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Business News of Saturday, 9 November 2019

Source: www.ghanaiantimes.com

Prudential Life Insurance Ghana launches new 'PruWealth' product

Prudential Life Insurance Ghana (PLIG) has launched ‘PruWealth’, a new insurance policy aimed at providing death and total permanent disability benefits to Ghanaians.

The ‘PruWealth’ Plan policy would also provide both investment and protection for the policyholder.

The Chief Strategy Officer of PLIG, Jane Mingle, said with a minimum cover of GHc100,000 there was an option to include an inflation protector tailored to the preferred lump sum pay-out of the customer over their term of investment.

She said the policy guarantees 100 percent reimbursement of all premiums paid plus interest, if the policyholder outlives the term of policy without making a claim which includes free insurance cover for an additional five years.

“In an unfortunate event of a permanent disability or worst case, death, the ‘PruWealth’ plan pays the total sum assured upfront, waives all premium payments for the remainder of the policy term and pays the sum assured again on maturity policy,” she added.

She further explained that, the policy would pay 10 percent of the value of the sum annually through the end of the policy term.

The Board Chair of PLIG, Prof. Agyeman Badu Akosa, said it was not uncommon to see people dying before the retirement age of 60 hence the need to insure one’s life in order to plan for the future.

He was of the view that it was time insurance companies looked at the age limits of their insurance policies to as to enable persons beyond the age of 60 to enroll on the policy.

According to Prof. Akosa, insurance policies were genuine unlike in the past because it was now regulated by the National Insurance Company (NIC).

He advised PLIG to ensure that claims were paid on time while urging Ghanaians especially the youth to plan and secure their future.

Head of Actuarial Unit at NIC, Albert Dagadu said there were numerous opportunities in the insurance sector that insurance companies could venture into.

He said it was therefore important for insurance companies to be innovative while ensuring that policyholders were protected.