This is because Ghana’s leading life insurance company Vanguard Life Assurance has launched an insurance policy dubbed Old Students Association (OSA) Welfare Plan aimed at catering for emergencies for group members.
Vanguard Life Assurance also launched a Family Wealth Provider policy to support families that especially in the uncertain times of the corona virus pandemic which has ravaged businesses and made life uncomfortable.
Speaking at the launch of the two new innovative policies, Chief Executive Officer of Vanguard Life Assurance, George Kojo Addison said the new products affirm Vanguard’s future-fit strategic roadmap that seeks to provide customer-centric, digitally-friendly and risk-prudent solutions.
He said “the uniqueness of the Family Wealth Plan (FWP) is the flexibility it provides the assured in terms of the comprehensiveness of the insurance cover and the optional servings allowed to meet short, medium to long term financial objectives.
“The optional savings promises competitive returns on the fund and allows the policyholder to withdraw from the savings fund just after one year. This, we believe, is the silver bullet for the numerous challenges universal life products present and continue to present to industry players” he added.
According to the company, the move forms part of strategies to enable them rethink business operations in order to survive and thrive in the face of the global pandemic.
Meanwhile, Commissioner for Insurance, Justice Yaw Ofori lauded Vanguard Life Assurance for the initiative.
“The commission is indeed excited about the recent industry developments in introducing new products into the insurance market and we are prepared to support such innovative investment,” he lauded.
He noted that their commitment as a regulator to get more individuals, groups, and businesses included in the insurance coverage due to the numerous benefits it comes with.
Justice Ofori further noted the regulator was put in place a robust legal and regulatory framework. This he said was intended to protect customers, instill public confidence and ensure rock-solid insurance companies capable of onboarding present and future risks.
By Martin Asiedu-Dartey/ 3news.com
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