Business a.m.
A new life insurance product from AXA Mansard Nigeria, a member of the global AXA Group, is offering policyholders the ability to receive 100 percent of their sum insured at the end of the policy life if they are still alive.
The new life insurance product called Endowment Plan, from the Nigerian arm of one of the world’s largest insurance and asset management companies, is designed, according to the company, to ensure that in the event of the policyholder’s death before the end of the policy term, the company will pay the full sum insured to the policy’s beneficiary.
It explained further that the product was developed in response to customer feedback, rather than simply pushing existing products onto the market.
AXA Mansard also noted that the product is designed to demonstrate that life insurance is not just about death benefits, but also about living a quality life while the policyholder is still alive.
Kunle Ahmed, chief executive of AXA Mansard Insurance, explained that the endowment plan is a further demonstration of the company’s mission to move from being a payer to a partner. In his view, a progressive partner must address the different needs of the people it serves, and this new product does just that.
According to Ahmed, the endowment plan is an all-in-one solution that provides three distinct benefits: saving, investing, and life insurance coverage. He noted that all of these benefits are included in one product, which is competitively priced, making it an attractive option for customers.
He explained further: “While they save, they also get investment benefits because, at the end of the tenure, the sum insured is paid back 100 percent with some interest. And if death or disabilities arise in the cause of this savings, the named beneficiary of the policyholder also gets the sum insured paid out.
“So there is no need to worry about having an investment but no life insurance or having life insurance they cannot benefit from until death or permanent disabilities arise. Our Endowment plans are here to bridge that gap,” Ahmed explained.
Abisola Nwoboshi, the head of life business at AXA Mansard, further explained that the endowment plan has been designed with customers’ needs and preferences in mind. She stated that customers can choose from a range of plans, allowing them to select the option that is most suitable for their financial situation and personal circumstances.
Nwoboshi stated: “There are two variants of this product that give our customers a lot of flexibility. Depending on the investment plan, a customer can choose the regular endowment plan, where they can get paid the full sum assured at the end of the tenure, or opt for the anticipated endowment option, where the customer can cash out 20%, 30%, and 50% respectively over the tenure of the policy.
“So, it all depends on what your investment goals are. And in case of death or permanent disabilities, the named beneficiary of the policy holder gets the full sum assured,” she stated.
Nwoboshi also mentioned that the product offers a range of contribution options, allowing customers to choose the best option for their needs and budget. Customers can choose to make a one-off payment for the full policy premium, or they can opt to make regular contributions either monthly or yearly.
