The product was designed to allow an insured customer and their child /children to enjoy life insurance cover during the term of the policy and an additional accidental injury cover for the child.
Speaking at the launch event, Chief Executive Officer of Allianz Life Insurance Ghana, Gideon Ataraire stated that, with the right Insurance policy, parents would have the means to cater for their children’s education, even after their passing.
He said; “People often confuse insurance and savings. Every individual may have investment or savings or even retirement needs. They usually take care of all of these, forgetting that they have to protect their savings or investments. And you protect these things by buying insurance so that in the event that something happens, you don’t take money from your savings or investment, but allow insurance to take care of it.”
Jane Kitome, Chief Retail and Marketing Officer at Allianz, who explained the product features, said that it covers children from ages 1 to 25 with the maximum number of children allowed on each policy being 4.
She further added that the monthly premium ranges from a minimum of GH¢50 to a maximum of GH¢5,000. The policyholder can add onto the policy additional children after start of the policy until the four slots are exhausted.
This plan also ensures that a death benefit is paid to beneficiaries in the sad event of the loss of life of the policyholder. This is paid in addition to 100% the accumulated savings funds.
In the case of an accidental death benefit, twice the sum assured will be paid in the event that the policy holder dies through a vehicular accident, before the policy matures.
For temporary disability benefit, she explained that upon becoming temporarily disabled, Allianz Life will pay the insurance premiums to run your cover for six months and in case of permanent disability; Allianz Life will pay 100% of the death sum assured plus the accumulated fund value.
In the unfortunate event where the child passes away, 50% of the sum assured is paid to the policyholder.
However in the case of accidental injury of the named child, an accidental injury benfit up to a value of GH¢1,000 will be paid to the named children. This benefit expires once the GH¢1,000 is exhausted.
Another benefit worthy to note is a ‘no claims’ benefit, where policyholder is paid cashback of 15% of their total insurance premium contribution after two years. Upon the policy’s maturity, the accumulated fund value of the policy will be paid back to the policyholder.
The media launch of the product, which was held at the Company’s Head Office was also attended by the Deputy Commissioner of the National Insurance Commission, Mr. Michael Andoh, who congratulated Allianz Life Ghana on the introduction of the Allianz Eduflex plan.
Also present at the event were the CEO of Allianz Insurance, Darlington Munhuwani as well as some Executive Management members of both companies.