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By Henry Uche
With millions of Nigerians still exposed to financial shocks, AIICO Insurance Plc has introduced the AIICO All-in-One Financial Protection package, aimed at safeguarding vulnerable families and bringing vital insurance solutions closer to those who need them most. This offering is supported by AIICO’s international partners: LeapFrog Investments (UK) and the European Investment Bank (EIB).
The Head of Digital Marketing & Communication of the company, Segun Olalandu, confirmed this development, noting that the bundle was designed to address the longstanding financial vulnerabilities faced by Nigeria’s smallholder farmers, rural families, and underserved populations, in line with government efforts to expand social safety nets and ensure more Nigerians are covered against life’s uncertainties.
AIICO explained that the package was birthed after an extensive countrywide engagement tour across major cities like Ibadan, Kano, and Calabar, which is a direct response to socio-economic realities.
From its findings, millions of hardworking Nigerians in the informal sector – market traders, smallholder farmers, artisans, transporters, and micro-entrepreneurs – have remained exposed to huge financial shocks for decades.
It also discovered that a single illness, accident, or emergency can erode years of savings, destabilize households, and push families deeper into poverty. Without structured retirement support, many face the risk of hardship after their active working years.
This solution brings together three essential covers in one accessible, affordable package: a Personal Accident Insurance, which provides compensation for accidental injury, permanent disability, or death; Hospital Encashment, offering cash benefits during hospital admission to help families manage medical and daily living expenses; and a Deferred Annuity, a long-term retirement savings plan enabling low-income earners to build a financial cushion for the future.
Olalandu confirmed that premiums have been intentionally structured to be affordable for low-income earners, with annual rates starting from N800 for Personal Accident and N5,000 for Hospital Encashment, while Deferred Annuity contributions remain flexible and are determined by the customer’s age, selected annuity level, gender, and preferred commencement date.
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On nationwide engagement and reception, AIICO revealed that during its market engagements and awareness campaigns across key agricultural regions – Ibadan, Kano, and Calabar – the company met with traditional rulers, community leaders, farmer associations, aggregators, cooperatives, and rural households, introducing the product and capturing real-time feedback.
“The reception was overwhelmingly positive, with admiration expressed for AIICO’s deliberate effort to bring insurance education and financial protection closer to the people. Stakeholders highlighted the importance of simple, affordable solutions, especially offerings that cover health emergencies, accidents, and provide a pathway to retirement security.”
Speaking at the launch, AIICO’s Managing Director/CEO, Mr. Babatunde Fajemirokun, reaffirmed the company’s commitment to expanding insurance penetration and strengthening financial inclusion across Nigeria.
“We have adopted a grassroots strategy, conducting enlightenment campaigns in Ibadan, Kano, and Calabar, and our interactions with these communities have provided valuable insights into their challenges and aspirations. The AIICO All-in-One Financial Protection is our promise of support to Nigeria’s smallholder farmers and informal workforce, ensuring that illness, accident, or emergency does not erode years of hard work. This innovation brings security and peace of mind to the hardworking individuals who form the backbone of our economy.”
He added, “As a company with a history spanning over 60 years, our mission continues to be about creating solutions that enable Nigerians to thrive. This product is a reflection of that commitment; simple, accessible, and designed for everyday people who deserve peace of mind.”
Also speaking at the unveiling, Mr. Adewale Kadri, Executive Director, Technical, expressed gratitude to the leaders, associations, and farmers for welcoming the product during the engagement tours. He stressed, “We are deeply appreciative of the traditional leaders, community heads, farmer groups, and value-chain players who received us across Ibadan, Kano, and Calabar. Their encouragement, insights, and enthusiasm reaffirmed that this product is timely and truly needed.”
Kadri emphasized the universal relevance of the solution: “The All-in-One Financial Protection is not just for farmers; it is suitable for nearly everyone, regardless of social or economic standing. It provides meaningful coverage that shields families from financial shocks while also supporting long-term financial stability.”
He highlighted AIICO’s track record, saying, “Our industry leadership is built on trust, strengthened by consistent claims payment over the decades. This legacy drives us every day to innovate and design products that reflect the real needs of Nigerians. We are committed to ensuring that financial protection is not a privilege, but something accessible to all.”
Describing it as a catalyst for deepening insurance penetration, AIICO assured that the new product is expected to drive insurance adoption, especially in rural and semi-urban communities where penetration remains low. “By bundling three essential covers into one package at price points that align with the realities of low-income earners, the solution is poised to impact millions of families.”
