Consumers to enjoy better health as Custodian Life unveils critical illness cover
Efforts to endear Nigerians to embrace insurance has received a boost as Custodian Life Insurance Limited, a member of the Custodian and Allied Group launches a new policy tagged Critical Illness insurance cover. The policy is for those suffering from critical and terminal illnesses such as stroke, cancer, heart attack and renal failures.
The company, which described the product as a standalone policy of its kind in Nigeria said launching the product was informed by the present economic, health difficulties in Nigeria to assist millions of Nigerians who are victims of the above illnesses address their health challenges.
“We are well aware of the current economic, health difficulties in our country today, and for us at custodian insurance, tough times are for us to get tougher and not use the current climate as a negative block but rather an energising spring-board for new ideas. It is on the back of this that we are today launching the critical illness insurance cover which we are confident will assist millions of Nigerians to address their health challenges”, said Larry Ademeso, managing Director, Custodian Life Insurance.
He said unlike the group life insurance policy which benefits are paid to dependents of the policy holder at his death, in the case of the critical illness insurance cover, the policy holder is six times more likely to claim under his critical illness cover than under the group life cover.
Ademeso said employers in Nigeria presently are required by law under the Pension Reform Act 2004 as amended in 20014 to provide group life insurance cover for their employees and the benefits would be paid to beneficiary after he or she has passed away.
He said the new product was developed to meet the needs of those who did not die but become incapacitated by debilitating illness, adding that based on experts analysis, the insured is six times more likely make claim under the critical cover than under the group life cover.
He enjoined the HMOS to help the company to market the new product through creation of awareness, direct sales, referrals and provision of medical opinion.
Anthony Tippa, chief actuary of Custodian Life Assurance, who presented the new product said the critical illness cover comes to the rescue of the policy holder by providing him with the added protection and confidence boost to go about his daily activities without the fear of possible financial backlash associated with treating a critical illness.
He said Nigerians needed the new product because according to the World Health Organisation (WHO), Nigeria has the highest cancer rate in Africa, there is an increasing precedence of stroke in Nigeria, adding that about 10 percent of the adult Nigerian population is liable to have heart attack.
Tippa who also doubles as the chief risk officer of the company also added that the Nigerian Association of Nephrology states that about 17,000 new cases of kidney diseases are recorded yearly.
He listed one of the key features and benefits of the product to include enhanced protection that covers against conditions that fall under cancer, stroke, heart attack and kidney failure.
Others are tax benefits on premiums paid and benefits received as per the prevailing tax laws, adding that it is a stand-alone product that pays out a lump sum in the eventuality that a client is diagnosed with one of the critical illnesses outlined in the policy document.
The eligibility conditions are minimum / maximum age entry of 20 to 60 years, minimum cover period of five years, benefit payment options of lump sum, minimum sum assured of one million naira and the mode of premium payment is single and it is yearly.