UMB launches 2 new life insurance products with SIC Life

Ghana's two leading financial services providers, Universal Merchant Bank and SIC Life Limited, launched two new life insurance solutions on Friday, the UMB Education Plan and the UMB Funeral Plan.

This took place in a simple but glamorous ceremony in the bank's boardroom in Accra.

The solution commonly marketed as UMB Bancassurance is underwritten by SIC Life. Bancassurance is a contract between a bank and an insurance company that allows the insurance company to sell its products through the bank's sales and service channels.

The UMB Education Plan ensures that your account balance, when due, is sufficient to cover the educational expenses of the Insured Person or his/her child. It also allows the insured to initially choose the term of the policy and the amount of the premium. An additional feature of this education plan is that the product has a minimum term of 10 years, a maximum term of 20 years, and a maturity age of 60 years.

UMB Funeral Plans provide immediate cash payments to cover funeral expenses for the insured or other named beneficiaries. One of the benefits of a UMB burial plan is that the designated beneficiary receives an up-to-date death benefit upon the insured's death.

Another key innovation is the 15% cash back payout of the total risk premiums for the last 3 years. This means that if the primary insured is alive, he will be paid every 3 years if no claims arise. Commenting on the launch, UMB CEO Nana Dwemoh Benneh said: It is interesting that SIC Life was established in 1962 and UMB was established in 1972 as a state-owned financial institution.

“Throughout SIC’s 60 and 50 year history, we have remained true to this principle and have always been guided by our desire to provide world-class solutions. This is a fortunate opportunity for indigenous Ghanaian companies as they can bring a unique proposition to the market by doing so.”

Kwaku Appiah-Menka II, Managing Director of SIC Life said: Both organizations share a common heritage and perspective. This includes a desire to encourage local ingenuity in manufacturing products that meet the specific needs of the Ghanaian market.

“As you know, due to our status as a country, education and funerals are critical needs of our customers and we are excited to develop a product that will help our customers cover their risks.Today we are pleased to announce our partnership with UMB We will be launching other exciting life insurance products in Ghana, including products that address untapped parts of the market, such as the SME sector. increase."

The occasion was the signing of a symbolic document to renew the partnership.

The UMB Education Plan and UMB Funeral Plan are now available at all his UMB branches across Ghana.