Life policy: AXA to fully refund surviving policyholders

 11th April 2024

AXA Mansard, a member of AXA, has launched a new life insurance product, Endowment Plan, which will pay policyholders 100 per cent of their sum insured at the end of the tenure if the policyholder is still alive.

Also, the underwriter assured of payment of any unfortunate demise of the policyholder before the end of the tenure, the company will pay the beneficiary of the policy the sum insured.

At a Media brief in Lagos, the company says this innovative product was in response to the need of the insuring public rather than just pushing its existing products. “The product seeks to demonstrate that life insurance is not just about death benefits, which the policyholder wouldn’t witness, but about living a quality life when alive”, Kunle Ahmed, Chief Executive Officer, AXA Mansard Insurance noted.

According to Kunle Ahmed, the new endowment policy is another demonstration of the company’s mission of moving from being a payer to a partner. He said that the company believes that as a progressive partner, which addresses the different needs of the segments it serves and that this particular product addresses the needs of customers who want to enjoy the benefits of their life insurance coverage while still alive.

Ahmed revealed 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 can save towards their cherished dreams.

“While they save, they also get investment benefits because, at the end of the tenure, the sum insured is paid back 100 per cent with some interest. And if death or disabilities arise in the cause of this savings, the named beneficiary of the policyholder also gets the sum insured paid out.

“So there is no need to worry about having an investment but no life insurance or having life insurance they cannot benefit from until death or permanent disabilities arise. Our Endowment plans are here to bridge that gap”.

He added that with this product, one can save towards a future goal such as personal or children’s education, real estate acquisitions, or any other dream goal. And if life happens before the end of one’s preferred tenure, the beneficiary of one’s policy gets paid the full sum insured. “If you’re alive at the end of your tenure, you’re paid your sum insured with some interest, and you can go ahead to realize your dream. That is what a partner does, and that’s why we have developed this product,” Ahmed explained. 

Also on the product, Abisola Nwoboshi, Head of Life Business, AXA Mansard, said the products were designed with customers in mind, noting that customers can choose a plan that is most convenient and suitable for their needs and financial comfort.

She said, “There are two variants of this product that give our customers a lot of flexibility. Depending on the investment plan, a customer can choose the regular endowment plan, where she can get paid the full sum assured at the end of the tenure, or opt for the anticipated endowment option, where the customer can cash out 20%, 30%, and 50% respectively over the tenure of the policy.

“It all depends on what your investment goals are. And in case of death or permanent disabilities, the named beneficiary of the policy holder gets the full sum assured”.

She added that the product also offers contribution flexibility, explaining that customers can choose different options, ranging from a one-off contribution to a monthly or yearly contribution.

SOURCE:THE SUN

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