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Why Our Endowment Life Insurance Policy is Different From Others—AXA Mansard

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AXA woman Abisola Nwoboshi

In this interview, the Group Head of Life Business at AXA Mansard, Ms Abisola Nwoboshi, discussed the latest insurance package from the company.

AXA Mansard recently launched the Endowment policy, can you tell us more about the product?

Again, the Endowment policy is another testimony of our commitment to our customers. Over the years, we have found that people are averse to insurance because they think it takes from them without giving back when they are alive.

However, we know that life insurance can make a huge difference in the event of the loss of a loved one.

Consequently, we went back to our drawing board and created this policy called Endowment, which gives the benefit of target savings and life assurance in one plan.

We designed a policy that can be likened to eating your cake and having it because we know that both saving for tomorrow and having life insurance are important to our customers.

Our Endowment plan is a two-in-one policy that provides you with life insurance coverage, helps you save money regularly and pays out a lump sum when your policy term ends. It also offers a death benefit in the event of demise during the policy period.

Ultimately, if you have a goal you would like to save towards, this policy allows you to save, and if you want financial protection for your loved ones as well in case of death, you don’t need a separate plan.

How is this policy different from other life insurance policies in the market today?

This policy is designed with your needs in mind, offering a blend of life insurance and a savings plan. Traditional life insurance often only pays out if death happens to you, which can feel limiting. Our Endowment policy is different because it ensures you receive the full sum assured at the end of the term, even if you’re still alive and well.

We wanted to create a policy that offers peace of mind no matter what. With this policy, you get a guaranteed return. Whether it’s providing a death benefit for your loved ones or receiving an endowment payout yourself, you’re assured of getting something back if the premiums are paid.

We also understand that flexibility is important. That’s why our policy allows you to adjust the premium payments, policy duration, and benefits to fit your unique needs. We curated the endowment policy with the aim of giving you the security and adaptability you deserve, making sure it truly works for you in various life situations.

AXA Mansard is known for its innovation in policy development, but more important is its deep interest in ensuring it solves problems for customers; can you tell us about the gap AXA is bridging with this new product?

Great question. We saw a need to encourage disciplined long-term savings and provide financial security. This policy addresses both by offering a structured savings plan and ensuring that there’s a guaranteed sum for your loved ones in case of an untimely death. This way, we help cushion the impact of losing a provider, which is the primary goal of life assurance.

There are two variants of this product; can you tell us more about it and who should be taking what?

Absolutely! We’ve designed two variants to fit different needs: the AXA Endowment Plan and the AXA Anticipated Endowment Plan. Both plans are there to support you and your loved ones, but they cater to different financial goals.

The AXA Endowment Plan is quite straightforward. It offers terms of 3, 5, 10, and 15 years, with a lump sum payout at the end of the policy term. It’s a great option if you prefer to receive all your benefits at once after a set period.

On the other hand, the AXA Anticipated Endowment Plan provides more flexibility with payouts. It spans 6, 9, 12, and 18 years, and gives you payouts at intervals: 20% after one-third of the term, 30% after two-thirds, and the remaining 50% at the end. This can be helpful if you have different financial goals along the way or need access to funds at various stages.

Ultimately, the choice depends on what variant works best for you. If you’re looking for a single lump sum at the end of your savings period, the Endowment Plan could be ideal. But if you prefer getting payouts at different times to meet various needs, the Anticipated Endowment Plan might be the better fit. We created these options to make sure you have the flexibility to choose what suits your life best.”

A lot of people would rather save for a future date, than buy a life insurance plan; why do you think this notion is growing and how can we further emphasize the importance of life insurance in Nigeria?

People often hesitate because thinking about death is uncomfortable. It’s natural to focus on positive goals and saving for the future. However, it’s also essential to ensure that your loved ones are protected if something unexpected happens. Life insurance is about mitigating the financial impact of death, making sure that dependents can continue without severe financial strain. Our goal is to make people see that both savings, and life insurance are crucial parts of a solid financial plan.

