On 21st November 2017, 66-year old Issah Addo Djangmah took a loan of GHS 3,500 (USD 648) from the Tema branch of Opportunity International Savings and Loans Limited to expand his electrical materials and paint business. Sadly, Issa fell sick and died shortly after.
Daniel, his son, said he was initially against his Father taking out a loan and had no idea it was insured. After his death, Daniel was worried and spent sleepless nights thinking how to pay back the loan. Once the branch contacted him about it, and informed him that his Father had taken out insurance on it, Daniel was delighted.
Upon submission of all claim documents, Enterprise Life repaid the outstanding loan in an amount of GHS 1,017(USD 188) to OISL. Daniel also received a cash benefit of GHS 1,500 (USD 278) as Issa’s next of kin.
When asked if he believed the claim would be paid, Daniel’s response was “Not at all. I never believed in this insurance thing because the insurance in this country does not work. I am a driver, the auto insurance system in Ghana does not work.
Daniel, with the burden of the loan lifted off his shoulder said, “Until it happened, I didn’t believe it. The icing on the cake was the extra money I received. It helped with the expenses incurred during my father’s funeral, and the upkeep of the family. My dad was the bread winner of our family. OISL and their Insurance partners have today changed my perception about insurance. I do not know how my family would have repaid my father’s loan if it had not been for you. May God bless your company.”
About OISL’s Credit-Linked Insurance (“Obra Pa”)
Credit-Linked Insurance (“Obra Pa”) is an insurance policy for all OISL loan clients between 18-70 years who are resident in Ghana. The policy covers Life of the borrower, Permanent Disability, Hospitalization, Life of Spouse and up to 3 children of the borrower as well as Destruction of loan-linked stock/property by Fire and Allied Perils.
Premium is 1% of the loan principal amount.
The policy is underwritten by Enterprise Group and powered by MicroEnsure.
For more information, simply visit any branch of Opportunity International Savings and Loans Limited.