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UBA Floats ‘Gift of Life’ Scheme

By on April 21, 2011

The United Bank for Africa (UBA) Plc Wednesday unveiled its ‘Gift for Life’ scheme which it said was geared towards providing its customers with the opportunity to save as well as to enhance insurance penetration in the country.

The bank, which stated this while briefing the media on the scheme, said the initiative was established in partnership with its subsidiary; the UBA Metropolitan Life Insurance Company Limited.

Divisional Head, Retail Banking, UBA Plc, Mr. Chidi Okpala, who declared that the scheme would transform Nigerian banking space, explained that the “Gift of Life” offers free life insurance cover for all savings account holders in the bank.

“The life cover is an amount equal to one time the account balance at death for qualifying savings account holders. UBA Metropolitan Insurance (UBAM) will provide the cover. Benefit is subject to a maximum of N2 million while customers with multiple accounts will be subject to a maximum of four accounts per account holder and a maximum cumulative of N8 million.

“The life insurance benefit will be paid upon the death of the assured (account holder) and will be payable into his or her account with UBA. Membership is restricted only to savings account customers with account balance in excess of N10, 000 and new accounts, holders must wait for 6 months before they join the scheme,” Okpala said.

According to him, the cover would cease the day customer dies or the account is closed, saying that no medical test is required for the life cover.

Commenting on the benefits of the scheme to its customers, Okpala said it will help attract discerning customers with higher savings balances, which according to him is a unique opportunity to enjoy free Life Insurance.

Source : Thisday