Accra-Ghana, Jan. 28, GNA – Universal Merchant Bank and SIC Life Limited have two new life insurance solutions, the UMB Education Plan and the UMB Funeral plan.
The solutions are being marketed to the public as UMB Bancassurance products underwritten by SIC Life.
A joint statement issued said the Bancassurance was an arrangement between a bank and an insurance company allowing the insurance company to sell its products through the Bank’s distribution and service channels.
It said the Educational Plan ensured that the account value at maturity was substantial enough to meet educational expenses of the assured or that of their children.
The statement said it gave room for the assured to select at inception the term of the policy and the premium amount.
“An added feature of this educational plan is that the minimum term of this product is 10 years, with the maximum term being 20 years subject to a maturity age of 60 years,” it added.
Meanwhile, the UMB Funeral Plan is designed to provide immediate cash pay out to meet funeral expenses of the assured, or any other designated beneficiaries.
It said benefits of the Funeral Plan include nominated beneficiaries being paid the updated death benefits upon the death of the assured.
The statement said another key innovation was a cash back payment of 15 per cent of the total of the last three years risk premiums, paid every three years when no claims were made subject to the primary assured being alive.
Nana Dwemoh Benneh, the CEO of UMB, said, “the launch of these new products marks another milestone for our two indigenous brands.”
He said it was interesting to note that SIC Life was founded in 1962, and UMB was founded in 1972 both as state policy financial institutions, to ensure that Ghanaians seize the commanding heights of this economy.
“Throughout SIC’s 60 years of existence and our 50 years of existence, we have stayed true to this principle, guided at all times by our aspiration to ensure that we provide world class solutions,” he added.
Mr. Kweku Appiah Menka, the CEO of SIC Life, said “SIC Life is very proud, and happy with its partnership with UMB.”
He said both organizlsations have a shared heritage and outlook, which included a desire to promote homegrown ingenuity in crafting products that meet the peculiar needs of the Ghanaian market.
The CEO said due to the country’s profile as a nation, education and funerals were critical needs for their customers and “we are happy to develop a product that enables our customers provide for risk.”
He said they intended to roll out other exciting life products to Ghana, including products that provide for unserved parts of the markets, for example SME sector.
