Allianz Nigeria has announced the launch of a family protection plan that will help pay for the cost of funeral arrangements, thus forming an important part of protection for low-income workers, following the securement of all requirements of the local insurance regulator, NAICOM.
This product is the outcome of months of extensive market research into current and prospective customer demand in the local market, especially in the wake of the 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 tragedies and loss.
The insurance product will offer production to the entire family by covering the cost of funeral rites. Burial ceremonies form 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.
A fantastic feature of this family-oriented plan is that it allows multiple payouts and the continuation of the product after the demise of the policyholder. 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. This family product provides life cover for the ‘main life’ (policyholder), a spouse, children, parents, and even parent in laws as the customer desires.
Each life has its individual and separate cover in this bundled plan, with applicable sum assured payable on the death of anyone covered by this policy.
At Allianz, we are focused on creating simple intuitive products that solve real problems that are unique to our market, explains Patience Ugboajah, Chief Customer Officer at Allianz Nigeria.
“We wanted to provide a very flexible product that is affordable to the everyday Nigerian, regardless of their income levels,” adds Ugboajah.
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 risk, the firm introduced an enhanced product that will cover the cost of emergency medical expenses associated with Covid-19 diagnosis while on trip.
“Our goal is to actively seek feedback on a rolling basis from our customers and continuously use the feedback to create value for the customer and all stakeholders” commented the chief executive of Allianz Nigeria, Adeolu Adewumi-Zer.
“Ultimately, we aspire to transform the way we do business for our clients so that we can be sustainable and a long-term partner-a partner for life. We have a clear view of where we want to go, both in terms of market and product lines,” Adeolu concluded.