UBA rewards savings account holders with life insurance cover

UNTED Bank for Africa (UBA) Plc, the African financial services group has pioneered a new scheme designed to provide insurance cover for its teeming savings account customers in the local market in Nigeria.

The scheme tagged ‘Gift of Life’ is the first of its kind in the banking

industry in Nigeria and was unveiled in Lagos, Nigeria, recently at an interactive session with the media.

Under the scheme, the bank in partnership with UBA Metropolitan Insurance Limited, has commenced the process of providing Life Insurance cover to all savings account holders.  Effective April 1, 2011 beneficiaries of “UBA savings account holders between the ages of 18 and 55 years are entitled to receive double of what the account holder left in his or her account at the time of death” Divisional Head, Retail Banking, UBA, Chidi Okpala, said.

To enjoy the benefit of having a life insurance, savings account holders are expected to keep a minimum account balance of N10,000.  Whilst beneficiaries of account holders will be entitled to twice the value of their account balances at the time of death, the maximum capital on entitled benefit applicable per account is N2 million and for multiple account holders, only a maximum of four accounts are allowed by the bank’s policy.

The bank’s policy also stipulates that though the scheme is available for existing account holders, new savings account customers post April 1, 2011 will become eligible after six months from the date of opening a new account with the bank.

Savings is central to economic growth and development; the Gift of Life is also targeted at helping to promote savings culture while encouraging customers to safeguard the financial future of their families. “It will fast track the growth in number of savings accounts, while encouraging customers to maintain higher account balances; the higher the account balances, the higher the benefits” Okpala assured.

Unlike the other forms of life insurance, no medical test is required

in this scheme hence it was aptly named “Gift of Life” by the bank. In

his remarks, Managing Director/CEO UBA Metropolitan Life, Mr. Jacques Coetzer, said this initiative is another way UBA and its Joint Venture Company (JVC) in the life insurance are adding value to customers. He said the pedigree of UBA Metropolitan since inception in the country has made it a company Nigerians can trust to deliver on its promises.

He said arrangements have been finalized to ensure that certificates are delivered to beneficiaries from the branches where their accounts are domiciled.

UBA Metropolitan Insurance Limited is the joint venture between the

United Bank for Africa (UBA) Plc and South African based Metropolitan Insurance Limited; one of the largest Insurance companies in Africa and a provider of Life Insurance since 1900.

United Bank for Africa Plc on the other hand is one of Africa’s leading financial institutions offering universal banking to more than seven million customer accounts across Africa and key financial centres.

It currently operates in 19 African countries and equally has presence in New York, London and Paris thus being able to effectively arbitrage Africa an African related businesses globally.