It is impossible to find similar insurance for €15 a month. The cover they offer is good. I had a sibling apply and as I have a background in finance I went through it all with them.
The scheme is actually pretty good. We discussed it with the council representative and it seems that alot of people applied as soon as it was introduced despite not being mortgage ready (savings etc) resulting in alot of rejections initially. Also, keep in mind that the people applying have often been declined outright by the banks therefore are not the best candidates.
The interest rates are great, Id love to be eligible myself!