As you know, lack of information is still an issue with insurance in Nigeria; can you share with us how the endowment policy works?

I wouldn’t say lack of information but more around trust and understanding. Many people worry that they won’t get anything back if the insured risk doesn’t happen. The question of “What happens if that risk does not occur? Do I get anything at all? What of all the money I’ve contributed over the years?” Now this is where would like to pacify our customers.

The Endowment Policy guarantees a benefit whether you survive the policy term or not. This assurance helps our customers feel confident that their money is well-spent and that they’re making a smart financial decision.

*People also think that buying an insurance policy like endowment policy can be so tedious and they can just do things by themselves on their own term. How are you addressing the buying process with your digital capabilities at AXA?

We’ve put in a lot of effort to make the buying process as easy as possible. You can purchase the policy online through our website at www.axamansard.com/insurance/life/endowment-plan/. If you prefer in-person assistance, our welcome centres across Nigeria are available, and our sales advisors are ready to help. Our call centre also provides real-time support. We’re committed to making the experience smooth and convenient for everyone!

How is a policy like an endowment policy addressing the notion that it’s only rich people who take Life Insurance?

This was one of the major considerations in setting up this policy. The idea is to get everyone on board, no matter your income level. Would you believe that it is designed to be accessible to everyone, regardless of what they earn? Premiums can be as low as N5,000 monthly, and the benefits range from 1 million to 200 million naira. We want to ensure that everyone, no matter their financial status, can afford and benefit from life insurance.

How is the Endowment Policy different from the Life Saving insurance and can one person hold the two policies at the same time?

Oh, yes, one person can have both policies. The Endowment Policy pays benefits on death or survival, whereas savings-linked Life insurance accrues interest and pays out at the end of the policy term or upon death. They complement each other well, providing comprehensive financial security.

What are the requirements for anyone who wants the policy and how can they sign up?

Signing up is quite straightforward. You need to fill out a short proposal form, provide an ID card, and make the payment. The policy is then yours! The minimum age to sign up is 18, and the maximum is 64 for the Anticipated Endowment and 67 for the regular Endowment. You can start by visiting our website www.axamansard.com/insurance/life/endowment-plan/ to get an endowment policy today.

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Lagos to Get New Building Code in 2025

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3-storey building collapses mushin2

By Adedapo Adesanya

The Lagos State Government has expressed its readiness to get a brand-new Building Code next year, to achieve the high-performance standards needed to make Lagos a sustainable and Smart City.

The government’s readiness was disclosed at the Lagos State Executive Council Retreat on the Domestication of the Lagos Building Code, organised by the Office of the Special Adviser on e-GIS and Urban Development, held at Ikeja GRA on Wednesday.

Speaking during the retreat, Lagos State Governor, Mr Babajide Sanwo-Olu emphasised the need for more collaboration among all the ministries and agencies in the built sector, to ensure the state development in line with global best practices.

He said the motive behind the Lagos Building Code is to have a building regulation that would make Lagos much more resilient.

“We (Lagos State Government) are the first to domesticate the National Building Code, which is the creation of the Federal Government. We are not doing anything outside the vision at the sovereign and sub-sovereign levels. But what is unique about our own is the fact that all the cabinet members see the need to have an input because it would be an outcome that would affect lives and different ministries and agencies.

“So, there is a need for everybody to have a say, and at the end of the day, collectively we will resolve to have a way.

“What we are trying to do is for Lagos State to do what is obtainable internationally: have a building regulation in which we have a standard of construction in design, manner of land use occupancy, and use of building materials, which we believe would eventually improve and help with health, safety, and occupancy issues.

“It is all about building sustainably, making Lagos a lot more resilient and able to absorb shock in the future and able to stand in the comity of developed cities and city-states as we see in various parts of the world,” he said.

The Special Adviser to the Governor on eGIS and Urban Development, Mr Olajide Babatunde, stated that the Lagos Building Code is to complement the existing regulatory framework and provide a comprehensive solution to the challenges of land use, physical development, and urban planning.

