Insurer to drive insurance penetration with new policy cover

Leadway Assurance

By Bankole Orimisan
Determined to bridge the financial protection gap and increasing the rate of insurance penetration in Nigeria, Leadway Assurance has has made new exciting additions to its bouquet of products by the introduction of Family Benefit Plan Plus (Leadway FBPP).The Leadway FBPP has been enhanced to create unmatched value for customers, who now stand to gain from the multi-life policy initiative.

The core offering of the product includes the benefit of having Leadway meet the heavy burden of specified funeral expenses for their loved ones covered under the policy.

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 policyholder, ensuring loved ones can meet the immediate needs of the family without the fear of falling into financial strain.
  The new product allows a policyholder to access a bouquet of other benefits, which includes, but not limited to funeral expenses for the policyholder or the spouse, but 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 Leadway FBPP, the company kicked off a week long teaser, tagged: “See-Finish”, heralding the product’s 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 Nigerian 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 the streets of Lagos 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.

The General Manager, Leadway’s Life Division, Tinashe Muyambo, said the new product was 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.

Tinashe revealed that the sum assured on the plan for the policyholder and spouse is unlimited and can be specified in accordance with their preferences, but for parents and in-laws, the sum assured has a maximum limit of N5 million.“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 its nine months”.Tinashe also explained that 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, adding that the policy runs as long as the assured is alive and subject to the policyholder being alive.