Universal Merchant Bank and SIC Life Limited last week launched two new life insurance solutions, namely the UMB Education Plan and UMB Funeral plan at a u ceremony in the bank’s boardroom in Accra.
The solutions will be marketed to the public as UMB Bancassurance and underwritten by SIC Life. Bancassurance arrangements between a bank and an insurance company allows the insurance company to sell its products through the bank’s distribution and service channels.
The UMB Educational Plan ensures that the account value at maturity is substantial enough to meet educational expenses of the assured, or that of their children. It also gives room for the assured to select at inception the terms of the policy and the premium amount. An added feature of this educational plan is that the minimum term of this product is 10 years, with the maximum term being 20 years subject to a maturity age of 60 years.
The UMB Funeral Plan is designed to provide immediate cash pay out to meet funeral expenses of the assured or any other designated beneficiaries. Benefits of the UMB Funeral Plan include nominated beneficiaries being paid the updated death benefits upon death of the assured. Another key innovation is a cash-back payment of 15% of the total last three years’ risk premiums – paid every three years when no claims are made subject to the primary assured being alive.
Speaking at the launch, the CEO of UMB Nana Dwemoh Benneh noted: “The launching of these new products marks another milestone for our two indigenous brands. It is interesting to note that SIC Life was founded in 1962 and UMB was founded in 1972, both as state policy financial institutions to ensure that Ghanaians seize the commanding heights of this economy. Throughout SIC’s 60 years of existence and UMB 50 years of existence, we have stayed true to this principle – guided at all times by our aspiration to ensure we provide world-class solutions. This is thus a happy occasion for indigenous Ghanaian enterprise, as two leading Ghanaian brands are able to come together and offer a unique proposition to the market”.
The CEO of SIC Life Mr. Kweku Appiah Menka, in his speech said: “SIC Life is very proud and happy with its UMB partnership. Both organisations have a shared heritage and outlook. This includes a desire to promote home-grown ingenuity in crafting products that meet the Ghanaian market’s peculiar needs. As we all know, due to our profile as a nation, education and funerals are critical needs for our customers; and we are happy to develop a product that enables our customers to provide for risk. Today is a first step as we reinvigorate our partnership with UMB. We intend to roll out other exciting life products to Ghana, including products that provide for unserved parts of the markets; for example, the SME sector”.
The products are now available at all UMB branches across Ghana, or online through the UMB sales centre at 0800100880.
The occasion was marked by signing a symbolic instrument to signify the partnership’s renewal.
