Prudential Life Insurance Ghana has launched another groundbreaking insurance solution – the “Never Lapse” or always active product feature that guarantees policyholders their benefits throughout their policy’s term irrespective of life’s circumstances.
The Never Lapse feature alleviates one of the major concerns Ghanaians have about insurance. This is that unforeseen circumstances might lead them to miss some premium payments on their insurance policies which might result in them losing their benefits when they need it most.
The new Never Lapse feature has been introduced on the Company’s Farewell Plans. The Farewell Plans provide protection against the financial pressures that come with funeral expenses following an unexpected death. The benefit of the feature is that policies beyond the first policy year will never lapse or become inactive. At the claim stage, benefits will be prorated based on the number of missed premiums as opposed to losing benefits entirely.
Additional features that have been included in the Company’s Farewell Plans are a reduction in the age of the waiver of Premium benefit from 65 to 60 years as well as grocery and airtime vouchers provided on the death of any of the covered lives.
Justice Yaw Ofori, Commissioner of the National Insurance Commission (NIC), said: “We at the NIC find any initiative to develop and instill confidence in the Ghanaian insurance industry laudable. We applaud Prudential Life Insurance Ghana for their dedication to product innovation and customer satisfaction. We are hopeful that the “Never Lapse feature will soon be included in all other products of the Company and set a standard for the industry, as it has a potential to increase insurance penetration in Ghana”
Emmanuel Aryee, Chief Executive of Prudential Life Insurance Ghana, said: “Prudential is committed to helping Ghanaians build better futures by offering innovative and affordable products that meet their needs. Initiatives such as the Never Lapse feature prove that we live our mantra “Always listening, Always Understanding”. At Prudential, we understand the uncertainties our customers face and we are showing our commitment by making them our customers for life regardless of their circumstances.”