Leadway Assurance Company Limited has unveiled a product tagged Family Benefit Plan Plus(FBPP) to assist Nigerians cover their respective funeral expenses. The product, which was officially launched at the weekend in Lagos, is meant to create unmatched value for customers, who now stand to gain from the multi-life policy.
Leadway Assurance Life Retail Business Head, Bolorunduro Saliu said the FBPP has been enhanced to create unmatched value for customers, who now stand to gain from the multi-life policy.
Bolorunduro said , the core offering of the product, provides those covered under the policy with the benefit of having Leadway meet the heavy burden of specified funeral expenses for their loved ones covered under the policy.
He said: “Leadway pays the specified funeral expenses in the event of the demise of the policy-holder or any of the additional assured lives if their death precedes that of the policy holder ensuring that concerned loved ones can meet the immediate needs of the family without the fear of falling into financial strain. It also allows a policyholder to access a bouquet of benefits, which include but not limited to funeral expenses for the policyholder or their spouse, the parents, and/or parents’ in-law that are named in the policy.
“As part of efforts to inform the public about the benefits of the new product, the company kicked off a week long teaser tagged: “See-Finish”, heralding the product launch. The teaser mirrored the reality of young Nigerians, who are left in financial distress when aged family members pass away, especially, parents and in-laws to mention but a few. It is at this difficult time the grieving ones are often left at the mercy of sometimes merciless benefactors.
“The campaign showcased a desperate character “Mr. John” reaching out to celebrities on social media, to beg for financial assistance to meet the funeral expenses of his father in-law’s burial.
Also, the campaign was taken to Lagos streets with “pseudo Johns” situated at strategic locations around Lagos, carrying the campaign message, urging Nigerians to “avoid the shame of See Finish” and take up Leadway FBPP as a comfort to create wealth for their dependents.”
Head, Corporate Affairs, Mrs Bunmi Adeleye, on her part said the new Leadway FBPP is now designed to provide more than just the funeral benefits upon the death of any of the assured lives. With some additional benefits built into it as compensation package for the surviving and grieving loved family members of the policyholder.
She disclosed that the sum assured on the plan for the policyholder and spouse is unlimited and can be specified in accordance with their preferences, for parents and in-laws the sum assured up to maximum limit of N5million.
“This Leadway FBPP plan has other unique benefits including; payment of a sizable amount for entertainment expense in the event of any of the assured life named in the policy and additional monthly payment for six months in form of family income in the event of death of the policyholder only. The plan also has a waiting period before any claim can be made, for policy holder and spouse its six months, while for parents and parents-in-law is nine months”.
“A policyholder and the spouse must be less than 65 years old to get enrolled on the plan while the maximum entry age for Parent/Parent-in Law on the policy is 75 years old. The policy runs as long as the Assured lives are alive and subject to the policyholder being alive,” she added.
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