Stanbic IBTC Insurance has introduced the Manifold Endowment Plan, a new product combining insurance and investment for Nigerians aiming to safeguard their future while growing their wealth. This plan offers life coverage up to ₦1 billion, partial maturity payouts, and bonuses, catering to individuals aged 18 to 64 with flexible policy terms from six to fifteen years. It includes death benefits, partial maturity bonuses, and accidental medical coverage, providing a structured way for families to plan and prosper.
Despite the Nigerian insurance sector’s growth, with a 147% rise in industry revenues in early 2024, insurance penetration remains low at 0.5% of GDP. Stanbic IBTC aims to address this by offering a product that meets the needs of middle- and high-income Nigerians seeking reliable financial services. Akinjide Orimolade, CEO of Stanbic IBTC Insurance, emphasizes that the Manifold Endowment Plan not only offers protection but also financial resilience, ensuring that premiums serve as investments yielding peace of mind and returns.
The plan dispels common misconceptions about insurance by guaranteeing that policyholders’ funds are not wasted even if the worst-case scenario doesn’t occur. With monthly premiums starting at ₦10,000, customers can receive two 25% bonuses on their premiums and still obtain the full sum assured at maturity. The Manifold Endowment Plan aligns with Stanbic IBTC Insurance’s mission to help Nigerians secure their present and future, offering tailored solutions for professionals, parents, and retirees alike.
