Allianz Nigeria has introduced a new family protection plan to provide payment for funeral expenses following the loss of an insured loved one.
The firm disclosed this during an event in Lagos on Friday, noting that it had secured approval for the product from the National Insurance Commission.
Unveiling the product, Allianz said, “This new product is the outcome of months of extensive market research into current and prospective customer demands in the local market, especially in the wake of gradual recovery from the global disruption of COVID-19.
“The economic meltdown has highlighted the need for products that lighten the financial burden of middle and low-income families, following tragedy or loss.
“The insurance product will offer protection to the entire family by covering the cost of funeral rites.”
It noted that burial ceremonies formed an important part of the Nigerian culture across ethnicities.
Often, it said, paying the last respect to loved ones that had passed on would impose a heavy financial burden upon the surviving relatives.
“The cover enables the family to give the departed a desired and befitting burial,” it said.
It explained that the product would enable the assured and their loved ones to enjoy peace of mind knowing their financial stability would not be threatened in the event of a loss.
The firm said it allowed multiple payouts and the continuation of the policy after the demise of the policyholder.
With the cover, it explained, the family could continue the premium payments and stay covered in the event of future loss.
The Chief Customer Officer, Allianz Nigeria, Patience Ugboajah, said, “At Allianz Nigeria, we are focused on creating simple intuitive products that solve real problems that are unique to our market.
“We wanted to provide a very flexible product that is affordable to the everyday Nigerian, regardless of their income level.
“This funeral insurance is the second product the company has launched in 12 months.”
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