From Awareness Times Newspaper in Freetown

Local News
In Sierra Leone, IIC Launches 7 New Life Assurance Products
By Aruna Turay
Sep 16, 2010, 17:06

International Insurance Company Limited Sierra Leone (ICC-SL) on Wednesday 15th September 2010 launched seven (7) new Life Assurance Products that coincided with the opening of their new Life Office at Bathurst Street in Freetown.

 

Speaking at the ceremony, IIC Managing Director Mr. Nduka O. Anyaso thanked the Government of Sierra Leone and its people for providing them the comfortable atmosphere to operate as an insurance company in spite of all the competitions. He said IIC was incorporated on 23rd September 2002 under the Companies Act, and that after fulfilling all legal requirements as a corporate entity, they were given approval on the 19th May 2003 and authorized to underwrite fire, marine, motor, and miscellaneous (general accidents) classes of insurance in Sierra Leone. He listed the provision of qualitative insurance services that will establish confidence to clients, settle all genuine claims without delay, provide personalized services to clients, ensure clients have easy access to both management and staff and maintain integrity, discipline and ethics of insurance profession as his companys key objectives. The MD revealed that the Sierra Leone Insurance Commission (SLICOM) rated IIC as a Class A insurance company in the country in 2004 for their maintenance of international standards.


The High Table
 


Giving an outline of the new products, the Deputy General Manager Life and Pensions, Paul Oparah said the seven products comprise of life assurance products such as Child Education Protection Plan, Cradle to Adult Assurance Fund Plan, Fund Accumulation Plan, Group Life Assurance Scheme, Mortgage Protection/Credit Life Assurance, Term Assurance and Insured Gratuity Scheme.  He said the seven products are richly endowed.


Mr. Oparah gave a brief overview of the objectives of the products. He said in the case of the Fund Accumulation Plan, it acts as a medium of reducing peoples spending on frivolities into a stream of regular saving that will be transformed into future economic assets. With the Fund Accumulation Plan, a client will benefit from guarantee security by removing financial worry, provide policy loan to 90% of the accumulated fund in the investment savings account and allow for surrender value and payment of maturity benefit at the end of the contract, he noted.

 

On the Cradle to Adult Assurance Fund Plan, he said it guarantees the attainment of childrens dream of educational and financial empowerment to face the future, and it provides 25% of sum assured, payable to the assured child annually till the end of the contract term.


He also spoke of the Group Life Assurance Scheme as a design to provide death-in-service benefits in the event of the death of an employee while in the service of the employer, while explaining that the Insured Gratuity Scheme is designed to ensure that the asset of a Gratuity scheme are protected from any encumbrances by separating the company assets from the EOSB scheme. For the Mortgage Protect/Credit Life Assurance they are designed to decrease term loans, while the Term Life Assurance Policy is designed to keep loved ones financially protected throughout their period of dependence on their partners, he said, adding that it provides a lump sum payment that will enable dependants make the necessary adjustments in order to keep going when their supporters are no longer there for them.

 

The products were officially launched by the Deputy Minister 2 of Finance and Development Hon. Momodu Kargbo who assured IIC of Governments continued support.             



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