Donewell outdoors 'Susu' scheme

Accra, Aug 22, GNA - A Susu scheme, specifically designed for traders and Spare-parts dealers was on Wednesday launched at the 31st December Market- Mokola as an insurance policy for clients. The scheme called the "Edwadifuo Ahobanbo Plan" is a product of Donewell Insurance Company Limited, aimed at assisting people in the informal sector, especially traders to plan their lifetime security. The product enables the customer to make a daily contribution in the form of Susu, through which half is invested for a pension scheme, whilst the other half is paid to the contributor at the end of every three months.

As an insurance policy, it has a life cover, which makes additional payments to the contributor's beneficiaries in the event of death. Mrs. Cynthia Odoi-Tenkorang, a Life Manager launched the product and said although a lot of insurance schemes had been introduced lately to cater for the informal sector, most of the plans were still out of the reach of traders who were unable to make monthly contributions. "It was for such people that Donewell was out to help with the introduction of Edwadifuo Ahobanbo plan," she said.

Mrs Odoi-Tenkorang said the benefits attached to the scheme were numerous including a life cover, an attractive investment benefit, short term savings benefits, a flexible contribution and the collection of contributions at one's designated place of work among other things. She explained that the life cover did not depend on one's contribution but rather on ones age, adding that, though there was no loan scheme attache d to the product one could make withdrawals in times of crises.

"It is not easy to save these day's and it is for that reason the scheme is being designed to meet the needs of traders," Mr. Edmund Addo, Life Manager, said the scheme was opened to all persons from age 18 to 59 and could be accessed throughout the country. He said the aim of the scheme was to act as a retirement benefit for contributors and therefore appealed to the traders to take advantage and enjoy their retirement in comfort. The launch was preceded by a medical screening exercise, organised by Donewell Insurance Ltd for traders.