Allianz Nigeria To Cover Funeral Expenses With New Family Protection Product

By LOVETH AZODO, Lagos

The Management of Allianz Nigeria has said that the underwriting firm will now cover funeral expenses of its policy holders and their loved ones with its new family protection product.

The Chief Executive Officer (CEO) Adeolu Adewumi-Zer announced this at the launch of the product held over the weekend in Lagos.

According to her, the New product which has been approved by the National Insurance Commission will provide a financial cushion against unexpected funeral expenses and offer flexible plans that cater to customers across all income classes.

She explained that premium on the product ranges from minimum sum assured of N300,000 to maximum of N5 million, while minimum and maximum entry age is 18 and 60 respectively.

She added that the product will offer protection to the entire family by covering the cost of funeral rites, adding that burial ceremonies form an important part of the Nigerian culture across ethnicities.

“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.”

“At Allianz Nigeria, we are focused on creating simple intuitive products that solve real problems that are unique to our market.We wanted to provide a very flexible product that is affordable to the everyday Nigerian, regardless of their income level.”

“This funeral insurance is the second product the company has launched in 12 months.

“Last June, and in response to the market demand for travel insurance that includes Covid-19 risks, the firm introduced an enhanced product that will cover the cost of emergency medical expenses associated with Covid-19 diagnosis whilst on a trip,” she posited.

Speaking on the company’s financial report, she revealed that the underwriting firm has recorded N1.5 billion premium in first quarter 2022 and N7 billion premium in 2020 with claims payment record of N4 billion.

The Allianz Group is one of the world’s leading insurers and asset managers with 126 million private and corporate customers in more than 70 countries in the world.