Etisalat, FBN Insurance Launch Sure4Life To Boost Access to Affordable Insurance
FBN Insurance Limited, a member of FBN Holdings Plc and Etisalat, Nigeria most innovative telecoms company today announced the launch of ‘Sure4Life”, an airtime-based insurance product designed to increase penetration and consumer access to affordable insurance products via the mobile telephone. The product will help drive availability and accessibility to a vast portion of the uninsured Nigerian population and will provide Etisalat customers with one month free life insurance cover between May and July 2014.
Speaking at the launch, Director, Business Segment at Etisalat Nigeria, Lucas Dada, said that the partnership will bring inexpensive and easy to reach insurance products to the benefit of Etisalat’s growing prepaid and post-paid customers.
“Sure4Life is an innovative insurance product which takes away all the challenges that may be associated with taking an insurance policy and allows our subscribers to access and maintain insurance coverage with ease. It is in line with our reputation as the most innovative telecommunications company to provide such life changing products to our customers.” He said.
Dada added that the plan is optional and open to all registered Etisalat subscribers that are between 18 and 80 years of age.
Val Ojumah, Managing Director and Chief Executive Officer of the underwriting firm said the initiative will help correct the inaccurate perception that insurance is only for the rich and reduce the complexities and paperwork often associated with insurance. The initiative also supports our aspiration to bring the benefits of insurance to Nigerians who otherwise would have remained uninsured.
“We are proud of our increasing contributions to the growth and development of the insurance industry in Nigeria and assure all stakeholders of our continuous efforts to bring the latest innovations in the business for the benefit of the Nigerian populace. We believe in the strength and sustainability of the telecommunications approach to the insurance business and our ambitions are focused on working together to further enhance the growth and improvements over the coming years”, concluded Ojumah.
With a monthly insurance premium of N100 monthly, registered Etisalat subscribers will have the benefit of a flat sum of N100, 000 payable to the beneficiary in case of demise of the policy holder and a maximum of N10, 000 for medical expenses in the event of an accident. Death benefit per any one life shall be limited to NGN200, 000 (maximum of two Etisalat registered numbers), whereas the medical expenses benefit per any one life shall be limited to NGN20, 000 (maximum of two Etisalat registered numbers).