Leadway Assurance launches Family Benefit Plan Plus into Nigerian market
In line with its commitment of ensuring financial protection for Nigerians, foremost insurance company in the country, Leadway Assurance Company Limited, has introduced the Leadway Family Benefit Plan Plus to the Nigerian market; an enhanced funeral policy created to meet the heavy burden of specified funeral expenses for loved ones.
The flexible multi-life policy allows a policyholder to access a bouquet of benefits, which includes but not limited to funeral expenses for the policyholder or their Spouse, the parents, and/or parents in-law that are named in the policy. Understanding that funeral expenses can leave a hole in the pockets of Nigerian families, Leadway designed the FBPP to take care of funeral expenses in the event of the demise of a policyholder or any of the additional assured lives – which could be any of the parents, or the in-laws, if their death precedes that of the Policyholder. This to ensure that the loved ones left behind can meet the immediate needs of the family without the fear of financial strain.
Speaking during the launch of the new product, the General Manager of Leadway’s Life Division Mr. Tinashe Muyambo, pointed out that the enhanced Leadway FBPP was in response to meeting the needs clearly expressed by its customers. He also added that the Leadway Family Benefit Plan Plus is now designed to provide more than just the funeral benefits upon the death of any of the assured lives. Additional benefits have been built into it as compensation package for the surviving and grieving loved family members of the Policyholder. The product takes into cognizance the financial survival of the grieving ones.
In his words, “The Leadway Family Benefit Plan Plus is a unique and flexible product that allows Nigerians to design a benefit structure that suits their specific needs. In addition to funeral expenses, the Leadway FBPP has other unique benefits that makes it relevant for the Nigerian market. In addition to the sum assured, an entertainment expense and additional monthly payment of six months in form of family income is paid to the beneficiaries in the event of death of the policyholder only.”
“There is no doubt that life goes on even after the painful death of our loved ones; this additional payments serves as what we can term a ‘comfort payment’, ensuring that the families can meet on-going expenses even as they grieve. In essence, when death occurs you have the financial support from this insurance policy to help you protect your wealth.”
Also commenting on the unique features of the Leadway FBPP, Leadway’s Head, Life Retail Business, Bolorunduro Saliu, said that the policy was introduced to enable Nigerians give their loved ones befitting funerals and celebrate life with peace of mind, without having to go through financial difficulties. Bolorunduro pointed out that given the importance of celebrating the life of the dead, particularly aged parents, across various cultures in Nigeria, the Leadway FBPP takes out the element of financial stress that usually accompanies such celebrations where loved ones source for funds to cater for huge funeral expenses.
“As you know, the celebration of life with funerals is one of our uniqueness across cultures in Nigeria. It is expected of children and grandchildren to honour parents, who pass on at a ripe old age, with a befitting funeral. An expectation that comes at a huge financial cost to many. The Leadway FBPP is designed to help you bear this cost.”
“The policy covers a maximum of six lives assured with a flexible premium that can be paid for a period of between five to seven years”
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