of insurance products, all offered for free, is unprecedented in the industry here, and we take pride in introducing a cutting edge micro-insurance product here in Nigeria.

Also speaking, Mr. Ganiyu Musa, group managing director 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.”

Bharti Airtel Limited is a leading global telecommunications company with operations in 20 countries across Asia and Africa.

Also, Cornerstone Insurance PLC is licenced in Nigeria as a composite Insurer offering both General and Life insurance products and services.

Cornerstone is committed to playing a lead role in the transformation of the insurance industry in Nigeria through the provision of truly innovative products and services using trusted partnerships and channels to deliver value beyond expectation.

And founded in 2002, MicroEnsure is the world’s first and largest organization whose sole focus is to address the mass market’s need to mitigate risk. MicroEnsure provides a range of micro-insurance products to over 8.2 million people throughout the world, with 4.5 million in Africa, 80% of whom have not previously been insured.

As an intermediary, MicroEnsure bridges the gap between mass-market distributors and insurance companies. MicroEnsure works to create markets in partnership with product distributors, enabling them to utilise insurance as a key marketing and sales tool.

MicroEnsure performs a range of services throughout this process, including product design and development, client education, underwriting and claims administration.