Mr Babatunde said the Lagos Building Code will regulate building control, planning permission, and address the issues of setbacks; take care of the safety and sustainability of the environment; and also prevent the collapse of buildings.

“We have been working on the domestication of the National Building Code, and by next year, we are going to have our own brand-new Lagos Building Code. We have worked with professional bodies and people from academia, market women, and the public in general, and through a participatory approach, we can come out with a document that is acceptable to everyone and useful to the entire state,” he said.

Also speaking, the Special Adviser to the Governor on Infrastructure, Mr Olufemi Daramola, described the Lagos State Building Code initiative by the Babajide Sanwo-Olu administration as the next step to Green Lagos that will enable the state to plan buildings properly and ensure durable infrastructure in the state.

During the retreat, members of the Lagos State Executive Council brainstormed and advocated aggressive sensitisation for residents of the State on the Lagos Building Code before implementation.

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Apostle Femi Lazarus Emerges Most Streamed Podcast in Nigeria on Spotify

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Apostle Femi Lazarus

By Modupe Gbadeyanka

A report released by Spotify has revealed that in 2024, Apostle Femi Lazarus was the most streamed podcast on its platform, closely followed by Motivation Daily by Motiversity.

Podcasts are one of Africa’s favourite ways to tell stories. With almost 4 billion minutes of podcast audio played in Sub-Saharan Africa in 2024, the continent’s appetite for this content is loud and clear.

South Africa, Nigeria, and Kenya listened to the most shows this year, with South Africa contributing over 2 billion minutes. If you started playing podcasts on one device today, it would make for about 30 centuries of listening.

“The numbers don’t lie. Podcasting is here to stay because it lets creators take control of their narratives and tell these stories on their terms while bringing their community along for the journey,” the Sub-Saharan Africa Podcast Manager for Spotify, Ncebakazi Manzi, stated.

Motivational shows around issues like managing finances, relationships, personal goals and health remain popular across the three leading countries. Shows like “The Diary Of A CEO with Steven Bartlett”, “Motivation Daily by Motiversity” and “The Success Addicted Podcast” have attracted listeners who want to get their lives in order and learn from the stories of inspirational people.

Audiences in Nigeria and South Africa embrace shows about spirituality. “Christian Motivation” had one of the most shared episodes in South Africa while “Apostle Joshua Selman” maintained his popularity in Nigeria for another year. As the continent’s second-largest podcast market, Nigeria listened to 700 million minutes in 2024 and it created half of the new shows published in Sub-Saharan Africa this year.

Even though spirituality dominated Nigeria’s top charts, the continued popularity of shows like “I Said What I Said” and “The HonestBunch Podcast” tell us that listeners also want conversation-style shows. Listeners in Kenya and South Africa also showed an affinity toward these shows.

A good laugh with friends

The “ShxtsnGigs” podcast, an opinion show hosted by two best friends James and Fuhad, tapped into audiences’ hunger for conversational shows. The humorous podcast has made its way to the top charts in six of the top 10 podcast-playing African countries. In Kenya, The 97s Podcast has been inspired by this approach where funny and frank chats between hosts Trevor, Frank and Dante have led the podcast to take the number-one spot in the country for the first time.

Kenya’s broader listening data shows that relationships are a meaningful taking point. Seven of the 10 most shared episodes in the country discuss love, sex lives and dating. Julia Gaitho’s “So This Is Love” holds three out of the top five most shared podcast episodes in the country. Her interviews resonated because she draws lessons from her guest’s stories about lost lovers.

Some listeners just wanted to laugh through the pain. Ensemble shows like “Mic Cheque Podcast” and “The Sandwich Podcast” made Kenyans feel like they were hanging out with a close circle of friends. When difficult topics come up, moments of infectious laughter help lighten the mood.

