UNIBANK Ghana, in an effort to create a one-stop shop for customers, has introduced three Bancassurance products onto the market.
The latest addition to the products – Family Protection Plan – is a renewable term life assurance policy which pays out the sum assured to beneficiaries when the event being insured against happens in line with the terms and conditions of the policy.
Clifford Duke Mettle, Executive Advisor, Institutional and International Relations, uniBank, who launched the new policy Tuesday in Accra, said the model addresses the problems of individuals, as well as small and medium-sized establishments by providing a variety of banking and insurance services under one roof.
“There are four major benefits including death benefits, total and permanent disability benefit, dreaded diseases benefit and retrenchment benefit.
Two existing products, Wealth Master and Home Call Plus, which have been in existence for two years, were repackaged and re-introduced onto the market.
The Homecall plan is a term assurance funeral policy which provides insured individuals and family members or groups with instant cash to enable them organize befitting burial and funeral ceremonies for their loved ones.
“Previously, the sum assured for all categories was GH¢2,500.00. But economic conditions have changed and would require a sum assured that would support the organization of a befitting burial. For instance, there is a cash bonus of 25 percent of the third year’s contribution to be paid to the account holder if no claim is made over every three year period,” Mr Mettle disclosed.
He added that the policy plan remains in force for other members without further contribution if account holder dies.
“It allows you to cover your mother, father, parents-in-law and extended family members between the ages of 18 and 75 and even children below the age of 23.”
By Samuel Boadi