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Allianz Nigeria has announced the introduction of a new family protection plan that will provide a payout to cover funeral expenses following the loss of a loved one. This follows the securement of all requirements of the local insurance regulator, NAICOM.
In a statement, the Chief Customer Officer at Allianz Nigeria, Patience Ugboajah, affirmed that the new product provides a financial cushion against unexpected funeral expenses, offer flexible plans that cater to customers across all income classes and has secured regulatory approval from the National Insurance Commission (NAICOM).
According to her, the new product was the outcome of months of extensive market research into current and prospective customer demands in the local market, especially in the wake of gradual recovery.
“From the global disruption of Covid-19, the economic meltdown has highlighted the need for products that lighten the financial burden of middle and low-income families, following tragedy or loss. This insurance product will offer protection to the entire family by covering the cost of funeral rites.
“Burial ceremonies form an important part of the Nigerian culture across ethnicities. Often, paying the last respect to loved ones that have passed on will impose a heavy financial burden upon the surviving relatives. The cover enables the family to give the departed a desired and befitting burial. It is a simple product that enables the assured and their loved ones to enjoy peace of mind knowing their financial stability will not be threatened in the event of a loss,”
Ugboajah maintained that a fantastic feature of this family-oriented plan was that, it allows multiple payouts and the continuation of the policy after the demise of the policyholder, saying, “The family can continue the premium payments and stay covered in the event of future loss. The customer is free to choose the payment frequency (monthly, quarterly, annually, or single premium) of a lumped premium for all the covered family members,”
She added that the family product provides life cover for the ‘main life’ (policyholder), a spouse, children, parents, and even parents-in-law as the customer desires, adding that each ‘life’ has its individual and separate cover in the bundled plan, with the applicable sum assured payable on the death of anyone covered by this policy.
“At Allianz Nigeria, we are focused on creating simple intuitive products that solve real problems that are unique to our market. We wanted to provide a very flexible product that is affordable to the everyday Nigerian, regardless of their income level”.
This funeral insurance is the second product the company has launched in 12 months. Last June, and in response to the market demand for travel insurance that includes Covid-19 risks.