Women creators like Murugi Munyi, Julia Gaitho, Sharon Machira and Lydia K.M. take this comedic approach to a new level on shows like “The Messy Inbetween” and ‘It’s Related, I Promise’. This genre contributed heavily to the country’s 400 million podcast minutes streamed in 2024.

Below are the most streamed and shared podcasts for the year;

 

TOP SHARED PODCAST EPISODES IN SOUTH AFRICA

TOP SHARED PODCAST EPISODES IN KENYA

TOP SHARED PODCAST EPISODES IN NIGERIA

  1. Serial Killers – Killer Nurse Kristen Gilbert

  2. True Crime News: The Podcast – Pam Hupp charged with murder of Betsy Faria

  3. The Diary of a CEO – The Happiness Expert That Made 51 Million People Happier

  4. The Joe Rogan Experience – #2152 – Terrence Howard

  5. The Joe Rogan Experience – #2219 – Donald Trump

  1. The Sandwich Podcast – MAISHA YA STUNNA Ft (LIL MAINA)

  2. So This Is Love – Melody and Kev ep1

  3. So This Is Love – Mathew & Scarlet – S4 | E1

  4. So This Is Love – Njoki & Njue – S4 | E2

  5. Heart II Heart With Mike and Shiko – EP 1 | Genesis – How it all began

  1. David’s Christian Centre – Worship with Minister Dunsin Oyekan (A) | Mainland

  2. Apostle Femi Lazarus – Trauma

  3. Apostle Femi Lazarus – How To Deal With Pain That Is Not Going Away

  4. Success Addicted Podcast with the voice of Earl Nightingale ; Napoleon Hill ; Jim Rohn and many more – How To Start Working On Your Goals and Visions, Even If You Don’t Like This (Proven Strategies and Hacks) | Jim Rohn

  5. Apostle Femi Lazarus – Trauma & Marriage

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Watt Renewable Secures $15m Loan for Hybrid Solar Power Plants in Nigeria

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Oluwole Eweje WATT Renewable Corporation

By Dipo Olowookere

A $15 million debt facility has been obtained by Watt Renewable Corporation from the AfriGreen Debt Impact Fund to finance hybrid solar power plants to be built and operated by the former, especially in Nigeria.

WATT intends to use the projects to serve commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors.

By integrating solar hybrid solutions, the firm aims to significantly reduce diesel consumption and CO2 emissions, enabling its clients to achieve substantial energy cost savings while promoting environmental sustainability.

As a pioneer in renewable energy solutions, WATT continues to drive innovation in Nigeria’s energy sector.

The company’s robust roll-out plan includes deploying hundreds of hybrid solar power sites nationwide to meet the growing energy demands of commercial & industrial clients.

This strategic expansion aligns with WATT’s vision to revolutionize energy access across Africa, enabling sustainable development and reducing reliance on fossil fuels.

The funds from AfriGreen provide the critical capital needed to accelerate WATT’s ambitious projects, strengthening its market position and empowering businesses with reliable and affordable energy solutions.

Business Post gathered that to mitigate the currency risk for WATT in the event of devaluation of the Nigerian Naira, AfriGreen is offering a local currency facility that matches the payment structure of the power purchase agreements.

“We are thrilled to partner with AFRIGREEN on this transformative journey to expand reliable and sustainable energy solutions across Africa.

“With this support, it enables us to accelerate our shared mission of providing hybrid solar power to businesses, reducing carbon emissions, and supporting economic growth while enhancing energy security for our clients,” the Managing Director of WATT, Mr Oluwole Eweje, said.

“We are delighted to support WATT in rolling out hundreds of hybrid sites across the country.

“This represents another key transaction for AFRIGREEN in Nigeria. The combination of high energy prices, good solar irradiation, and strong demand from industrial and commercial energy users makes this market particularly attractive for companies like WATT.

“By leveraging these favourable market conditions alongside WATT’s exceptional operational performance and a well-structured financing solution, we are setting the stage for a strong and lasting business partnership,” the Managing Director of AfriGreen, Mr Alexandre Gilles, stated.

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