Standchart Launches New Insurance Products

The Family Support Plan is an enhanced version of its existing Family Funeral Support Policy.

Care4Ladies (C4L) insurance plan which has been introduced in partnership with Enterprise Life Assurance Company (ELAC), Ghana, is a life assurance policy designed specifically for female customers of the bank 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 others.

The Family Support Plan on the other hand are: Higher payouts, Cash Back when no claim is made within a five-year cycle, opportunity to cover more extended family members; not only parents and parents-in-law; waiver of premium payments once policyholder turns age 65 as well as double payout for accidental death.

Launching the new products, Executive Director of Consumer Banking at Standard Chartered, Mr Andrew Okai, said the Care4Ladies also enabled Standard Chartered’s lady customers to ensure they were well-protected against future unexpected events such as maternity complications, hospitalisation and critical female- related illnesses.

The product further offers women a choice among four plan types namely; Pearl, Ruby, Sapphire and Emerald which allows the policyholder to choose a Care4Ladies plan type that best suits their unique needs.

The policy offers a Cash Back benefit as well. This is such that the policyholder gets some of her premiums refunded if she does not make a claim in five years.

“Over the years we have reinforced our leadership position by introducing innovations which have helped to embed the culture of banking”, Mr Okai said.

He said with the introduction of bancassurance and the subsequent roll-out of propositions such as Care4Ladies, “we have moved a few notches up by whetting the appetite of customers for insurance products”.

“Through this, our branches will remain a one-stop shop for customers covering both banking and insurance needs. This is what we mean when we say we are; Here for customers and Here for good”, he said.

Bancassurance is a business distribution model where the bank designs, develops and distributes insurance products in partnership with ELAC Ghana. This partnership combines the best of insurance and financial expertise to give greater flexibility, security and investment option to customers.

Care4Ladies joins the existing range of life bancassurance solutions being offered through the Standard Chartered and ELAC Ghana partnership, namely Term Assure Policy and the Family Funeral Support Policy which has been enhanced and repackaged as the Family Support Plan, offering greater benefits to the policy holder.

Commenting on the launch, Mr C.C Bruce Jnr., Executive Director of Enterprise Life Assurance Company (ELAC) said: “ELAC has over the years churned out affordable and innovative products seeking to make lives less stressful.

To him the launching of these products by Standard Chartered Bank, “our bancassurance partners, goes to reinforce both companies’ commitment to meet our clients’ life needs”.