Two leaders in Ghanaian financial services, Universal Merchant Bank and SIC Life Insurance LTD on Friday, 27th January, 2023 launched two new life insurance solutions, namely the UMB Education Plan and the UMB Funeral plan.
This was done in a short but colourful ceremony in the Bank’s boardroom in Accra.
The solutions being marketed to the public as UMB Bancassurance is, underwritten by SIC Life. Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products through the Bank’s distribution and service channels.
The UMB Educational Plan ensures that the account value at maturity is substantial enough to meet educational expenses of the assured or that of their children. It also gives room for the assured to select at inception the term of the policy and the premium amount. An added feature of this educational plan is that the minimum term of this product is 10 years, with the maximum term being 20 years subject to maturity age of 60 years.
The UMB Funeral Plan is designed to provide immediate cash payout to meet funeral expenses of the assured, or any other designated beneficiaries. Benefits of the UMB Funeral Plan include nominated beneficiaries being paid the updated death benefits upon the death of the assured.
Another key innovation is a cash-back payment of 15% of the total of the last three years’ risk premiums, paid every three years when no claims are made subject to the primary assured being alive.
Speaking at the launch, the Chief Executive Officer of UMB, Nana Dwemoh Benneh noted, “The launch of these new products marks another milestone for our two indigenous brands. It is interesting to note that SIC Life was founded in 1962, and UMB was founded in 1972 both as state policy financial institutions, to ensure that Ghanaians seize the commanding heights of this economy.
“Throughout SIC’s 60 years of existence and our 50 years of existence, we have stayed true to this principle, guided at all times by our aspiration to ensure that we provide world-class solutions. This is thus a happy occasion for indigenous Ghanaian enterprise as two leading Ghanaian brands are able to come together to offer a unique proposition to the market”.
For his part, Managing Director of SIC Life Kwaku Appiah-Menka II said “SIC Life is very proud, and happy with its partnership with UMB. Both organizations have a shared heritage and outlook. This includes a desire to promote homegrown ingenuity in crafting products that meet the peculiar needs of the Ghanaian market.
“As we all know, due to our profile as a nation, education and funerals are critical needs for our customers and we are happy to develop a product that enables our customers provide for risk. Today is a first step as we reinvigorate our partnership with UMB. We intend to roll out other exciting life products to Ghana, including products that provide for unserved parts of the markets, for example, SME sector”.
The occasion was marked by the signing of a symbolic instrument to signify the renewal of the partnership.
The UMB Education Plan and the UMB Funeral plan are now available in all UMB branches across Ghana.