Aduragbemi Omiyale
By Aduragbemi Omiyale
A new insurance product has been introduced into the underwriting sector in Nigeria by Stanbic IBTC Insurance Limited, a subsidiary of Stanbic IBTC Holdings Plc.
The product is called Sunset Benefit Plan, a comprehensive funeral expenses coverage designed to provide financial security during the bereavement or loss of loved ones.
A statement from the insurer explained that the Sunset Benefit Plan will help customers celebrate a life well spent, expressing optimism that it would transform the industry and bring peace of mind to policyholders and their families.
“Having a comprehensive funeral expenses cover is a crucial part of financial planning as it ensures that you are not caught unprepared when the unexpected happens.
“With the Sunset Benefit Plan, we are thrilled to introduce an insurance product that eases the burden of funeral expenses with the passing of a loved one.
“With this plan’s flexibility and customisation options, individuals can tailor their coverage to match their unique financial situations,” the chief executive of Stanbic IBTC Insurance Limited, Mr Akinjide Orimolade, stated.
Also, the Executive Director for Business Development at Stanbic IBTC Insurance Limited, Ms Titi Ogungbesan, said the benefits for policyholders include cover for interment, grocery, catering, childcare, and a cashback benefit applicable to payment plans up to age 70.
Ms Ogungbesan explained that this cashback feature allows policyholders to receive a refund equivalent to 12-month premiums every five years, provided premiums are up-to-date and no claims have been made on the policy.
It was disclosed that the plan covers policyholders and their loved ones, including spouses and parents or parents-in-law, with a next birthday age of up to 75 years at entry into the policy. The loved ones can be added through extra premium payments, allowing for a personalised experience.
The premium for the Sunset Benefit can be paid within a five-year period or paid till the age of 70 for policyholders who take up the policy after age 65.
The plan allows for payment of the benefit on the death of loved ones who are covered under the plan. The policyholder will choose the benefit payable upon the occurrence of death. The plan also allows for waiver of premium where the policyholder passes on before the other beneficiaries. This applies if the premium has been paid consistently for 12 months before death.
The benefit in this situation will also be paid on the lives of the loved ones. This comprehensive funeral cover perfectly aligns with Stanbic IBTC Insurance Limited’s mission of empowering individuals to secure their future with creative risk management solutions that enable clients to create, protect, and preserve wealth.
