The impression out there, that insurance is very expensive and only affordable by the rich is an erroneous belief. The truth is that insurance is affordable by everyone as long as you find need for it. In the actual fact, insurance is for everybody as long as you have dependants who rely on you for their daily survival.
How affordable is insurance? It is affordable to the extent you can afford; because as low as N45 monthly, you can pay for life insurance premium and enjoy the attached benefits, should anything happen to you. So, if you can afford to buy airtime say N100 for your phone, then you can as well buy insurance, more conveniently and get benefits therein.
This is why FBN Life Assurance Limited, a life specialist company owned by FBN Holdings and Sanlam of South Africa come up with product via its bancassurance platform, that does not only make insurance simple, but affordable and also accessible for customers of First Bank nationwide.
The product will take advantage of First Bank’s customer base and over 600 branches nationwide through a bancassurance model to provide the bank customers insurance cover in the event of death, medical bill and permanent disability.
Ayodeji Bankole, head, Distribution, FBN Life Assurance Limited, speaking at a Product Fair organised by FBN Holdings in Lagos said the insurance company has come up with products to take care of every segment of the population despite their financial capacity.
One of the products “First Life Benefit Plan” he said requires just N45 monthly premium, renewable monthly. It offers a First Bank Account holder the death benefit of N100,000 in the event of death occurring. This product is for customers below the age of 65 years, while death notification should get to the bank within 60 days.
The second product in the value chain is “First Life Plus Benefit Plan”, which Bankole noted requires a monthly renewable premium N1,040. This offers the customers a death benefit of N250,000; Burial benefit of N100,000 and healthcare up to maximum of N100,000 per annum. The insured also will have access to selected hospitals, annual medical screening and a maximum of 10 out-patient consultations per annum as well as maximum of 15 days hospitalisation per annum.
The third product “Life Assurance Plan” requires an annual of N2,000, but offers the customer a death or permanent disability benefit of N250,000. Here the customers would have spent three months after registering for the policy to enjoy the benefit should anything happen.
All the products, Bankole noted, are renewable through direct debit and offers the customer convenience, discounted premium, peace of mind, easy access to insurance and medicals and lump sum insurance benefit to next of kin.
