By Cynthia Alo

Allianz Nigeria has introduced a family protection plan that will provide a payout to cover funeral expenses following the loss of a loved one.

According to the company, the product will offer protection to the entire family by covering the cost of funeral rites.

Speaking during the product launch in Lagos, Chief Executive Officer, Allianz Nigeria, Mrs. Adeolu Adewunmi-Zer stated that the new product is as a result of extensive market research into current and prospective customer demands in the local market, especially in the wake of gradual recovery from the global disruption of Covid-19.

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She said: “The economic meltdown has highlighted the need for products that lighten the financial burden of middle and low-income families, following tragedy or loss. Our goal is to actively seek feedback on a rolling basis from our customers and the market at large and continuously use the feedback to create value for the customer and all stakeholders.’

Chief Customer Officer of the company, Patience Ugboajah noted that the plan allows multiple payouts and the continuation of the policy after the demise of the policyholder.

“The family can continue the premium payments and stay covered in the event of future loss. The insurance product will offer protection to the entire family by covering the cost of funeral rites. Burial ceremonies form an important part of the Nigerian culture across ethnicities.

“Often, paying the last respect to loved ones that have passed on will impose a heavy financial burden upon the surviving 

relatives. The cover enables the family to give the departed a desired and befitting burial. It is a simple product that enables the assured and their loved ones to enjoy peace of mind knowing their financial stability will not be threatened in the event of a loss.

“The customer is free to choose the payment frequency (monthly, quarterly, annually, or single premium) of a lumped premium of N300,000 or N5,000,000 as maximum for all the covered family members.”