55-year old Michael Kofi Ocloo, a proprietor of M.S. Cambridge International School, took a loan of GHS 6,000 (USD 1,166) from the Tamale branch on 14th September 2018. The loan was used to complete an infrastructure for the school.
Unfortunately, Michael suffered a stroke and passed away on 17th November 2018 whilst in the Tamale Teaching Hospital.
After the branch was notified and all claim documents were submitted, Enterprise Life paid Michael’s outstanding loan plus a month’s interest of GHS 4,594 (USD 893) to Advans Ghana.
Salomey Ocloo, Michael’s wife and next of kin, also received a cash benefit of GHS 500 (USD 97).
Salomey said “insurance is good and with the payment of these benefits, I will be able to take care of our family and also continue my husband’s dreams.”
About Advans Ghana’s Credit-Linked Insurance (“Obra Pa”)
Credit-Linked Insurance (“Obra Pa”) is an insurance policy for all Advans Ghana loan clients between 18-70 years, who are resident in Ghana. The policy covers Life of the borrower, Permanent Disability, Hospitalization, Life of 1 Family Member of the borrower as well as Destruction of loan-linked stock/property by Fire and Allied Perils.
Premium is a certain percentage of the loan principal amount.
The policy is underwritten by Enterprise Group and powered by MicroEnsure.
For more information, simply visit any branch of Advans Ghana Savings and Loans Limited.