Insurers woo Nigerians to life insurance products
Insurance sector players are calling on prospective policyholders to subscribe to life insurance products with a token premium, noting that the sum assured on those policies far outweighs the premium paid.
The experts also believe that the future of the sector lies in life insurance, as there are enormous potential.The Executive Director, Leadway Assurance Company Limited, Adetola Adegbayi, charged Nigerians to subscribe to life insurance products such as Term Life Assurance, saying: “people should form the habit of buying what they cannot save, through term assurance policy.”
Adegbayi said with little premium, people can buy this unique product that has a minimum sum assured of N1 million, urging the middle and low income earners to see this package as an opportunity to enrich their lives.
Using Leadway Term Assurance, as an example, she said the plan is a simple but flexible life insurance product that pays out a lump sum if death occurs during the period of cover. “You choose the amount of that lump sum and the length of cover and your premium is calculated accordingly,” she said.
“Take a little money as premium to get N10 to N15 million Sum Assured. If anything should happen, your family has about N10 million to fall back on. It takes care of the school fees of your children and other financial needs. Maybe, you can buy N10 million Sum Assured with N50,000 premium, for example,” she said.
Meanwhile, the former Minister of Finance, Mrs Kemi Adeosun, had said life insurance holds the key to wise financial planning, and is the panacea for poverty alleviation among Nigerians at all levels, including grassroots dwellers.
The Managing Director, Royal Exchange Prudential Life Assurance (REPLA), Wale Banmore, said the future of insurance in Nigeria is the life, urging investors to invest in it.Speaking at a forum in Lagos, he regretted that the potential in the life business has not be fully tapped, promising that his company is going to leverage this to grow its bottom line.
He said: “for Royal Exchange Prudential seeking market leadership, an effective and efficient policy of customer service, loyalty and retention must be in place in the organisation.”
The attainment of these goals, amongst others, he said, will impact positively on the company’s fortunes, increase its profitability in the years ahead, improve service delivery to customers as well as enable it win new retail and corporate accounts, thereby, boosting its premium income and market share.
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