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News Update Niger Insurance launches new products As part of its policy to encourage more people to appreciate the benefits of insurance, Niger Insurance Plc has introduced two new products into the insurance market. The products are Niger Flexible Investment Assurance Policy and Niger Group Education Policy. The Managing Director and Chief Executive Officer, Alhaji Bala Zakariya’u explained that the products are evidence of the priority the company places on research and development (R&D) which is a strategic development process in the company. He said that the development of the products attested to the company’s drive to discover new ways of improving the quality of life of the policyholders. According to the policy plan for the products, NIFIAP has the advantage that the financial protection plan was not lost as a result of non-payment of premiums as obtained with other policies, NIGREP ensures that the children of policy holders do not lose out on their education in the cause of any misfortune. In the first case, “the premium can be paid anytime during the period of the policy, and the frequency of payment must be at the policy holder’s discretion.” Also, the amount of premium payable at each occasion is not fixed but according to the financial capacity of the policyholder who was free “to determine the percentage of premium paid to be invested between the profit earning endowment and the deposit administration account.” On maturity, the policyholder is entitled to an accumulated endowment sum assured, plus accrued bonus and the value of the DAA plus interest. In the event of the demise of the policyholder, the beneficiaries are equally free to convert the death benefits to family income benefits, which become payable yearly in arrears. In the case of the NIGREP, the school authority, the parents/the Parent Teachers Association or both could take up the policy. The school authority provides information for the determination of the sum assured while the premium per child to the school fees. Niger Insurance would take up the responsibility of the payment of the school fees upon the death of the sponsoring parent until the completion of his/her education. Meanwhile, the company has granted the Chartered Insurance Institute of Nigeria (CIIN), one floor of the newly opened regional office complex at Port Harcourt for the take-off of the Port Harcourt study centre. Alhaji Zakariya’u who made the announcement recently said the decision of the company to give out the floor to CIIN was to enable the Port Harcourt centre to take off without delay. There are other study centres at Lagos and Kaduna. |
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