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Glico - Affordable Insurance: Ghana

Project Start Date: December 2003

Funding: FDCF £139,930 (46%); GLICO £162,070 (54%)

What is it?

GLICO (Gemini Life Insurance Company Limited) Ghana has developed an insurance policy that provides cover for the first time for low income, rural households. The policy

  • Provides low cost insurance for up to 300,000 poor Ghanaians
  • Is to be made available in all 10 regions of Ghana
  • Is marketed and operated by 60 rural banks and microfinance institutions
  • Is available following extensive customer research

Who benefits?

GLICO Ghana's new insurance policy is aimed at:

  • Low income and informal sector households
  • Families with no previous access to affordable insurance policies

The emphasis of the policy is on life cover and pensions - providing help at times of greatest stress for the customers.

The policy is carefully priced to make it affordable.

  • The basic policy provides £360 assured in case of death for a monthly premium of £0.60p
  • Additional life cover of £180 for a spouse and £90 for a child is available for an additional £1.60
  • £0.70p per month is held in an investment/pension account that can be topped up or withdrawn from at the holder's discretion


GLICO are in the process of setting up and testing the project in five rural banks prior to extending the scheme across Ghana.

Staff are trained in each branch to sell the policy and service customers. Funding for technical support comes from CARE International and other donors and on-going technical and actuarial support is in place.


GLICO's affordable insurance scheme is the first in Ghana to specifically target the rural poor. It is one of the first insurance schemes of its type in Africa instituted by a mainstream commercial insurance provider. The policy has been designed to be replicable not only by other insurance providers in Ghana but also by companies throughout Africa.

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