FBN Life woos public with free cover

Ojumah

 

 

Chuks Udo Okonta

First Bank of Nigeria Life Assurance Limited and its partner Airtel Nigeria are wooing the insurance public with free cover through their Padi4Life product, Inspen can report.

According to a text message sent by the telecoms company, the public were offered the privilege to enjoy seven day free insurance cover worth N500, 000.

The public were enjoined to complete their profile by sending their names to a code 45433001.Thereafter, subscribers are asked to send their birth details and name and phone number of their next of kin.

Having completed the process, the subscriber would be sent a message that read thus: “Thank you for subscribing to Padi4Life insurance scheme. You are now insured for a Life cover benefit of N500, 000 upon death or permanent disability at N20 per day. To unsubscribe text ‘STOP’ to 45433. To get claims text claim to 45433.

The Managing Director of the company, Val Ojumah, said Padi4life is a life protection plan available to only registered Airtel subscribers upon payment of a daily premium of N20.

According to him, it provides all Airtel subscribers the opportunity to take daily insurance cover for death and permanent disability to the tune of N500,000 for each Airtel line at the subject to a maximum of two lines.

He emphasised that the plan covers the life assured in the event of death and total permanent disability arising from both natural and accidental causes.

Ojumah added that the minimum entry age for the life insurance plan is 18 years while the maximum age to enjoy death and total permanent disability benefit is 70 years; thereafter a member shall only be insured for death benefit.

Under the life assurance plan, suicide or suicide attempts, intentionally self-inflicted injury or illness wars and related activities as well as any intentional contravention of criminal laws by anyone acting on behalf of the scheme member with his permission or knowledge are not covered.

Ojumah further stated that FBN Life intends to efficiently deploy inexpensive and simple insurance protection products across channels and market segments in line with its vision of building the biggest retail insurance business in the country.

FBN Life is pursuing strategic opportunities in partnership with other financial service businesses and mobile network operators on key initiatives to increase penetration and distribution of our products.

We designed this product in partnership with Airtel Nigeria for exclusive distribution to registered subscribers on the network. It is worthy of mention that FBN Life is the first insurance company in Nigeria to embark on this innovative and revolutionary method of selling life insurance protection.

And supported strongly by our ownership strength of FBN Holdings Plc and the Sanlam Group of South Africa whose combined wealth of experience and expansive network places us at an advantage to lead our industry with consumer friendly and affordable insurance products, Ojumah said.