Sam Donkor, General Manager-Virtual and Transactional, UMB, has described two new products launched recently by Universal Merchant Bank and SIC Life Limited as among the best so far to have happened in the country’s Banking and Insurance sector.
According to Donkor, the two products – Educational and Funeral plans – are very juicy and any family can pick them for their children’s education and any necessary funeral solutions. The solutions will pay a cash-back of up to 15% for every year that a claim is not made by the policyholder. He also stated that premiums are very affordable and promise the highest sum assured in the market.
Sam Donkor, who is a lawyer and digital banker, stated that unlike others UBM products can be bought via any of UMB’s virtual and digital platforms via the bank’s speedup and speedpay – making it the first bank to uniquely distribute bank assurance in a very easy, seamless manner.
He also pointed out that the educational plan ensures the account value at maturity is substantial enough for educational expenses of the assured and those of the children. He also stated that a key feature of the product is that the educational plan has a term of ten years, with the maximum term being twenty years subject to a maturity age of 60 years.
The funeral plan, on the other hand, is designed to provide immediate cash pay-out to cover funeral expenses of the assured – or any other designated beneficiaries. He described benefits of the funeral plan as including Nominated Beneficiaries being paid updated death benefits upon death of the assured.
According to him, SIC Life and UMB were founded in 1962 and 1972 respectively as state policy financial institutions to ensure Ghanaians seized the commanding heights of the economy. Throughout SIC’s 60 years and UMB’s 50 years of existence, both companies have lived up to these principles at all times to guide their aspirations and ensure they provide world-class solutions.
Mr. Kwaku Appiah Menkah, CEO-SIC Life, indicated that his company is very proud and happy with the partnership; stating that both organisations have shared heritages and outlooks which include a desire to promote home-grown ingenuity in crafting products that meet peculiar needs of the Ghanaian Market.
The CEO also revealed that due to the country’s profile as a nation, education and funerals are critical needs for their customers. “We are happy to develop a product that enables our customers to provide for risk.
“We intend to hold out more exciting life products to Ghana, including products that provide for unserved parts of the markets – for instance, the SMS sector.”