FBN Life Assurance Limited in partnership with First Bank of Nigeria Limited has introduced ‘The First Family Shield’ cover in its bid to give families flexible plans to cushion effects of life’s uncertainties.
The cover is an offshoot of the firm’s Bancassurance products initiative designed to cater to a wider segment of the society.
FBN Life’s Managing Director/Chief Executive Officer, Val Ojumah, said: “The First Family Shield comes in multiple variants designed to provide protection to families in need.
“This policy and its variants have been structured to provide succour for majority of Nigerians who are exposed daily to the uncertainties of life.
“They come in Classic, Premium, Silver and Gold Variants.”
According to Ojumah, the product is in consonance with the underwriting firm’s commitment to deepen market penetration by providing low cost insurance products through multiple distribution channels that would benefit the mass market in Nigeria.
He explained that the product, which takes care of the negative effects of premature death through illness and accidents also pays certain benefits for permanent disability.
The policy is convenient, accessible and available in all the branches of First Bank Nationwide.
“The First Family Shield has been designed to offer that financial security that would give the insured peace of mind to go about his daily activities without fear, and at the same time enable his family continue their life should the unexpected happen,” Ojumah said.
Premium on the policy is N2,000, N4,500, N7,000 and N9,500 annually for Classic, Premium, Silver, and Gold variants respectively, while benefits cover amounts to N250,000, N500,000, N750,000 N1,000,000 respectively.
FBN Life Assurance is a limited liability company licensed to transact life assurance businesses in Nigeria.
The Company is jointly owned by FBN Holdings plc (65 per cent) and the Sanlam Group, one of the largest financial institutions in South Africa (35 per cent) and it officially commenced operations on September 1, 2010.
Drawing from the knowledge and experience of its owners, the company is pioneering various initiatives aimed at bringing the benefits of insurance closer to the people and ensuring the public are aware of how insurance can help to change their lives for the better.
FBN Life is also playing a significant role in the development of the insurance industry in Nigeria through product innovation, efficient service delivery and prompt claims settlement.
