…pays GH¢1.2m as claims in 4 years
Enterprise Life Insurance Company, a member of the Enterprise Group, relaunched an Enhanced Akwantupa Policy in Accra last week.
Enterprise Life is a leading life insurance underwriting company in Ghana today, and is noted for its innovative way of product development.
According to Jackie Benyi – Managing Director of Enterprise Life, the Enhanced Akwantupa Policy is an improved version of the Akwantupa Policy (a life policy that allows Ghanaians living abroad to cover their family members in Ghana and pays out a sum assured upon the demise of their covered family member). She also stated that GH¢.2m has been paid as claims in the past four years.
It has a minimum term of 15 years and comes with a 100% risk premium refund or premium waiver at the end of the term. This Enhanced product was developed after a successful market survey of the initial package in 2016.
How the enhanced Akwantupa product works
This product works by paying monthly, quarterly, bi-annual or annual premiums, a policy holder (Ghanaian living abroad) can receive up to GH¢70,000 upon the demise of a covered family member to pay for funeral expenses without the usual stress that comes with funeral planning and financing.
However, at the end time of claiming, the benefit amount can be converted into funeral services from Enterprise Transition at the claimant’s request.
More importantly, she explained further that the new product has some mouthwatering features which prospects may admire. These features are: for a Minimum term of 15 years, get up to GH¢70,000 immediate claim benefit to pay for funeral expenses, accidental death cover (No waiting period for accidental death).
Additionally, there is 100% risk premium refund (premium refund guaranteed) or premium waiver. There is also a death waiver (policy continues even when policy holder is no more). The policy can be assigned as collateral for a loan, in addition to a 5% annual cash-back and 10% surrender value.
Kofi Andoh, Deputy Commissioner-National Insurance Commission (NIC) speaking as a special guest at the occasion, recommended Enterprise Life as one of the most innovative and professional life underwriting companies the regulator can recommend to Ghanaians insurance buyers.
However, he pointed out that NIC’s doors are open for life insurance policy holders to approach the regulator if challenges arise for redress. Present at the launching were the Group Deputy Chief Executive Officer and Chief Finance Officer, Larbie Teiku and Mick Tyson respectively.