Wapic Unleashes New Innovations
Wapic Insurance Plc, a West African multi-line insurance company, operating since its establishment in 1958, has come up with new innovations that could reinstate Nigerians’ confidence in insurance.
The company unleashes five new products which it classified under Wapic Smart Investment-linked products. The Managing Director, Rantimi Ogunleye enumerated the products as the Smart Life Plan, Smart Life + plan, Smart Scholar plan, Smart Senior plan and the Smart Wealth plan and stated that they are aimed at catering for the protection and goal oriented needs of the individuals, families and businesses.
He went on to say that “these plans come with the dual appeal of flexibility and convenience, focusing mainly on the family, education, retirement, short and medium term plans”.
He then described each of the products as follows:
The Smart Life + plan he described as “an insurance solution that provides you the opportunity of systematically accumulating funds, towards meeting short term obligations and emergencies. It also guarantees the policyholder a more competitive interest rate, withdrawals without being penalised and a free life insurance cover.” This he described as a unique individual based product designed to help achieve goals and targets and still have other merits.
The Smart Scholars Plan he described as a product aimed at saving funds towards financing the children’s education. He stated that: “the product also offers embedded insurance protection against the risk of demise and permanent disability on the life of either or both parents. It guarantees payment of the school fees whether or not the parents are alive, subject to the limit of a chosen targeted sum.
He continued: “the policy is written in the name of the child and provides a medical expense cover for the child as a result of accident while in school. It also provides a cash award for the child if he or she is the best in the class”.
The Smart Seniors Plan, he explained, is designed to save funds towards retirement with an embedded insurance cover. According to him, “it offers the policyholder highly competitive interest rates, free critical illness benefit, 200 per cent of the sum assured as permanent disability benefit. In the event of demise, it offers the sum assured together with the account balance”.
The Smart Wealth Plan he described as an insurance solution that is designed for investment and embedded insurance protection against the risks of demise and critical illness. He explained: “the insurance premium is deducted within the period of investment but insurance covers throughout lifetime even when you have taken the maturity proceeds.”
The Managing Director, Wapic Insurance Plc,Yinka Adekoya, also made some contributions. He stated, “for us at Wapic, we know that a good insurance plan is key to achieving successful living, and so we have developed a variety of insurance solutions to address critical customer needs”. This he stated after notifying the difficulty in making progress without plans and goals.
This is yet another milestone added to the long standing insurance company, listed on the Nigerian Stock Exchange since 1978, which has a mission of transforming into a diversified financial services institution, that delivers value in a sustainable manner to its customers and stakeholders.