TNM launches ‘Moyo Cover’ mobile insurance

Cellphone network operator TNM, on Friday launched TNM mobile insurance, a revolutionary product that provides free life insurance cover to ordinary citizens in the country for the first time.

TNM head of division innovations Daniel Makata said since TNM had been in the country for 17 years, it was determined to provide products and services that would help make peoples’ lives great and better.

“In Malawi, less than two percent of the population has life insurance cover as most people view life insurance premiums to be expensive and the insurance services themselves difficult to understand.

“TNM is coming in the insurance space in order to offer a solution to its customers and the general public with affordable insurance cover. What customers need to do is to top up TNM airtime with not less than K1 000 a month,” said Makata.

He said any TNM subscriber could register for TNM Moyo for free, and then TNM would provide free life insurance cover to any registered subscriber and their registered beneficiary family member saying the insured member should be between 5-75 years.

TNM partnered with Nico Life Insurance and Micro Ensure UK for the provision of the services.

He said this product is not segregate to rural people because everybody is eligible as long as one registers with TNM Moyo.

Nico Life will be responsible for paying out the life cover to be redeemed by the registered members after 30 days of the death occuring.

In order to claim, subscribers should call 7809 from any TNM number, the TNM Moyo agents would then process the claim.

“Another unique feature of the TNM Moyo cover is that both the registered and their beneficiary can both claim if one of them dies,” said Makata.