Wapic Insurance Introduces Unique Lifestyle Insurance Products into the Market

L-R: Rantimi Ogunleye, Managing Director/Chief Executive Officer, Wapic Life Assurance Ltd; Olufemi Obaleke, Executive Director, Wapic Insurance Plc; Yinka Adekoya, Managing Director/Chief Executive Officer, Wapic Insurance Plc and Bode Ojeniyi, Executive Director, Wapic Insurance Plc at the introduction of Wapic Insurance Smart Life Products in Lagos

Wapic Insurance has announced the introduction of a unique lifestyle insurance products into the market. The products which are classified under Wapic Smart Investment–linked Products are designed to cater for the protection and goal oriented needs of individuals, families and businesses. The Wapic Smart Investment-linked products includes the Smart Life plan, Smart Life⁺ plan, Smart Scholar plan, Smart Senior plan and the Smart Wealth plan. These plans come with the dual appeal of flexibility and convenience, focused mainly on the family, education, retirement, short and medium term plans.

As is the case with most Nigerians having to save or keep funds in their savings account for the purpose of specific projects or towards long term goals such as building project, vehicle purchase etc. the Wapic Smart Life⁺ Plan is a unique product designed to help individuals attain their goals and targets with added advantages. It is an insurance solution that provides you the opportunity of systematically accumulating funds towards meeting short term obligations and emergencies. The Wapic Smart Life⁺ Plan uses an insurance vehicle that provides needed control to guide the customer towards achieving set goals as well as guarantees the policy holder a more competitive interest rate, withdrawals without being penalized and a free life insurance cover.

Every caring parent wants the best for their ward, however, life is full of uncertainties and even the best laid plans can go wrong. An unfortunate event could make them insecure especially when you are no longer there for them. A careful financial planning can help you fulfill the aspiration that you have for your children. The Wapic Smart Scholars Plan is an insurance solution that provides the opportunity to save funds towards financing your child’s education and offers embedded insurance protection against the risk of demise and permanent disability on the life of either or both parents. It guarantees payment of the school fees whether or not the parents are alive, subject to the limit of a chosen targeted sum.  The policy is written in the name of the child and provides a medical expense cover for the child as a result of accident while in school. It also provides a cash award for the child if he or she is best in class.

Planning for retirement just got better with the Wapic Smart Seniors Plan. It is an insurance solution that provides the opportunity to save funds towards retirement with an embedded insurance cover. The Wapic Smart Seniors Plan offers the policy holder highly competitive interest rates, free critical illness benefit, 200% of the sum assured as permanent disability benefit and in the event of demise offers the sum assured together with the account balance.

The Wapic Smart Wealth Plan is an insurance solution that offers an opportunity of investment and embedded insurance protection against the risks of demise and critical illness.  The insurance premium is deducted within the period of investment but insurance covers throughout lifetime even when you have taken the maturity proceed.

Speaking at the Launch of the Products, Yinka Adekoya, Managing Director of Wapic Insurance Plc stated that “it is difficult to make progress without a plan and goals. For us at Wapic, we know that a good insurance plan is key to achieving successful living and so we have developed a variety of insurance solutions to address critical customer needs. We are confident that these products which offer competitive rates, more added benefits and adequately addresses risk concerns would ensure that the policyholder remains a step ahead”

A leading West African multi-line insurance company providing solutions covering life, general and special risks, Wapic was established in 1958 and listed on the Nigerian Stock Exchange since 1978. Its mission is to transform into a diversified financial services institution, delivering value in a sustainable manner to her customers and stakeholders while playing a lead role in the transformation of the industry.

Through a diverse portfolio of products and a commitment to providing the best customer experience possible, Wapic, with an AM Best Financial Strength rating of “B-” and an Issuer Credit rating of ‘bb-”, has significantly enhanced its underwriting capacity, placing it among the top five insurance companies in Nigeria by solvency and capital.

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