Allianz Nigeria has introduced a new family protection plan to ensure payment of funeral expenses following the loss of an insured loved one.
The company revealed this at an event in Lagos on Friday, noting that it had obtained approval for the product from the National Insurance Commission.
In unveiling the product, Allianz said: “This new product is the result of months of extensive market research into current and potential customer demands in the local market, particularly following the gradual recovery from the global disruption. of COVID-19.
“The economic crisis has highlighted the need for products that ease the financial burden of middle and low income families following tragedy or loss.
“The insurance product will provide protection for the whole family by covering the cost of funeral rites.”
He noted that funeral ceremonies formed an important part of Nigerian culture across ethnicities.
Often, he says, paying last respects to deceased loved ones would place a heavy financial burden on surviving relatives.
“The blanket allows the family to give the deceased a desired and proper burial,” he said.
She explained that the product would allow policyholders and their loved ones to enjoy peace of mind knowing that their financial stability would not be threatened in the event of a claim.
The company said it allows multiple payments and the continuation of the policy after the death of the insured.
With coverage, he explained, the family could continue to pay premiums and remain covered in the event of a future loss.
Allianz Nigeria’s Chief Customer Officer, Patience Ugboajah, said, “At Allianz Nigeria, we are focused on creating simple, intuitive products that solve real problems specific to our market.
“We wanted to offer a very flexible and affordable product for the everyday Nigerian, regardless of income level.
“This funeral insurance is the second product the company has launched in 12 months.”
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