Tanzania’s mobile phone services operator, Vodacom , through its M-Pesa service has today made it possible for M-Pesa users to buy insurance plans and pay for their premiums through the M-Pesa service electronically.
The operator has partnered with the country’s leading insurance services provider, Heritage Insurance, to launch Faraja Insurance, a funeral benefit policy that pays a cash amount to the nominated beneficiary of the insured M-pesa user to assist with funeral expenses.
Faraja has various cover options to suit the needs and the budget of all M-pesa users.
Vodacom Tanzania’s Managing Director Rene Meza says monthly premiums for Faraja range from as little as Tsh 2,000 per month to Tsh 9,800 per month. Benefits, range from Tshs 500,000 to as much as Tshs 8,000,000.
Faraja Insurance gives individuals the option of changing or upgrading their policies to those with higher benefits as their needs and budgets change through life.
Vodacom is also offering free cover to M-PESA customers. Meza says, “ All our customers who do at least 10 M-Pesa money transfers in one month , will receive free insurance cover worth Tsh200,000 in the following month”.
“The unique aspect of this service is that there is no paper work required to register for the benefit. A customer simply dials the M-pesa menu 15000# and selects the “Insurance” option to purchase their preferred policy. Vodacom is committed to ensuring that all M-pesa customers, can easily access our services anytime, anywhere that is convenient, brining access to insurance to millions of M-pesa customers” Meza says.
Claims will be processed within 72 hours upon provision of the required documentation and will be made directly into the beneficiaries’ M-PESA account .
Meza goes on to say,” that it is important for customers to confirm that their details are correct and also to understand the terms and conditions of the policy which are available in the Faraja brochures available at the M-PESA agents or on the Vodacom and Heritage web sites.”
Going forward, this partnership will see M-Pesa users enjoying even more insurance products.
For more information on the service, customers can call 0764300001 toll-free anytime or pick a brochure from any M-Pesa agent.