Stanbic IBTC Insurance Limited, a subsidiary of Stanbic IBTC Holdings PLC, has introduced a game-changing insurance product known as the Sunset Benefit Plan. This innovative offering is poised to revolutionise the insurance industry by providing policyholders with comprehensive funeral expenses coverage and invaluable financial security during times of bereavement or the loss of a loved one.
Akinjide Orimolade, the Chief Executive of Stanbic IBTC Insurance Limited, underscored the significance of the Sunset Benefit Plan in the realm of financial planning. Orimolade said, “Having comprehensive funeral expenses coverage is a pivotal aspect of prudent financial planning, ensuring that individuals are not caught unprepared when the unexpected occurs. With the Sunset Benefit Plan, we are delighted to introduce an insurance product that alleviates the financial burden associated with the passing of a loved one. Its flexibility and customization options enable individuals to tailor their coverage to suit their unique financial circumstances.”
The Sunset Benefit Plan boasts an extensive array of benefits, making it an all-encompassing solution for funeral expenses. It extends its coverage to policyholders and their immediate family members, including spouses and parents or parents-in-law, who are up to 75 years old at the policy’s inception. Additional loved ones can also be added to the plan through supplementary premium payments, ensuring a personalized and inclusive experience.
One remarkable feature of the plan is its premium payment flexibility. Policyholders can opt to pay premiums within a five-year period or continue paying until they reach the age of 70, particularly advantageous for those who take up the policy after turning 65.
Titi Ogungbesan, the Executive Director of Business Development at Stanbic IBTC Insurance Limited, highlighted the plan’s supplementary benefits, encompassing interment, grocery, catering, childcare, and a unique cashback feature. The cashback component allows policyholders to receive a refund equivalent to 12-month premiums every five years, provided their premiums remain current, and no claims have been filed.
The Sunset Benefit Plan further enables policyholders to select the benefit payable upon the unfortunate event of a covered loved one’s passing. Additionally, it offers a waiver of premiums in the event of the policyholder’s demise before the other beneficiaries, contingent upon consistent premium payments for 12 months prior to death. In this case, the benefit will be paid to the covered loved ones, aligning perfectly with Stanbic IBTC Insurance Limited’s mission to empower individuals to secure their future through innovative risk management solutions that facilitate wealth creation, protection, and preservation.
As a leading insurance provider in Nigeria, Stanbic IBTC Insurance Limited is dedicated to delivering cutting-edge and comprehensive insurance products that safeguard individuals’ financial futures. The company, backed by the formidable Stanbic IBTC Holdings PLC, has established a reputation for offering top-tier insurance solutions and empowering clients to achieve their life goals.
The Sunset Benefit Plan is now available to individuals seeking financial security and peace of mind during life’s most challenging moments. With Stanbic IBTC Insurance Limited’s well-regarded track record in financial services and expedient claims management, policyholders can rest assured that they are in capable hands, ensuring they are fully protected in times of need.