miFuture Policy Terms and Conditions

 

1. Definitions

• Active Policy: Policy remains valid when premiums are paid on time. It ends when a claim is paid after the death of the main policyholder or when the policy lapses.
• Beneficiary: The person designated to receive the death benefit, generally a family member.
• Lapse: The cessation of insurance benefits due to non-payment of premiums.
• Policy: The contract between you and miLife Insurance where, in return for regular premiums, a lump-sum benefit is provided to you or your beneficiary upon an insured event.
• Policyholder/Subscriber: The individual holding the insurance policy.
• Premium: The monthly amount paid for insurance coverage.
• Sum Assured: The guaranteed benefit amount provided if the insured event occurs.

 

2. What is miFuture?

miFuture is an investment-linked microinsurance (MI) plan which allows Telecel cash customers to select insurance benefits and monthly contributions (savings) at inception.

It further allows these customers to contribute to a savings fund for interest. The eligibility age shall be between 18 and 59 years.

miFuture is a simple mobile-delivered life insurance policy.

It pays out a benefit when the policyholder passes away or becomes disabled. The policy allows you to save monthly for your future needs.

 

3. Eligibility

Eligible subscriber should aged 18–59,  must be in good health and reside in Ghana at the time of purchase.

 

4. Risks Covered

1. Death: Includes the passing of the policyholder or selected family member.
2. Total and Permanent Disability: A state where the policyholder cannot work for three months and is deemed unlikely to work in any suitable occupation.
3. Partial Permanent Disability: Includes permanent incapacitation due to:

Loss of one limb, one eye, hearing in both ears, speech, or partial paralysis.

 

5. Premium Payment

Monthly premiums will be deducted from your Telecel Cash wallet automatically. Subscribers confirm payment with their wallet PIN, which will authorize a recurring auto-debit from your Telecel Cash wallet.

 

6. How do savings work on miFuture?

The policy is designed for every customer to select a monthly savings amount subject to a minimum of GHS5 every month. The savings amount is a top-up on your monthly risk premium. Savings accrue interest based on the prevailing market interest rate.

The policy also offers the policyholder an opportunity to make ad-hoc deposits and withdrawals any time after the policy starts.

 

7. Annual Inflation Adjustor

An annual 10% increase in the risk premium will protect your benefits against inflation, with 7.5% benefits increase applied every February.

 

8. Policy Lapse

Policies lapse if premiums are missed for three consecutive months. During a lapse, no claims will be honored. Savings may still be withdrawn.

 

9. Reinstatement

Policies can be reinstated with one month’s premium after the lapse of the policy. After reinstatement, claims are only accepted for events occurring after six months (180 days) waiting period.

 

10. Policy Upgrades/Downgrades

You can upgrade your policy at any time to a higher level or sum assured. The corresponding premium will be deducted for the upgrade. A waiting period of 6 months (180 days) is applicable for the new sum assured. Should an event occur before the waiting period is up, the old sum assured will be paid. You may also downgrade your policy to a lower sum assured. No waiting period applies in this case.

 

11. Waiting Period

There is a six-month (180 days) waiting period for benefits of the policyholder, except for death or disability due to accidents.

 

12. Claims

For claims related to disability, or death, the benefit is paid to the policyholder or named beneficiary. Required documentation includes:

• Completed claim form
• Valid national IDs of claimant and deceased Selected Family Member
• Proof of death: Medical Certificate, Mortuary Documents, Police report for accidents
• Other documentation as may be required

 

Proof for disability should be a medical report/certificate certified by an accredited medical practitioner

 

13. Maximum Benefit

The maximum benefit payable is the maximum sum assured of the policy (e.g. GHS 13,800)

 

14. Policy Cancellation

You may cancel your policy anytime. If cancelled within 15 days of starting the policy, the first premium is refunded. There is no cash value for terminating the cover after this period. Upon cancellation, coverage ends, and any savings will be returned to you.

 

15. Contact Information

miLife Insurance
Aggrey Street, Kisseiman, Accra
P.O. Box AT 1975, Achimota Market

Call: 0302429200
WhatsApp: 050 352 6465
Website: www.milifeghana.com
Email: customerservice@milifeghana.com

24/7 Assistance: Access our chat-bot for support anytime at https://bit.ly/miLifeOhemaa

miFuture Benefit and Premium Table

Product Name	Risk Premium (Paid Monthly)	Benefit
Cool	GHS 3.30	GHS 2,900
Standard	GHS 6.60	GHS 7,400
Champion	GHS 12.20	GHS 13,800

 

Table 1 Disability benefit schedule

Category	Sub Category	% of Disability          Benefit
Total Permanent Disability	Total permanent disability that prevents a person from engaging in any employment or occupation of any description.	100%
	Loss of sight of one eye and such loss of one entire hand or one entire foot	100%
	Loss of use of an entire hand or foot without physical separation	50%
	Loss of use of an entire hand or loss of    sight of one eye	50%
	Complete loss of speech or complete    loss  of hearing in both ears.	50%
Partial                 Permanent        Disability	Loss of toe or big toe or thumb or finger	20%

 

 

Definitions For miFuture

Accidental Death or Disability on miFuture: Death or disability caused solely and directly by violent, external, unintentional and visible means and that such injury was the sole cause of death or disability

 

You on miFuture: Policyholder

 

Us or We on miFuture: miLife Insurance Company Limited

 

Risk Premium on miFuture: Premium paid to cover the insurance benefit and does not include addition contribution towards your savings account.

 

 

Claiming Your miFuture Benefit

The following documents are required to claim your benefit:

(i) A valid national ID (Voter Card, Driver’s License, Passport, Ghana Card, SSNIT ID) of the person making the claim

(ii) A valid national ID of the deceased

(iii) Proof of death which should include the following:

• Death Certificate
• Medical certificate indicating the cause of death (if deceased died at a hospital)
• Police report in case of accidental death
• Mortuary receipt with contact details (if deceased was taken to a mortuary)
• A letter from a recognized authority or institution

 

miFuture Agreement

This document shall form the basis of the entire contract. Any changes passed through any appropriate endorsement to these documents shall be accepted as part of the contract.

In the event of any disputes between you and us, we will endeavour to solve the matter ourselves. If we are not able to resolve the difference, an independent arbitrator including the National Insurance Commission shall be engaged in accordance with the Arbitration Act 1964 of Ghana.

With the documents listed above, you can also file a claim on our website at www.milifeghana.com/claims

Call us on 0302429200 or send us a WhatsApp message at 050 352 6465, or walk into any of our branches.