Sanlam Life Insurance Ghana Limited Chief Executive Officer Tawiah Ben Ahmed has launched a robust funeral product dubbed ‘Family Love Plan’ in Accra.
Mr. Ahmed promised to leverage the 100 years’ trustworthy Pan African experience of Sanlam, which has footprints across 33 African countries and counting, to service Ghanaians delightfully. In light of this, the company did a through market research of Ghanaians complaints on funeral products in the market.
The CEO explained that the purpose of the research is to empower generations to be financially confident, secure and prosperous, with a vision of distinguishing Sanlam as the most admired financial service group in Ghana.
He also emphasised that the event is key to Sanlam Life: “Because we will introduce one of our new carefully-designed solutions, coming with a new and robust client-friendly platform aimed at addressing current realities of clients and solving future needs so we can live and go about our business with confidence”.
The Journey to Launch
He pointed out that Sanlam Life conducted an extensive market research to listen to their clients and potential customers. They believe that products should be solutions to customers’ challenges, and therefore they cannot create a product without first appreciating the customers’ needs and realities.
He also revealed that the market research indicated seven points for change they received from clients who had earlier bought their funeral product, so they were challenged in providing solutions to the needs of customers – which gave birth to the product ‘Family Love Plan’.
Key Benefits and Features of the New Product
Family Love provide answers and solutions to all the questions and feedback from our market research. The product has three distinct packages, but with no differentiation in the amount of cover a customer can purchase.
The three Family Love Plan packages include: Inclusive Love, Classic Love and Prestige Love.
The product is designed to empower families to show love to their loved ones when it matters most. The Family Love Plan gives six benefits under Inclusive Love package, twelve benefits under Classic Love package and fourteen benefits under Prestige Love package. The package you select determines the benefits you receive and the cost of benefits (premium). The product has no optional benefits to choose. You get all the benefits under the package you select.
The following benefits are provided under the Inclusive Love package:
- Natural death benefits (funeral cover)
- Accident benefit (funeral cover)
- Cash back benefits every three years irrespective of claim
- Premium payment limited to fifteen 15 years while customer enjoys cover for all lives insured for life
- Premium payment waived in the event of death of main life premium payer
- Benefit increases annually by a minimum of 7.5%
With the Classic Love package, the customer receives six more benefits in addition to the Inclusive Love package benefits made up of the following:
- 10% of selected cover amount as repatriation benefit
- 30% of selected cover amount as one-week celebration benefit
- Premium payment waived in the event of permanent total disability either through accident or illness in respect of main life as premium payer
- Premium payment waived for three months in the event of retrenchment of the main life as premium payer
- Double accident death benefit (2 times cover amount paid)
- Six monthly income benefit of GH¢500 per month irrespective of your cover amount.
The Prestige Love package gives all the benefits under Inclusive Love and Classic Love packages, and in addition two more benefits made up of the following:
- 50% of the funeral cover amount as first anniversary celebration benefit
- Two months of no premium payment in every year (January and September).