NIC approves 94 insurance products in 3 years

February 13, 2017
Source: thebftonline.com/Ghana
NIC approves 94 insurance products in 3 years

A total 94 innovative life and non-life products were approved by the National Insurance Commission (NIC) in three years --2013 to 2015.

A breakdown of products shows that more life products came for approval than non-life during the period under review.

Going by the NIC approval list published in its annual report, only one non-life product came from Hollard Insurance, Barclays embedded Travel Insurance Master Policy was approved in the year 2013, whilst the remaining seven were life products. They include the Saham Life Funeral Expenses, Enterprise life Educare Plan for Standard Charted Bank.

The rest include Tigo Hospitalisation Support Plan, Credit Life and Tigo family care plans all designed by Prudential Life. Ghana Union Life also had its GYASU Plan approved while Quality life SMART Plan, Star Life Assurance “ABUSUA NKYENFA” and Unique Life School Plan all scaled through.

However, 26 Life Products got NIC’s nod in 2014. Out of these products, only one non-life product which came from Prime Insurance called Prime Travel Insurance showcased that year.

The 25 others were all Life products, they include Modification of Stanchart EDUCARE, Barclays CARE Retrenchment Policy, Airtel Subscribers -- Savings embedded Funeral and Enhance Embedded Family Income Protection from Enterprise Life.

Esich Life also had its share of the following products being passed; Protection Plan, Investment Plan, Funeral Plan, Wealth Creation Plan and Cedi Pe Plan. Others are Old Mutual Credit Life and Groupe Life Funeral, Hospital Cash Back Plan from Prudential Life.

SIC Life’s SIKA Plan including Star Life Funeral Policy (Ayiemmoa/Abusua Bambo) Airtel Money, Uni Mobile, Obrapa Loan Protection Pollicy, Child care and Fisherman Life Insurance Scheme. Vanguard Life’s approved products included Dignity Assurance Plan.

Indeed, 2015 had the largest number of products approved. Out of the 64 products, six were non-life products

Table l(a). Products Approved in 2015

1

A- Plus Life Assurance

 

Home Going Plan

 

 

2

A- Plus Life Assurance

 

Daakye Pa Plan

 

 

3

A- Plus Life Assurance

 

Da Vie Plan

 

 

4

A- Plus Life Assurance

 

Mortgage with Critical Illness plus Disability

 

5

A- Plus Life Assurance

 

Credit Life with Critical Illness plus Disability

 

6

A- Plus Life Assurance

 

Group Life Policy

 

7

A- Plus Life Assurance

 

Master Endowment Plan

 

 

8

Adamas Life

 

Me Daakye Plan

 

 

9

Adamas Life

 

Okyena Nti

 

 

10

Adamas Life Assurance Co. Ltd

Adamas Credit Life

 

 

11

Adamas Life Assurance Co. Ltd

Adamas Universal Life

 

 

12

Adamas Life Assurance Co. Ltd

Adamas Educational Life

 

 

13

Adamas Life Assurance Co. Ltd

Adamas Funeral Plan

 

 

14

Adamas Life Assurance Co. Ltd

Adamas Term Life

 

 

15

Adamas Life Assurance Co. Ltd

Adamas Group Life

 

 

16

Allianz/SGSSB

 

Card Protection Insurance (CPI)

 

 

17

Allianz/SGSSB

 

Home Insurance Product

 

 

18

ELAC

 

SCB High Earned Funeral Finance Plan

 

19

ELAC

 

High Earned Funeral Finance Plan

 

 

20

ELAC

 

Barclays Life Assurance Plan

 

 

21

ELAC

 

Vodafone Products

 

 

22

Enterprise Insurance Gen

 

Unemployment Protection Policy

 

 

23

Enterprise Insurance Gen

 

Private Motor Vehicle Ins.

 

 

24

Esich Life

 

Platinum School Plan

 

 

25

Glico

 

Mobile Phone Insurance

 

 

26

Glico Life

 

Critical Illness

 

 

27

GNLife CompanyLtd

 

GN Smart Child Plan

 

 

28

GNLife Company Ltd

 

Prestige Passage Plan

 

 

29

GNLife Company Ltd

 

Dehyie Plan

 

 

30

GNLife Company Ltd

 

Sukuu Plan

 

 

31

Met Insurance

 

Barclays Home and Content Insurance

 

32

Provident Life/Ecobank

 

Funeral Expenses Policy

 

 

33

Prudental Life

 

Fidelity Bank Savings Ace. Microinsurance

 

34

Prudential Life Ins. Co. Ltd.

Premier Farewell Plan

 

 

35

Prudential Life Ins. Co. Ltd.

Enhanced Farewell Plan

 

 

36

Prudential Life Ins. Co. Ltd.

BIMA Personal accident policy

 

 

37

Prudential Life Ins. Co. Ltd.

BIMA Hospital Admission policy

 

 

38

Prudential Life Ins. Co. Ltd.

BIMA XTRA Life Ins. Policy/ BIMA Life P~y

 

39

Prudential Life Ins. Co. Ltd.

Loan protection Plan

i

 

40

Prudential Life Ins. Co. Ltd.

Family Protection (Funeral) Plan

41

Saham Life

Universal Life (Sie Bi)

42

Saham Life

Term Assurance (Bo Wo Ho Ban Plan)/ BRA PA

43

Star Assurance Co. Ltd

Microinsurance Product (ENHANCED PERSONAL ACCIDENT).

44

Star Assurance/UniBank

Asset all risk

45

Star Assurance/UniBank

-Burglary

46

Star Assurance/UniBank

Personal Accident

47

Star Assurance/UniBank

Fire

48

Star Assurance/UniBank

Travel

49

Star Assurance/UniBank

Motor

50

STAR Life LTD

ARB-Group Loan Protection Scheme

51

StarLife

Ultimate Protection Plan

52

Starlife

SUSU Link product with Rural Community Bank

53

StarLife Assurance Co. Ltd

Lasting Dignity Funeral Plan

54

StarLife Assurance Co. Ltd

Loving provider Plan

55

Unique Life

Unique Exit Plan

56

VANGUARD ASSURANCE LTD

Hospital Insurance Policy (VHIP)

57

Wapic Insurance Ghana ltd

Private Vehicle Motor Insurance Comprehensive ( Luxury)

58

Wapic Insurance Ghana ltd

Private vehicle Motor Insurance Comprehensive ( Prestige)

59

Wapic Insurance Ghana ltd

Private Vehicle Motor Insurance Third Party

60

Wapic Insurance Ghana ltd

Private Vehicle Motor Insurance Third Party, Fire and Theft

61

Wapic Insurance Ghana ltd

Commercial Vehicle Motor Insurance Comprehensive ( Luxury)

62

Wapic Insurance Ghana ltd

Commercial Vehicle Motor Insurance Comprehensive (Prestige)

63

Wapic Insurance Ghana ltd

Commercial Vehicle Motor Insurance Third Party

64

Wapic Insurance Ghana ltd

Commercial Vehicle Motor Insurance Third Party, Fire and Theft

 

Source: Data from Actuarial Department of the NIC