StanChart introduces first women-only insurance product

Standard Chartered Bank (SCB) in partnership with Enterprise Life Assurance Company on Tuesday introduced Care4Ladies Insurance Plan, the first ladies-only insurance product in the market.

The Care4Ladies insurance plan is a life assurance policy designed specifically for the female customers of Standard Chartered who desire to make provision for their loved ones in the event of total permanent disability, death and critical illnesses such as ovarian, breast and cervical cancers, heart attack and kidney failure among a host of other challenges.

The women have the opportunity to select from four plan types that best meet their needs, namely Pearl, Ruby, Sapphire and Emerald. The policy offers holders a refund of some of the premiums if a claim is not made in five years.

Speaking at the launch, Mr Kweku Bedu-Addo, Chief Executive Officer SCB, said the bank would continue to focus on expanding the frontiers of banking through financial inclusion and literacy to make society better.

He said the bank would continue to invest in products, infrastructure and the people and expressed the hope that the partnership with ELAC would help advance that cause.

Mr Andrew Okai, Executive Director of Consumer Banking at Standard Chartered said over the years the financial entity had reinforced the leadership position by introducing innovations which have helped to embed the culture of banking.

He said with the introduction of bank assurance and the subsequent roll-out of propositions like Care4Ladies the move have a few notches up by whetting the appetite of customers for insurance product.

Mr Okai said the branches would remain a one-step shop for customers covering both banking and insurance needs.

He said Care4Ladies joins the existing range of life banc assurance solutions being offered through the Standard Chartered and ELAC Ghana partnership namely Term Assure Policy and Family Funeral Support Plan offering greater benefits to the policy holder.

Mrs Jacqueline Benyi, General Manager Enterprise Life Assurance Company said ELAC valued its partnership with Standard Chartered Bank.

She said the partnership would reinforce both companies commitment to meet the life needs of clients.

Mr Paul Aseme, General Manager Wealth Management said the Family Support Plan, which is an enhancement of existing plan, had been reinforced to provide unparallel benefits to policy holder.

The bancassurance is a business distribution model which allows the bank to design, develop and distribute insurance products in partnership with ELAC Ghana.

The partnership combines the best of insurance and financial expertise to give greater flexibility security and investment option to customers.

Source: GNA

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