Zenith Bank Ghana Limited, one of the most reputable and innovative banks in Ghana, and Prudential Life Insurance Ghana, one of the leading insurers in the country, have entered into a long-term partnership.
They have subsequently launched four innovative Bancassurance solutions to protect Ghanaians, namely the Zenith Life, Education, Farewell and Hospital Cash Plans.
A Statement issued in Accra by both companies said the launch would enable Zenith Bank’s customers to buy Prudential’s high quality and innovative insurance products in the bank’s 36 business locations across the country.
It said the launch follows Prudential Group’s acquisition of a majority stake in Zenith Life of Nigeria and an exclusive Bancassurance partnership with Zenith Bank Nigeria in July 2017.
The Zenith Life Plan is a novel income protection product in Ghana with unlimited cover, guaranteeing 100 percent reimbursement of all premiums if customers outlive the term of the policy without making a claim.
“Cover can be provided for as little as GHS29 per month for between 5 and 52 years. The Zenith Life Plan also covers 10 critical illnesses and entitles customers to an innovative free annual health check,” it said.
It said the Zenith Education Plan enables parents to save for school or university fees and they could save as little as GHS50 per month for between 8 and 25 years.
The statement said the assurance provided by this policy was the continuous payment of premium on behalf of the parent in the event of death or permanent disability and it was one of the only education plans in Ghana to feature a unique 4 per cent bonus, which was awarded to parents at maturity of the policy.
The Zenith Farewell Plan provides protection against the financial pressures that come with funeral expenses following an unexpected death and the Plan comes in two options – Classic and Premier.
It said customers could pay as little as GHS20 per month to receive a lump sum of up to GHS20,000 for the Classic and GHS50,000 for the Premier.
“The Farewell Plans also have a unique ‘Never Lapse’ feature which guarantees policyholders their benefits throughout the policy’s term irrespective of missed premium payments,” it added.
The Zenith Hospital Cash Plan, is one of the first in Ghana, providing financial support to customers who suffer from some form of income loss due to hospitalization. Customers can pay about GHS15 per month to receive up to GHS200 per day after being hospitalised.
“Customers can also receive a 25 per cent refund when a claim is not made for two consecutive years,” it said.
Mr Henry Oroh, Managing Director of Zenith Bank, said: “We are delighted to be launching these amazing life insurance solutions with one of the world’s leading life insurance companies.”
He said delivering desirable products and services to their customers was at the heart of their success and “this partnership offers our customers a great way to buy an array of innovative insurance products that would help them live a better quality of life by planning adequately for life’s uncertainties. We look forward to working with Prudential over the coming years as we grow our insurance portfolio.”
Mr Emmanuel Aryee, Chief Executive of Prudential Ghana, said: “Our partnership with Zenith Bank will add to the growth we have already achieved and brings us closer to our goal of becoming the life insurer of choice for Ghanaians.”
“We are proud to partner with Zenith Bank, one of Ghana’s leading banks, and we look forward to helping its customers plan for the future with innovative insurance products,” he added.