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27.10.2004 Business & Finance

Unique Insurance launches two Life products

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Accra, Oct. 27, GNA - Unique Insurance Company (UIC) on Wednesday launched two Life Insurance products -"Unique Workers Plan" and the "Unique Prestige Policy"- that aimed to secure the future financial needs of policy holders.

The scheme, which will entitle holders to a lump-sum payment at selected retirement ages of 55, 60 and 65 or part lump-sum and a regular periodic payment during retirement.

However, the policy holder could benefit from a loan or withdraw from the scheme after contributing to it for a year in the case of the Workers Plan and two years for the Prestige Policy. Holders of the Workers Plan will be required to pay an annual premium of 600,000 cedis while three million cedis is the annual premium for subscribers to the Prestige Policy.

Launching it, the Deputy Minister of Finance Mr Kwaku Agyeman Manu said government was taking the necessary steps to revise all the inimical laws that work against the Insurance Industry. In this direction, the monopoly being enjoyed by State Insurance over government business would be broken to allow other private companies to also participate to engender competition. He said besides Insurance Companies would also be required to insure their risks with the country's Re-insurance companies before they turn attention to offshore companies.

Mr Victor Kusi-Yeboah, Managing Director of UIC, who introduced the two products said the increasing complexities of life with its associated demand on society made it imperative to mobilize savings for investment so as to make way for future exigencies of life. He said UIC, which was a worker-oriented company, recognizes the important role of business thus the introduction of these policies to enable workers in particular and the business community in general to access them for future demands when the need arises.

Mr Kusi-Yeboah underscored the socio-economic impact of the insurance industry in the country and said insurance companies have taken the challenge not only to mobilize funds, but also to develop products to cater for the needs of the insuring public, as well as perform their social responsibilities to assist the country. Mrs Josephine Amoah, National Commissioner of Insurance said Ghana's insurance sector is predominantly a non-life market and that life insurance accounts for only about 15 per cent of total gross premium.

She attributed this to the fragile state of the economy saying, the levels of disposable incomes were relatively low and that the situation does not encourage personal savings or adequate investment in life insurance products.

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