Stanbic IBTC Insurance Unveils Manifold Endowment Plan

By Modupe Gbadeyanka

A new flexible life assurance product known as Manifold Endowment Plan has been introduced by Stanbic IBTC Insurance.

According to the subsidiary of Stanbic IBTC Holdings Plc, this new package combines protection with financial empowerment.

It was designed to help Nigerians prepare for life’s uncertainties while achieving long-term goals, reflects the company’s focus on customer-first solutions.

At the unveiling of the plan during a media parley in Lagos recently, Stanbic IBTC Insurance said the Manifold Endowment Plan was a timely response to Nigeria’s growing demand for transparent, flexible, and rewarding insurance solutions.

Policyholders will enjoy life cover and disability benefit of up to N1 billion, two tranches of 25 per cent periodic partial withdrawals before maturity, 100 per cent payout of the chosen sum assured at maturity, accidental medical expenses coverage benefits to the tune of N50,000 per year, 2 per cent payout rate at maturity, minimum premium amount of N10,000 monthly, and flexible policy terms ranging 6, 9,12 and 15 years, with the maximum entry age at 64 years.

The insurance firm disclosed that there is no waiting period in the event of accidental death, but a six month waiting period applies during which no benefits are payable for non-accidental death of the life assured/policyholder, and accidental total permanent disability.

The Managing Director of Peakthrust Insurance Brokers and President of the Professional Insurance Ladies Association, Ms Abimbola Onakomaiya, during the unveiling, said, “This product is exceptionally well-designed, offering flexible premium options suitable for various social and financial backgrounds.”

She highlighted some of its key benefits, including the ability to make partial withdrawals during the policy term. The option to withdraw 25 per cent of the sum assured twice within the policy period is particularly advantageous, she noted.

“In today’s context, many couples prefer to have fewer children, often planning for their education and utilising partial withdrawals to support their schooling when needed. Overall, I believe this is an excellent policy,” the insurance expert stated.

On his part, the President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Babatunde Oguntade, applauded Stanbic IBTC Insurance for innovative thinking with the birth of the Manifold Endowment Plan and for providing a platform that promotes transparency and trust within the sector.