General Insurance
1.1 What is insurance?
Insurance is a contract between an individual or business and an insurance company where the individual or business pays a premium in exchange for financial protection against specified risks (e.g., illness, damage, or loss).
1.2 Why do I need insurance?
Insurance provides peace of mind and financial security by covering unexpected events such as illness, device damage, or loss.
1.3 What types of insurance are available on the VBank App?
Currently, Vapp offers Digital Health and Gadget Insurance. More product categories may be introduced in future updates.
1.4 What is a policy term?
This refers to the duration your insurance coverage remains active. It can vary (monthly, quarterly, or annually) depending on the type of insurance.
1.5 Can I cancel my insurance policy?
Yes, you can cancel from my policies page. However, cancellation terms may vary, so it's essential to review your policy and consult with your insurer.
1.6 Can I have multiple policies?
Yes. You can subscribe to multiple policies, including for family members or multiple devices.
1.7 What is a Claim?
A claim is a formal request made by the policyholder to the insurance company to receive payment for a covered loss or expense.
1.8 How are claims settled?
Claims are settled based on the terms and conditions outlined in the insurance policy. The insurance company may provide a lump sum payment, reimburse expenses, or arrange for repairs, depending on the type of claim.
1.9 Can I have multiple Insurance policies?
Yes, you can have more than one insurance policy to cover different aspects of your life, such as health and device insurance.
2.0 Can I buy Health Insurance for my child?
Yes, you can buy insurance for your child (ren) or any member of your family or anyone using the VBank platform.
2.1 Who regulates insurance in Nigeria?
The National Insurance Commission (NAICOM) regulates insurance providers and ensures customer protection.
2.2 Are Insurance payouts taxable?
In Nigeria, insurance payouts are generally not subject to income tax. However, it's advisable to consult with a tax professional for specific advice related to your situation.
Device Insurance
1.1 What is Device Insurance?
Device/Phone-Screen Insurance is a service that offers subscribers Insurance cover
for their Phone’s screen, offering customers cash to repair their phone - screens in
case of damage.
1.2 What does this insurance cover?
The insurance is limited to repair/replacements of 1 screen damage & 1 liquid damage
per item insured every 3 months.
1.3 What is the limit the Insurer can pay for repair?
The limit you get from the Insurer is dependent on your subscription amount.
It’ll be 50k for every premium fee of 1000 naira. i.e.
100k/month covers for 2000 naira
150k for 3000 naira
200k for 4000 naira
… and so on, in multiples of ₦1000.
NB: If the repair cost is higher than the claim payment listed above, the customer will
pay the balance.
1.4 What do I do if my screen is broken, can my phone still be insured?
No, your phone must be in good condition before the insurance policy can be taken up.
1.5 Can I insure more than one of my devices?
Yes, you can. You can insure as many devices as possible. However, one Insurance
policy covers only one device. To Insure all other devices, you’d need to purchase
Insurance for each device and register them individually.
1.6 How do I register my device?
After purchasing a plan on the app, click “Onboard Device.” You’ll be redirected to register the device with necessary details.
1.7 How many times will my device be repaired per year or insurance period?
This Insurance is limited to repair/replacement of one screen damage per 3 months.
1.8 How do I process a claim?
Click “Claim”on the app as soon as possible after an incident. You’ll be guided to visit approved repairers within your proximity to make a claim.
1.9 What happens when I miss a month's subscription?
It means you won’t be covered for the month.
2.0 Can I transfer my Insurance policy from one device to another?
No, the benefits of this Policy cannot be transferred to someone else or any other
Device.
2.1 How soon must I notify the insurer of my claim when it occurs or when my
device gets damaged?
Any event which may result in a claim MUST be notified immediately, at most, within
seven (7) days.
2.2 Does the product cover Liquid damage, theft or loss of device?
Yes, the product covers Liquid damage but does not cover theft or loss of device.
2.3 Can I use my own repairer to repair the device when I have a claim?
No. Repairs must be carried out by an approved technician.
Digital Health Insurance
1.1 What is Digital Health Insurance?
Digital health is a health insurance plan offered to provide access to limited health care for subscribers.
1.2 What should I expect after purchasing the plan?
Digital health provides three healthcare services:
Telemedicine: provides access to medical consultations via WhatsApp.
Pharmacy Services: provides access to medication from pharmacies.
Hospitalization Cash:provides cash reimbursement of hospital expenses to the customer.
1.3 What are the limits of the benefits
Telemedicine: Unlimited access to telemedicine.
Pharmacy Service:
Annual limit – ₦60,000
Monthly limit – ₦5,000
Weekly limit – ₦1,200
Hospital Cash: Reimbursement limit of ₦20,000 per incidence. There is a 30 days waiting period from the last claim paid to the next claim payment.
1.4 What is Telemedicine and how does it work?
Telemedicine allows a person to talk to a doctor live over the phone or video chat for remote monitoring of patients.
1.5 How do I access this service?
For digital health, this service is done via WhatsApp. You will be advised to select a pharmacy nearest to you to enable pickup medications after consultations. Delivery of medication is available; however, T&Cs apply.
1.6 Can I be treated at any hospital and request for hospitalization expense reimbursement?
Yes! Reimbursement of hospital expenses is guaranteed once the customer is admitted for two or more nights in any registered and licensed hospital.
1.7 How do I make a hospital reimbursement claim?
Click “Claim”on the app and you’ll be redirected to WhatsApp. On the chat, select “Make Hospital Claim” and follow the prompts to complete your request. You’ll be required to submit a valid ID card, medical bill and discharge letter, after completing the claims incident information on WhatsApp.
1.8 How do I access this plan's benefits?
Select Digital Health Plan and complete payment.
Get redirected to Whatsapp platform, provide your details and select a preferred pharmacy location.
Send a message about your symptoms, consult a doctor, get a prescription, pick up your medication at the pharmacy.
1.9 How do I access the partnered pharmacies?
While consulting on WhatsApp, you'll be prompted to select a nearby pharmacy via a provided link. Select the pharmacy of your choice for delivery or to pick over the counter.
2.0 How do I continue if my subscription expires?
Renew plan to keep the service active.
2.1 Is there a waiting period on any of the services?
Telemedicine: No waiting period.
Pharmacy Services: 2 days waiting period.
Hospital Cash: 2 days waiting period.
If renewals are done as at when due, the waiting period does not apply. If done later than 24 hours after expiry of plan, the waiting period is reinstated.
2.2 Is there an age limit for the plan?
No, the health plan is open to all age groups.
2.3 Can I buy health insurance for others?
Yes. You can add dependents (e.g., spouse, children) during subscription.
2.4 What if I miss my subscription renewal?
You’ll need to manually renew. Missing renewals may result in waiting periods applying again.