A subsidiary of Stanbic IBTC Holdings Plc, Stanbic IBTC Insurance Limited has unveiled a new product that helps customers celebrate life well spent and take care of funeral expenses during bereavement or the loss of a loved one.
This innovative insurance solution “The Sunset Benefit Plan” will transform the industry and bring peace of mind to policyholders and their families, the company said.
Akinjide Orimolade, chief executive of Stanbic IBTC Insurance Limited expressed his excitement about the Sunset Benefit Plan, emphasising its importance in financial planning.
He stated, “Having a comprehensive funeral expenses cover is a crucial part of financial planning as it ensures that you are not caught unprepared when the unexpected happens. With The Sunset Benefit Plan, we are thrilled to introduce an insurance product that eases the burden of funeral expenses with the passing of a loved one. With this plan’s flexibility and customisation options, individuals can tailor their coverage to match their unique financial situations.”
The Sunset Benefit Plan offers a wide range of benefits, making it a comprehensive solution for funeral costs. It covers policyholders and their loved ones, including spouses and parents or parents-in-law, with a next birthday age of up to 75 years at entry into the policy. The loved ones can be added through extra premium payments, allowing for a personalised experience.
Premium for the Sunset Benefit can be paid within a five-year period or paid till the age of 70 for policyholders who take up the policy after age 65.
Titi Ogungbesan, executive director of business development at Stanbic IBTC Insurance Limited, highlighted the various additional benefits for policyholders. These additional benefits include cover for interment, grocery, catering, childcare, and a cashback benefit applicable to payment plans up to age 70. This cashback feature allows policyholders to receive a refund equivalent to 12-month premiums every five years, provided premiums are up-to-date and no claims have been made on the policy.
The plan allows for payment of the benefit on the death of loved ones who are covered under the plan. The policyholder will choose the benefit payable upon the occurrence of death. The plan also allows for waiver of premium where the policyholder passes on before the other beneficiaries. This applies if compensation has been paid consistently for 12 months before death. The benefit in this situation will also be paid on the lives of the loved ones. This comprehensive funeral cover perfectly aligns with Stanbic IBTC Insurance Limited’s mission of empowering individuals to secure their future with creative risk management solutions that enable clients to create, protect, and preserve wealth.
Stanbic IBTC Insurance Limited is a leading insurance provider in Nigeria, offering innovative and comprehensive insurance products to secure individuals’ financial futures. As a subsidiary of Stanbic IBTC Holdings PLC, the company is committed to providing top-notch insurance solutions and empowering clients to achieve their life goals.
By
