MTN launches Cyber SIM and Excess Buy-Down insurance coversBy Staff Writer 24 February 2021 | Categories: news
Devices and SIM cards are an essential part of our everyday lives and unexpected loss, or damage can spell disaster, especially when travelling and away from home. MTN believes its introduction of a new Cyber SIM and Excess Buy-Down insurance coverage solution will reduce the inconvenience and stress these events can cause.
Felix Kamenga, Chief Officer of MTN SA’s Mobile Financial Services, says the ‘Excess Buy-Down’ solution is an added-value option to the already competitive MTN device policy. He notes the Excess Buy-Down option reduces basic excess payments by 50% when added to the all-risk, liquid and accidental damage or ‘repair only’ policies.
The new comprehensive Cyber SIM policy is being offered as a stand-alone purchase. It offers protection against the cost of a SIM card swap, cloning of a card and restoration of data after a harmful cyber incident.
“Devices are becoming more sophisticated, and prices are escalating in tandem. 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,” says Kamenga.
MTN notes a welcome aspect to help ease the burden for consumers during these harsh economic times is the feature on both the device and Cyber SIM risk cover allowing a 15-day grace period for the payment of premiums.
Features on the Cyber SIM policy are:
- A payment of up to R 150 to replace a lost SIM card, with a monthly premium of R9.50.
- Protection against the unlawful use of the SIM card which covers the device owner for up to R1 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 R500 airtime/data combination.
- A benefit of R1 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.
- 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,” concludes Kamenga.
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