New Insurance Product Offers Money back when Policy Tenure Ends

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A new life insurance product launched by AIICO will offer policy holders their cash back when the policy elapsed without claims.

According to Titilola Okunlola, the Head, Technical, Retail Business Division of the underwriting firm, the company recently unveiled three products.

The first which is termed AIICO’s Moneywise Term Assurance, is a life cover that guarantees 100 per cent cash back to policyholders when policy elapses without claims.

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“This provides our customers with a win-win situation: financial protection for your loved ones within the duration of the policy, if life happens or full refund of premiums should the policyholder survive the period,” she said.

She identified the features and benefits of the product to include, guaranteed payment of the sum assured; Flexible policy tenure between 5 – 20 years; Affordable premium; Cover amount is determined by policyholder; Convenient premium payment options; monthly, quarterly, semi-annual, annual or single premium payment and Premium payments certificates can be used for tax relief, among others.

The second product unveiled by the firm is the AIICO’s Travel Insurance, which covers local and international trips.

Highlights of the cover includes; Loss or theft of baggage; Emergency medical expenses; Medical Evacuation, Repatriation or Transport to Medical Centre Expenses and Follow up treatment in Nigeria and lots more.

According to Adewale Kadri, the firm’s Head, Corporate & Institutional Business, AIICO’s Schengen cover also offers more than the Embassy standard requirement cover of €30,000.

“In this season of summer holidays, we will like to inform the public of AIICO’s World Travel Insurance, which has a cover with benefits of up to $200,000,” Kadri said.

On AIICO’s Domestic Air Travel Insurance, he said the policy which was recently approved by the National Insurance Commission (NAICOM) is basically for the personal benefits of the air passengers entitling them to compensation for death, permanent disability, medical expenses consequent on accident, flight cancellations and baggage loss or delay as defined by the policy.

Kadri explained that the policy is not a substitute for the obligations of the Airline Operators to their passengers as provided by the Nigeria Civil Aviation Laws and Regulations, but only a benefit policy an individual passenger can take for his or her own comfort.

Speaking on the scope of cover, Kadri noted that the policy provides compensation to airline passengers on local routes (travelling within Nigeria) who purchase flight tickets and pay the requisite premium against losses covered.

He said the cover is basically for passengers with valid airline ticket with the undernoted variations: Free cover for one accompanying infant (below age two years) who is named in the confirmation slip, adding that this free coverage is limited only to Personal Accident benefit for up to N100,000.00.

Kadri, said children between the ages of 2 to 12 years will have 50 per cent benefit and therefore pay 50 per cent premium, stressing that this provision is also limited to personal accident.

He noted that the domestic standard provides coverage from the check in time up to landing at the airport of final destination.