Stanbic IBTC Insurance Limited, a subsidiary of Stanbic IBTC Holdings, has introduced the Manifold Endowment Plan, a hybrid insurance and investment product designed to help Nigerians safeguard their future, grow wealth, and secure peace of mind.
The product was officially launched on Tuesday at the company’s headquarters in Lagos. According to the firm, the plan offers life cover of up to ₦1 billion, partial maturity payouts, accidental medical coverage, and end-of-term bonuses, making it suitable for working professionals, families, and retirees seeking financial security.
Targeted at Nigerians aged 18 to 64, the policy provides flexible durations ranging from six to fifteen years. Stanbic IBTC explained that the Manifold Endowment Plan integrates death benefits with structured investment returns, ensuring that policyholders not only enjoy protection but also tangible financial rewards.
Premiums start from as low as ₦10,000 monthly, with policyholders entitled to two 25 percent bonuses on their contributions while still receiving 100 percent of their chosen sum assured at maturity.
Speaking at the launch, Akinjide Orimolade, chief executive of Stanbic IBTC Insurance, described the product as a direct response to the needs of Nigerians who want value and transparency in financial services.
“The Manifold Endowment Plan is a response to Nigeria’s pressing need for accessible and rewarding insurance solutions. We are not just offering protection; we are empowering Nigerians to build financial resilience while preparing for the future. With Manifold, every premium is an investment in both peace of mind and real financial return,” Orimolade said.
He added that the product addresses a common perception challenge in the industry by ensuring that policyholders gain value whether or not a claim event occurs.
The launch comes at a time of steady growth in Nigeria’s insurance sector. Industry revenues surged by 147 percent in the first nine months of 2024, according to regulatory data, but penetration remains low at around 0.5 percent of GDP. Industry players, including Stanbic IBTC, have been rolling out tailored products to bridge this gap and attract new customers.
Stanbic IBTC Insurance said the new plan aligns with its broader mission of helping Nigerians “secure today and prosper tomorrow,” offering solutions for diverse groups such as young professionals saving toward long-term goals, parents planning intergenerational wealth, and retirees seeking guaranteed returns.
“With the Manifold Endowment Plan, we are not only offering Nigerians a way to secure their futures, but we are also redefining what insurance can and should mean in today’s world,” the company said.
