Old Mutual Ghana, one of the leading players in the insurance and pensions industry in Ghana has introduced a new product, the ‘Transition Plus Plan!’.
The Transition Plus Plan is a product designed to help cater with the cost associated with a funeral if any named life assured/protected person passes away.
The plan pays a lump sum on the death of the policy owner or selected spouse, child(ren), parents and/or parents-in-law.
The plan has the following exciting key benefits:
- Short premium paying term, cover for life
- Low premiums and High Sums Assured,
- Cover up to age 80,
- Cashback every three years on all in force policies.
The first thrilling feature is the fact that, premiums are paid for a maximum of 15 years, but the policyholder as well as all the selected dependents enjoy cover for the whole of their lives even after payments cease.
The other exciting feature about this product is that it pays cash back every 3 years. This means, if the policy is still in force after every third year, the policyholder gets 10% of premiums paid. This feature is applicable even when a claim has already been made on the policy.
The maximum age of cover for parents and parents in law has now been extended to 80 years. The Transition plus plan offers relatively low premiums, and customers have the flexibility of choosing from a sum assured range of between GHs 5,000 to and GHs 70,000.
In order to ease the stresses associated with funerals, the product aims to process and pay claims within 48 hours of filing the claim provided all necessary documentation is submitted.
CEO of Mutual Ghana, Tavona Biza, assured that the product addresses a vital insurance need; ‘This product, apart from its very exciting and unique features, also serves to help close the insurance penetration gap we have as a country.’
‘This year marks Old Mutual’s 175th birthday. We have been a solid partner to all our customers for the 175 years of our existence and will continue to be, into the future.’ ‘With a strong heritage of being in existence for 175 years, you can expect Old Mutual to come through the covid-19 pandemic stronger than ever.’
‘As a proactive company that champions the ever-changing needs of their customers, this product is as a result of great customer insights, feedback and research. ‘‘At Old Mutual we pride ourselves on being a certain friend in uncertain times and this pledge remains unchanged’. He concluded.
This product adds to the already impressive array of insurance, pensions and investment plans available to the Ghanaian public.