AIICO Insurance Plc has said that as part of its determination to make workers retire with peace of mind and enjoy comfortable life after retirement, it has enhanced the benefits of its annuity plan.
According to a statement by the company’s Managing Director, David Sobanjo, on Friday in Lagos, Aiico Annuity Plan now provides a unique opportunity for workers to earn a guaranteed regular income for life and still provides for a lump sum benefit after death
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Sobanjo pointed out that prospective policyholders would not require any medical examination before being allowed to join the scheme.
While allaying the fears in the minds of most workers that their savings might not be enough to cater for their needs at retirement, he said, “Aiico Annuity Plan offers an income the holder cannot outlive, no matter what happens in the future.”
He explained that the plan, through its innovative features and flexibility, would offer policyholders the right choice from a variety of options to meet their peculiar needs.
The Aiico Insurance boss stressed that the annuity plan would allow policyholders to save towards a deferred income, adding that “it is an avenue for the newly-retired employees or self-employed individuals to convert lump sum deposits to immediate annuity.”
In the event that a policyholder, who has been saving towards deferred annuity wishes to discontinue with the contract, he said, “Such a policyholder is free do so provided the person has been contributing to the scheme for, at least, a period of one year.”
Aiico Annuity Plan also provides life assurance cover for the policyholder, as well as promises of paying death benefits to the dependents of the policyholder, should death occur during deferment.
In case of a permanent disability and incapacitation of the policyholder or involvement in some special occupations, he said such people were at liberty to request that annuity should start earlier than scheduled.
The statement described Aiico Insurance as the largest and most established life insurance company in Nigeria. “As a credible insurer, the company has consistently been discharging its duties to the policyholders in the area of claims payment in keeping faith with its promise to pay all genuine claims promptly,” it added.
Aiico Insurance said it paid claims totalling N2.44bn between January and August 2011, as against N1.4bn claims paid during the same or corresponding period in 2010.
The Aiico Insurance boss explained that of the total claims of N2.44bn paid during the eight-month period in 2011, over N1.19bn was paid as claims under general insurance business, while the life insurance business accounted for N1.25bn claims.
Sobanjo has also been assuring clients and other stakeholders that the underwriting company was being reengineered for better service and more innovative products, which will better meet the needs of the insuring public and endear insurance to them
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