Fidelity Bank and Prudential launch innovative insurance products

Accra, April 6, GNA - Fidelity Bank Ghana and Prudential Life Insurance Ghana have launched three innovative insurance packages to protect Ghanaians from life's misfortunes.

The three innovative insurance protection products are the Hospital Cash Plan, a unique product that protects against loss of income and incidental costs due to hospitalisation; and the Farewell Plan, which comes in two options-Classic and Premier- offers the highest coverage on the market for funeral expenses.

The launch of the insurance plans followed the signing of a long-term partnership agreement between Prudential Life Insurance Ghana, a subsidiary of Prudential plc, and Fidelity Bank Ghana in August 2015 to jointly develop their businesses.

Commenting on the launch of the Bancassurance products, Mr Jim Baiden, Deputy Managing Director of Fidelity Bank, said the partnership with Prudential Life would allow the bank's customers hassle-free access to a range of innovative and high-quality insurance products to protect them from life's hazards.

'The partnership also enables Fidelity to become a one stop financial services provider to its customers whiles Prudential would benefit from its products being distributed across Fidelity's 75 branches and to almost one million Fidelity customers,' he said.

He expressed the hope that the partnership would go a long way to help deepen insurance penetration in Ghana from the current low of less than two per cent.

The Hospital Cash Plan, which is the first of its kind in Ghana, provides financial support to customers who suffer some form of income loss due to hospitalisation.

Customers can pay a monthly premium of about GH₵15.00 to receive up to GH₵100.00 per day after being hospitalised.

Customers stand to receive a 25 per cent refund when a claim is not made for two years.

The Farewell Plan provides protection against the financial pressures that come with funeral expenses following an unexpected death.

Under the Farewell Plan, customers can pay as little as GH₵20.00 per month to receive a lump sum of up to GH₵15,000.00 for the Classic while with the Premier Plan, customers can pay GH₵300.00 monthly to receive a lump sum of up to GH₵50,000.00 which is the largest amount available in Ghana.

Dr Matt Lilley, Chief Executive Officer Prudential Africa, said the partnership was off to a strong start and marked a further step in Prudential Life's strategy to develop its business in Ghana,

'Fidelity Bank has a strong and growing customer base in Ghana. It also has a great track record of understanding and responding to customers' needs. And it shares our commitment to putting customers first, along with a highly skilled workforce who can deliver great service,' he said.

Dr Lilley said Prudential experts have trained over 300 Fidelity staff on the benefits of life insurance and coached them to develop the skills needed to provide their customers with the right advice.

Emmanuel Aryee, CEO of Prudential Ghana, said the company was proud to partner with Fidelity Bank and looked forward to helping Fidelity customers plan for the future with the innovative products.

GNA