Leadway Assurance Limited has launched a funeral expenses insurance policy tagged “Family Benefit Plan Plus(FBPP)
The Leadway FBPP provides customers covered under the policy with the benefit of having Leadway meet the burden of specified funeral expenses for their loved ones covered under the policy.
The company, however, said children cannot be covered by the policy as it is not good omen for parents to celebrate the burial of their children.
The company said the policy covers maximum of six people namely the spouse, their parents and parent in-laws.
Speaking at the product launch in Lagos recently, the General Manager of Leadway’s Life Division, Tinashe Muyambo, explained that, “the new Leadway FBPP is now designed to provide more than just the funeral benefits upon the death of any of the assured lives.”
He said the “policy has in addition to this, added some additional benefits built into it as a compensation package for the surviving and grieving loved family members of the Policyholder.”
Tinashe, revealed that the sum assured on the plan for the policyholder and spouse was unlimited but can be specified in accordance with their preferences for parents and in-laws up to maximum limit of N5 million.
“This Leadway FBPP plan has other unique benefits including; payment of a sizable amount for entertainment expense in the event of any of the assured life named in the policy and additional monthly payment for six months in form of family income in the event of death of the Policyholder only.
“The plan also has a waiting period before any claim can be made for policy holder and spouse it is six months while for parents and parents in-law it is nine months,” he added.
Speaking on age limit for eligible insured, Tinashe explained that a policyholder and the spouse must be less than 65 years old to get enrolled on the plan while the maximum entry age for Parents/Parent-in Laws on the policy is 75 years old.
He said the policy runs as long as the ‘Assured Lives.’
He said in order to raise awareness on the product, the company has kicked off a week long teaser tagged; “See-Finish” heralding the product launch.
According to him, the teaser mirrored the reality of young Nigerians who are left in financial distress when aged family members pass away especially parents and in-laws to mention but a few, adding that it was at this difficult time that the grieving ones are often left at the mercy of sometimes merciless benefactors.
The campaign showcased a desperate character “Mr. John” reaching out to Nigerian celebrities on social media to beg for financial assistance to meet the funeral expenses of his father inlaw’s burial.
Also the campaign was taken to the streets of Lagos with “pseudo Johns” situated at strategic locations around Lagos carrying the campaign message urging Nigerians to “avoid the shame of See Finish” and take up Leadway FBPP as a comfort to create wealth for their dependents.