Custodian Life Insurance Ltd, a member of the Custodian and Allied Group, has launched a special life insurance policy tagged, ‘Critical Illness Insurance Cover’ for those suffering from critical and terminal illnesses such as stroke, cancer, heart attack and Renal failures.
The company, which described the product as a standalone policy of its kind in Nigeria said the launching the product was informed by the present economic and health difficulties in Nigeria and to assist millions of Nigerians who are victims of the above illnesses address their health challenges.
“We are well aware of the current economic, health difficulties in our country today, for us at Custodian Life Insurance, tough times are for us to get tougher and not use the current climate as a negative block but rather an energising spring-board for new ideas. It is on the back of this that we are today launching the critical illness insurance cover which we are confident will assist millions of Nigerians to address their health challenges”, the Managing Director Custodian Life Insurance, Larry Ademeso said.
According to him, unlike the group life insurance policy which benefits are paid to dependents of the policy holder at his death, in the case of the critical illness insurance cover, the policy holder is six times more likely to claim under his critical illness cover than under the group life cover.
“Employers in Nigeria today are required by law to provide group life insurance cover for their employees, that is as far as the story goes, benefits will be paid to your beneficiaries when you would have passed away, so what happens if you do not die but become incapacitated by some of the debilitating illnesses ravaging the populace, this is why we developed the critical illness cover to meet the yearnings of Nigerians”.
According to the Custodian Life Insurance boss, the Custodian Critical Illness cover, offers the policy holder added protection and confidence boost to go about his daily activities without fear of possible financial backslash associated with treating a critical illness.
He quoted the World Health Organisation as saying that Nigeria, has the highest cancer rate in Africa while there is increasing precedence of stroke just as about 10 percent of adult Nigerian population is liable to have heart attack.
He listed key features of the product as enhanced protection, coverage against conditions that fall under cancer, stroke, heart attack, kidney failure.
He said the premium paid and benefit received are per the prevailing tax laws, adding that the intending policy holder can choose period of coverage.
The sum assured for the policy according to Ademeso, is minimum of N1million while the term is minimum of five years.
He also said eligible buyers of the product are people from 20 years to 60 years while the premium is paid annually.
He said since Custodian is the first company in Nigeria to sell the policy, in future, other conditions that make the policy more attractive and enable those who paid premium many years without benefiting may be considered.