UMB-SIC launch life insurance solutions

Universal Merchant Bank and SIC Life Limited have launched two new life insurance solutions, namely the UMB Education Plan and UMB Funeral plan.

Bancassurance arrangements between a bank and an insurance company allows the insurance company to sell its products through the bank’s distribution and service channels and these solutions will be marketed to the public as UMB Bancassurance and underwritten by SIC Life.

The UMB Educational Plan will ensure that account value at maturity is substantial enough to meet educational expenses of the assured, or that of their children while making it possible for the assured to select at inception the terms of the policy and the premium amount.

The minimum term of the educational plan product is 10 years, with the maximum term being 20 years subject to a maturity age of 60.

However, the UMB Funeral Plan will provide immediate cash pay out to meet funeral expenses of the assured or any other designated beneficiaries.

The scheme also rolls out a cash-back payment of 15% of the total last three years’ risk premiums hence, paying every three years when no claims are made subject to the primary assured being alive.

CEO of UMB, Nana Dwemoh Benneh added, “The launching 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 UMB 50 years of existence, we have stayed true to this principle – guided at all times by our aspiration to ensure 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 and offer a unique proposition to the market”.

Also, the CEO of SIC Life, Kweku Appiah Menka, say “SIC Life is very proud and happy with its UMB partnership. Both organisations have a shared heritage and outlook.  This includes a desire to promote home-grown ingenuity in crafting products that meet the Ghanaian market’s peculiar needs. 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 to 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, the SME sector”.

However, all products are available at UMB branches across Ghana or through online UMB sales centre.