Etisalat Nigeria has partnered with FBN Insurance Limited to launch of ‘Sure4Life”, an airtime-based insurance product designed to increase penetration and consumer access to affordable insurance products via the mobile telephone.
Sure4Life is expected to help drive availability and accessibility to a vast portion of the uninsured Nigerian population and will provide Etisalat customers with one month free life insurance cover between May and July 2014.
The partnership is expected to bring inexpensive and easy to reach insurance products to the benefit of Etisalat’s growing prepaid and post-paid customers and is optional and open to all registered Etisalat subscribers between ages 18 and 80 years.
The plan will have a monthly insurance premium of N100 monthly and will benefit Etisalat subscribers with N100, 000 payable to the beneficiary in case of demise of the policy holder and a maximum of N10, 000 for medical expenses in the event of an accident. The plan states that death benefit per any one life shall be limited to NGN200, 000 to a max of two registered Etisalat numbers whereas the medical expenses benefit per any one life are limited to NGN20, 000 to a max of two Etisalat registered numbers.
Val Ojumah, Managing Director and Chief Executive Officer FBN Insurance said the plan changes the notion that insurance is only for the rich and will also reduce the complexities and paperwork associated with insurance.
“We are proud of our increasing contributions to the growth and development of the insurance industry in Nigeria and assure all stakeholders of our continuous efforts to bring the latest innovations in the business for the benefit of the Nigerian populace. We believe in the strength and sustainability of the telecommunications approach to the insurance business and our ambitions are focused on working together to further enhance the growth and improvements over the coming years”, Ojumah said.