Stanbic IBTC Insurance launches comprehensive funeral expenses cover

Stanbic IBTC Insurance Limited has unveiled its latest insurance product, the Sunset Benefit Plan, to help customers celebrate a life well spent and provide comprehensive funeral expenses coverage and financial security during bereavement or loss of their loved ones.

The innovative insurance solution will transform the industry and bring peace of mind to policyholders and their families.

Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance Limited, expressed his excitement about the Sunset Benefit Plan, emphasising its importance in financial planning.

He stated: “Having a comprehensive funeral expenses cover is a crucial part of financial planning as it ensures that you are not caught unprepared when the unexpected happens. With The Sunset Benefit Plan, we are thrilled to introduce an insurance product that eases the burden of funeral expenses with the passing of a loved one. With this plan’s flexibility and customisation options, individuals can tailor their coverage to match their unique financial situations.”

The Sunset Benefit Plan offers a wide range of benefits, making it a comprehensive solution for funeral costs. It covers policyholders and their loved ones, including spouses and parents or parents-in-law, with a next birthday age of up to 75 years at entry into the policy. The loved ones can be added through extra premium payments, allowing for a personalised experience.

Premium for the Sunset Benefit can be paid within a five-year period or paid till the age of 70 for policyholders who take up the policy after age 65.

Titi Ogungbesan, Executive Director, Business Development at Stanbic IBTC Insurance Limited, highlighted the various additional benefits for policyholders. These additional benefits include cover for interment, grocery, catering, childcare, and a cashback benefit applicable to payment plans up to age 70. This cashback feature allows policyholders to receive a refund equivalent to 12-month premiums every five years, provided premiums are up-to-date and no claims have been made on the policy.