Published On: Thu, Feb 25th, 2021

MTN develops Cyber SIM insurance covers

MTN, photo by Gift Ndolwane, CAJ News

MTN, photo by Gift Ndolwane, CAJ News

by AKANI CHAUKE
JOHANNESBURG – MTN has launched new Cyber SIM and Excess Buy-Down insurance covers.

Felix Kamenga, Chief Officer of MTN SA’s Mobile Financial Services, said the innovative and user-focused ‘Excess Buy-Down’ solution was an added-value option to the already competitive MTN device policy.

The Excess Buy-Down option reduces basic excess payments by 50half when added to the all-risk, liquid and accidental damage or ‘repair only’ policies.

“Devices are becoming more sophisticated and prices are escalating in tandem,” said Kamenga.

“The option of making a small additional payment and reducing the initial layout when replacing a phone will therefore be attractive to many of our customers, who are increasingly mobile and far more dependent on their devices and ability to access to the digital world than ever before.”

The new Cyber SIM policy is being offered as a stand-alone purchase, offering protection against the cost of a SIM card swap, cloning of a card and restoration of data after a harmful cyber incident.

A welcome feature is the feature on both the device and Cyber SIM risk cover allowing a 15-day grace period for the payment of premiums.

Other features include a payment of up to R150 to replace a lost SIM card, with a monthly premium of R9,50 and protection against the unlawful use of the SIM card which covers the device owner for up to R 1 000 for illicit use of the card for the first 24 hours after a loss takes place.

In the event of a SIM card being cloned, MTN will credit the policyholder’s account with a R 500 airtime/data combination.

A benefit of R 1 000 to allow an expert to restore data and software on the owner’s device to a pre-loss state as far as this is possible after a malware/virus incident is also included.

Cover for up to two SIM card cloning claims within a rolling 12-month period.

“We believe that our new offerings will reduce the potential stress that comes with losing a phone when you out of the comfort and safety of your home and this will add value and peace of mind, not having to worry in case something goes wrong,” Kamenga concluded.

– CAJ News

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