aYo Family Cover records 10,000 subscribers in less than a month

It has been less than a month since aYo Intermediaries Ghana introduced their affordable and inclusive microinsurance product, aYo Family Cover, and it has already recorded about 10,000 customers.

aYo Family Cover records 10,000 subscribers in less than a month

CEO of aYo Ghana, Francis Gota disclosed this to the media at the second launch of the aYo Family Cover product at Kasoa New Market in the Central Region. The first launch was at Madina Market in Accra just about a month ago.

The company has chosen to launch the product in the selected markets because it is designed as inclusive product with affordability as its main cornerstone, to ensure that even very low-income earners will be able to buy, use and benefit from insurance.

At the Kasoa launch, the CEO, Francis Gota said the company is committed to democratising insurance through affordability, so when tragedy strikes, even low-income people would have something to count on to meet the usually high expenses.

He therefore urged market women, street hawkers and other petty traders present at the launch to put themselves into groups of seven and buy aYo Family Cover, or even as individuals, buy any of aYo's highly affordable products and secure their future against the inevitable.


Head of Microinsurance at Sanlam Insurance (underwriters for aYo), Ken Owusu Nantwi noted that because of aYo'sinnovative and affordable insurance products "now insurance is no more for just the rich but for the poor as well."

According to him, people often weep over their dead relatives because of the cost of funerals, but now aYo has created the platform for everyone to get help in such times, adding that formerly insurance covered only one person but not aYo has included the family as well.

Guest speaker at the event, Nana Kwesi Gyan Apenteng noted that with affordable insurance packages like aYo Family Cover, the days when families looked up to a few well-to-do relatives to foot funeral bills are going away because now even low-income earners in the family can also bring some money to help meet funeral expense.

"Up till date older men like myself continue to foot funeral bills for families - but you have the opportunity to change that in the generation by patronizing affordable insurance products like aYo Family Cover so that when you have a funeral in your family you can also contribute your quota," he told the traders at the event. "No matter your income level, aYo can make you important in your family when there is a funeral."


Nana Gyan Apenteng urged all the traders to use their social media platforms to spread the news about the affordable insurance products on aYo so that their families and friends can join and also benefit.

Kasoa Police Commander Timothy Dassah was also present at the event and he urged the traders to patronize the aYoproducts saying that "I have had insurance cover for the past 20 years and I can assure you it helps in times of need."

As of 2021, Ghana's insurance penetration by GDP was less than 2%, but in terms of the number of persons who have insurance cover, aYo alone has close over 8 million customers, with an additional 2 million being indirect beneficiaries.

aYo Family Cover, which is poised to even boost the coverage further, allows the policyholder to put six more persons on the policy and each of the six will pay up to GHS15 a month as premium for a GHS15,000 life cover, plus GHS300 hospitalization cover per night.

Meanwhile, there is a more affordable version where each of the seven persons will pay GHS10 each as premium every month for a GHS10,000 life cover each and GHS200 hospitalization cover per night.


The policy, which is available of *296# on MTN only, requires that a policyholder has a valid MTN mobile money wallet because the premiums will be paid with the wallet.

Additionally, aYo still runs its Recharge with Care (RwC), Send with Care (SwC) and the RwC Annual Cover products, under which policyholders pay very affordable premiums with airtime and mobile money, and benefit from up to GHS6,000 life cover under RwC and Annual Cover, and up to GHS30,000 under SwC.

They also come with hospitalization cover depending on the number of nights one spends in the hospital.

Under the Annual Cover product in particularly, the policy holder pays GHS130 for the whole year, and if the year passes and the policyholder did not make any claim, aYo will give the policyholder a 10% cash back.


Between the three products, aYo has so far paid out GHS14 million in claims to more than 40,000 persons. Claims are usually paid within 24 hours of application, provided all the particulars are intact. Claims can be made via phone and the benefit will be paid into the policyholder's MTN mobile money wallet.

Meanwhile, aYo also organized free medical screening for the traders in collaboration with Clarion Health Service.

The traders were also treated to several aYo branded goodies amidst singing and dancing powered by aYo brand ambassador and Ace Broadcaster Abeiku Aggrey Santana.


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