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Business News of Thursday, 6 November 2008

Source: GNA

GLICO extends micro insurance products to traders

Accra, Nov. 6, GNA- Gemni Life Insurance Company (GLICO) on Thursday extended two of its micro insurance products to traders at the Adabraka Market in Accra with a call on them to save during their trading activities in order to fortify their future. The products are the GLICO Anidaso Policy, which goes with saving benefits and Daily Savings known as Susu. Mr Padmore Elijah Gyasi, Business Department Manager, GLICO, who made the call when he interacted with the traders noted that low-income earners in the informal sector are confronted with financial difficulties in their trading.

He said there was therefore the need for the traders to patronise the two products to overcome their day-to-day challenges. Mr Gyasi pointed out that low income earners were challenged whenever breadwinners of families, dependants and spouses passed away saying the company's two products extended benefits to them. Mr Gyasi told the traders that banks, in granting them loans, required that they provided collaterals such as land and houses pointing out that the company's savings could facilitate their acquisition of bank loans. Under the GLICO Anidaso, he said, prospective customers would enjoy some benefits whenever they were hospitalised or were involved in an accident.

According Mr Gyasi, the GLICO Anidaso was specially designed for the low-income group who do not patronise the company's conventional life insurance products because of the high premium rates of life insurance products on the market.

He said the eligible age for prospective policyholders was between 18 years and 55 years and appealed to them to embrace the products. Madam Ablavi Senyo, a tarder, who expressed her gratitude to GLICO for extending the two products to them, was optimistic that they would help to support them whenever they were in financial hardship.

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