Underwriter promises rebate on life insurance cover

AXA Mansard Insurance has revealed plans to pay back 100 per cent of the sum insured to policyholders at the end of tenure if the policyholder is still alive.

The underwriter said under the new life insurance product launched, called: “Endowment Plan” the company will pay back the beneficiary of the policy the sum insured.

According to the insurer, at a press briefing in Lagos, the innovative product was in response to the need of the insuring public rather than just pushing for existing products.

Speaking on the new life policy at a meeting, Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said, that life insurance is not just about death benefits, which the policyholders have not witnessed, but about living a quality life when alive,”

According to Ahmed, the new endowment policy is another demonstration of the insurer's mission of moving from being a payer to a partner.

He said that the company believes that as a progressive partner, it addresses the different needs of the segments it serves and that this particular policy addresses the needs of customers who want to enjoy the benefits of their life insurance coverage while still alive.

Ahmed explained that the product is three in one, which offers the benefits of saving, investing, and life insurance coverage in one product for the same price. With this product, he affirmed that its customers could save towards their cherished dreams.

He added that the product also offers contribution flexibility, explaining that customers can choose different options, ranging from a oneoff contribution to a monthly or yearly contribution.