Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, hosted a media parley on Tuesday, 30 September, bringing collectively journalists and key stakeholders within the insurance coverage business for a fascinating session on the way forward for insurance coverage in Nigeria. The occasion highlighted the corporate’s dedication to open dialogue, transparency, and collaboration because it continues to redefine the function of insurance coverage in on a regular basis {financial} planning.
The media parley served as a platform for sturdy conversations across the challenges and alternatives shaping the sector, significantly in constructing better belief, deepening consciousness, and delivering value-driven merchandise to prospects. Participants additionally explored the significance of collaboration between insurers, regulators, the media, and different stakeholders to foster a extra inclusive and sustainable business.
In his remarks, Akinjide Orimolade, Chief Executive of Stanbic IBTC Insurance, highlighted the corporate’s appreciation for the media’s important function in shaping perceptions and driving training on insurance coverage. He mentioned:
“The media are vital partners in helping us demystify insurance and foster a culture of protection and planning among Nigerians. This parley was not just about sharing what we are doing as a company, but about engaging in dialogue, listening to feedback, and strengthening the partnerships that will move our industry forward.”
The session additionally supplied a possibility for Stanbic IBTC Insurance to share updates on its new product unveiling: Manifold Endowment Plan. This is a versatile life assurance product that mixes safety with {financial} empowerment. The plan, designed to assist Nigerians put together for all times’s uncertainties whereas attaining long-term objectives, displays the corporate’s concentrate on customer-first options.
The Special Guest of Honour in attendance on the media parley was Dr. Julius Odidi, consultant of the Commissioner for Insurance/CEO of the National Insurance Commission, Mr. Olusegun Ayo Omosehin; different friends in attendance on the media parley included Prince Babatunde Oguntade, President, Nigerian Council of Registered Insurance Brokers (NCRIB); Mr. Tope Adaramola, CEO, Nigerian Council of Registered Insurance Brokers (NCRIB); Barrister Odion Aideloje, consultant of the President, Institute of Loss Adjusters of Nigeria (ILAN); Mrs Abimbola Onakomaiya, MD, Peakthrust Insurance Brokers and President, Professional Insurance Ladies Association amongst others.
During her deal with, Abimbola Onakomaiya, MD, Peakthrust Insurance Brokers/ President of the Professional Insurance Ladies Association and a seasoned knowledgeable with over 40 years within the insurance coverage business, praised the Manifold Endowment Plan, stating, “This product is exceptionally well-designed, offering flexible premium options suitable for various social and financial backgrounds.”
She highlighted a few of its key advantages, together with the flexibility to make partial withdrawals in the course of the coverage time period. The choice to withdraw 25% of the sum assured twice throughout the coverage interval is especially advantageous. In at this time’s context, many {couples} choose to have fewer kids, usually planning for his or her training and utilising partial withdrawals to help their education when wanted. Overall, I imagine this is a superb coverage.”
Prince Babatunde Oguntade, President of the Nigerian Council of Registered Insurance Brokers (NCRIB), applauded Stanbic IBTC Insurance for progressive considering with the beginning of the Manifold Endowment Plan and for offering a platform that promotes transparency and belief throughout the sector. He famous, “Manifold Endowment Plan” presents hope and reliability. He highlighted the significance of the two-year give up worth interval, saying, “It’s realistic and encourages continued interest in life insurance policies.” Babatunde assured help from brokers, stating, “We will actively promote this initiative and collaborate for future success.
Representing the Commissioner for Insurance, Dr. Julius Odidi emphasised the importance of the Manifold Endowment Plan, stating, “While endowment plans are well known, Stanbic IBTC Insurance’s Manifold Endowment Plan stands out as an innovation worthy of emulation. I hope it inspires other industry players to remain committed to innovative products that continually meet the evolving needs of clients, bringing satisfaction to all Stakeholders.” He concluded enthusiastically, saying, “The Commission support this official launch and unveiling of Stanbic IBTC Insurance’s Manifold Endowment Plan.”
Stakeholders on the parley counseled Stanbic IBTC Insurance for creating an avenue for open engagement and for taking the lead in bridging the hole between the insurance coverage business and the general public. Discussions touched on sensible methods the sector can simplify processes, enhance claims administration, and deploy know-how to reinforce accessibility and belief.
The Manifold Endowment Plan is a well timed response to Nigeria’s rising demand for clear, versatile, and rewarding insurance coverage options.
With Manifold Endowment Plan, you’ll be able to get pleasure from:
● Life cowl and Disability advantage of as much as ₦1 billion
● Flexible coverage phrases ranging 6, 9,12 and 15 years
● Two tranches of 25% periodic partial withdrawals earlier than maturity
● 100% payout of the chosen sum assured at maturity
● Accidental medical bills protection advantages to the tune of ₦50,000 per yr.
● 2% payout price at maturity
● Minimum premium quantity of ₦10,000 month-to-month
● Maximum entry age is 64 years.
Waiting Period
There is not any ready interval within the occasion of unintentional dying.
However, a six (6) month ready interval applies throughout which no advantages are payable for the next:
Non-accidental dying of the Life Assured/Policyholder
Accidental Total Permanent Disability
If any of the above-mentioned occasions happen throughout the ready interval, the entire premium paid, much less any bills incurred, can be refunded to the coverage holder.
Click right here to be taught extra. For enquiries and to enroll, name us on 0201 270 6801 or electronic mail us at insure@stanbicibtc.com.
