FBN Life launches new products to increase penetration for the insurance sector


Wednesday October 23rd,2013/@Webtvng.com


FBN life a subsidiary of Nigeria’s  biggest retail banking group FBN holdings, in furtherance of its innovative drive to improve the insurance service offering platform in Nigeria, unveiled 3 new products in a media parley, that will reposition it as a major player in the Industry.


The group which has as its goal, affordable insurance to everyone  rolled out the FBN Life Family Income Protection Plan (FIPP), FBN Life Extended Family Support (FSP) and the Group Life Assurance (GLA), which are all geared towards creating capacity and improved coverage for Nigerians.


Speaking  on the product offering and strategies of the FBN Life group, the Managing Director/CEO Mr Val Ojumah, stressed that  in the past 3 years the group has been inundated with the drive for productivity and value in the market.


Mr Ojumah asserted that the group was focused on reaching out to the mass market in Nigeria, which account for the current low penetration level of insurance coverage in the nation. This he believed will begin to improve the perception level of the industry.


It will be recalled that FBN Life in partnership with Airtel Telecommunications several months ago launched  Padi 4 Life insurance,leveraging on the mobile penetration in the nation, which has recorded  significant engagement of the population that are Airtel subscribers.


The Family Life Income Protection Plan is designed to provide a cash payout to the beneficiary of  the breadwinner(assured) in the event of ‘Death, Permanent disability and Critical illness, with a minimum assured sum of N2,000 and maximum sum of N1million.


For the Extended Family Support, there is  provision of financial assistance to  family members in the event of death of covered member, which is for life and does not require medical test or declaration. Minimum cover level that can be bought is N250,000.00 while maximum is N2million, also age requirements.


With the Group Life Assurance, there is a policy contract covering a group of people in accordance with the provision of the pension reform act (PRA) that makes it compulsory for every employer with 5 or more employees to maintain a cover of not less than 3 months emolument for its employees.


Designed to meet immediate costs, provide dependable financial security for now and the future and provide support without any attached costs. The GLA is applicable to religious bodies, social clubs or other affinity groups as well as a yearly renewal term assurance.


The uniqueness of the FBN Life approach to the Life Insurance provision, is painstakingly developing products based on its feedback from research and survey on the  valuable product offerings for Nigerians.


FBN Life Product Unveiling

More pictures available here

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