Donewell Life Insurance Company, a fast-growing life underwriting company, has launched a new product – Donwell Life Protection Plan (DLPP) – at its corporate head office in Cantonments last week.
This product has been designed to meet the demands of prospects and policyholders in the life insurance market. It has come at a time when policyholders are eager to make withdrawals on their policies while they are healthy to move around.
The DLPP is a term product that provides for the loss in family earnings upon death of the policyholder. It also provides for lifestyle protection in event of the policyholder contracting a critical illness or becoming disabled during the cover term.
Speaking at the launch, Eric Atto Botchwey, Managing Director-Donewell Life, said he is excited over the new product – pointing out that the company’s objective this year and going forward is to improve its product mix and profitability.
“Our current product mix is tilted largely toward investment policies with Royal Funeral Plan being the risk retail product; we believe that the DLPP as a risk product will correct the product imbalance in the system.
“Today, we are introducing this new risk product that is expected to balance the mix, capture new customers and increase our file size.”
The Donewell Life Protection Plan (DLPP) covers Death, Critical Illness, Total Permanent Disabilities, Maternity Complication (Optional), Female Related Illness (Optional), Hospitalisation and Cashback (Optional).
Minimum sum assured of this product is GH¢10,000 while the maximum is GH¢100,000 with minimum term duration of 10 years and maximum 40 years.
A cashback benefit is embedded in this product; this benefit will return a percentage of premiums paid (excluding policy fee) every 5 years if the policy is in force, no claims have been paid excluding hospitalisation claims and all premiums have been paid up to date.