Business News of 2013-12-25

GLICO re-introduces two products

GLICO Life Insurance Company has re-introduced two of its products — the GLICO Life Guaranteed and GLICO Life Savings Plans.

The two products have been repackaged to offer benefits such as a guaranteed sum plus bonus on maturity and a lump sum payment on heart attack, and any coronary disease requiring surgery, cancer or coma.

The products are designed to ensure that inflationary trends have no effect on the investment guaranteed at maturity.

Launching the products at a ceremony in Accra, the Commissioner of Insurance, Ms Lydia Lariba Bawa, said in response to the changing social and economic circumstances of individuals and corporate institutions, the Ghana insurance market continued to be competitive and dynamic in its approach.

She explained that the competition had been heightening because the insuring public was becoming more and more discerning in their dealings with insurance companies as reflected in their considerations when buying insurance products.

According to her, there was enormous potential for insurance business in general and life business in particular and urged insurance companies to ensure that there was a constant flow of communication between them and their policy holders on or before maturity for them to succeed in their endeavours.

Glico Life Guranteed and Savings Plans

The Executive Chairman of Glico Group, Mr Kwame Achampong-Kyei, indicated that the products they were re-introducing were first introduced on the Ghanaian market just after they obtained their insurer licence on December 15, 1986 from the National Insurance Commission (NIC).

He said the two products were among the first products that he and his marketing team developed some 27 years ago to commence the avowed mission of bringing life insurance products to the doorstep of every Ghanaian household.

Mr Achampong–Kyei said they suspended the sale of the Life Guaranteed and Life Savings Plans because they realised that the life insurance needs of Ghanaians had changed and people rather preferred living benefits to whole life policies.

He said their life insurance needs assessment indicators pointed to the fact that people were now desiring to have the Life Guaranteed and Life Savings re-introduced with modifications to suit current lifestyles and needs.

The Managing Director (MD) of Glico Life Insurance Company, Mr E. Forkuo Kyei, said the company was committed to providing its clients and insuring public with life insurance products that would cater for their every need.

Some of their flagship products introduced over the years, he said, were the Glico end-of-service benefits, Glico funeral policy, Glico group comprehensive plan, Glico Anidaso and Edkwa Nkosuo micro insurance products.