Wapic Insurance designs new account to boost savings culture

As part of its commitment to enhance saving culture in Nigeria, Wapic insurance has introduced Smart product into the financial market. Smart is a savings account that comes with a life insurance for validity of the account.

The benefit of the product, according to the company is that rather than save a huge amount of money to buy a whole life assurance policy, if you want to save for a trip or buy a car or property, with smart product, the customer pays an agreed amount monthly for up to a certain period like three to five years depending on the customer need.

“The capacity to spare any cash in this dispensation is clearly harder than at any other time. It is almost like everyone needs some motivation to save. “Wapic Insurance just bust loose in the financial sector with their SMART Products. With this product, it appears that banks and other insurance companies are going to be put on their toes with the launch of this savings account that comes with life insurance for the validity of the account.

“If you want to save for say a trip, to buy a car or a property, you sign up and pay an agreed amount monthly for up to a certain period. Could be 3-5 years you just choose a plan that works for you depending on your need.”

Speaking at the launch of the pr0oducts, Rantimi Ogunleye, Managing Director of Wapic Life Insurance Plc, stated that the company carried out an extensive research on the needs of the customers and designed these products to meet those needs.

“Once more, it is not clear what this means for the banks but this is a way to go for the insuring public. So rather than just buy a life insurance cover, one might as well grab a SMART plan and enjoy a cover with it. There is essentially no need to stress over-saving hugely, just in bits per month and work towards your goals with rest of mind,” he added.