AIICO Insurance products to drive savings culture among consumers

AIICO Insurance plc has repackaged its Corporate Savings Plan to ensure that holders of the policy enjoy more benefits, as well as ensure that majority of Nigerians embrace savings culture to guarantee their financial future.

David Sobanjo, managing director of the Company explained that AIICO Corporate Savings Plan is an investment policy that offers protection as well. He noted that the policy provides a return on the holders’ investment while additional life assurance benefit is payable to the dependents of the policyholder in the unfortunate event of death within the policy term.

Sobanjo stated that the savings plan is suitable for individuals, members of social clubs, cooperatives societies and employees of organisations that are eager to save through payroll deduction.

He added that rural population and others with seasonal incomes are also eligible to subscribe to the plan as long as they are determined to invest part of their earnings to yield good returns and secure their financial future.

The AIICO Insurance boss further explained that the minimum policy term is one year, adding that in order to make the product affordable to majority of the populace in the country; people can contribute as low as N5000 per month to participate in the plan.

He explained further that should the policyholder dies while the policy is in force, his dependents will be entitled to a life assurance benefit of three times the annual contribution subject to a maximum of N2 million.

The plan has been so designed to cater for exigencies as the policyholder has the option of partial withdrawal for emergency cases.

Besides, Sobanjo informed that the holders of AIICO Corporate Savings Plan can equally pledge the policy as collateral security for loan.

The Management of the underwriting firm maintained that while the policyholder are assured of guaranteed returns on their investment, they are also free to use maturity proceeds to purchase annuity.

AIICO Insurance has a reputation for prompt claims payment. The insurance firm paid claims totaling N6.3 billion in 2012 in keeping faith with its promise to pay all genuine claims promptly.

Sobanjo has also promised that the insurance firm will continue to discharge its responsibility in the area of claims payment whenever the need arises.