Insurance firms list benefits in investment-linked cover

N an effort to bring the benefits of insurance to the door steps of majority of Nigerians, underwriting companies have brought out a number of investment-linked products to promote insurance and saving culture of the people.

For instance, some of the policies provided for a return on the policyholders? investment while additional life assurance benefits is payable to the dependants of the policyholder in the event of death within the policy term.

Chieftains of some of the underwriting companies told The Guardian that the aim was to create insurance awareness on the benefits and the opportunity that are available in insurance products to save money.

The managing director, Aiico Insurance Plc, David Sobanjo, the leading life underwriting firm in the market, told journalist recently that Aiico Corporate Savings Plan was an investment policy that offered protection to the clients in addition to life assurance benefits.

The policy provides a return on the holders investment while additional life assurance benefit is payable to the dependants of the policyholder in the event of death within the policy term.

He dislosed that the saving plan was suitable for individuals, members of societies, cooperatives and employees of organizations that were eager to save through payroll deductions.

According to him, the rural population and others with seasonal incomes were eligible to subscribe to the plan as long as they were determined to invest part of their earnings to yield good returns and secure their financial future.

Sobanjo, explained that the minimum policy term was 10 years, adding that in order to make the product affordable to majority of the populace in the country, people can contribute as low as N5,000 per month to participate in the plan.

In the event of the death of the policyholder while the policy is in force, he said, his dependants will be entitled to a life assurance benefits of three times annual contribution subject to a maximum of N2 million.

In his remark, the Group Managing Director, Mutual Benefits Assurance Plc, Akin Ogunbiyi, said during the company?s thanksgiving service in Lagos recently that the firm, most especially in the life portfolio, has over 40 products that are investment linked, affordable and gives the people the opportunity to save money and protect their lives.

He said “Our mission is to transcend the expectations of our customers for the satisfaction of their wealth protection needs through the provision of qualitative insurance and risk management services thereby creating values for all stakeholders.”

According to him, “Our investments in transportation in Lagos State alone created over a thousand jobs. Our investment in Mutual Benefits Homes and Properties with current investment value of N3 billion In Ekiti, Federal Capital Territory (FCT), Kano, Kwara and Kogi states our current investment currently stood at N600 million.”

He said, “Creation of first of its kind Credit Bond Policy for Bank of Infrastructure that ensures that transporters have access to the Public Mass Transit Revolving Fund. Our empowerment and value creation includes Irewolede Scheme, RETEAN Bus Scheme, Imo State Transport Scheme, Transport Scheme for Nigerian Union of Teachers in (Kano, Jigawa, Taraba States), and Airport Car Hirer?s Association of Nigeria (Nationwide).

Ogunbiyi said that the company was not just taking risks but calculated risk based on strategic planning and credible partnership.

Guardian