First Bank of Nigeria Life Assurance in partnership with leading telecoms operator, Airtel Nigeria, has introduced a micro insurance scheme, Padi 4 Life.
The product which was unveiled Monday at the Corporate Head Office of FBN Life in Lagos, is a landmark technology-driven life protection plan aimed at providing low-income earners living in remote locations where insurance infrastructure and services are not readily available the opportunity to take daily insurance cover for permanent disability or death.
Padi4life is available as one of the many value-added services that Airtel offers to subscribers on its network in fulfilment of its mission to become the most loved brand in the daily lives on NigeriansTo register for a Padi4life policy, subscribers on the Airtel network are to text LIFE to 45433 on their phone and follow the prompts received.
Speaking on the product, the managing director of FBN Life, Valentine Ojumah stated that it was designed to make a difference not to the rich, but to the majority of low-income earners in the society who suffer from the effects of non-indemnity in the event of death or permanent disability of a bread winner.
His words, “Padi4Life is our own way of enabling bread winners with minimal benefits to leave wealth for their loved ones. It is revolutionary in the sense that it helps to address the challenges of distributing insurance to the masses who wrongly see insurance as the exclusive preserve of the rich. The real victims of non-insurance are the poor and not the rich.”
The Managing Director noted that the strategic objective of the product is in consonance with the company’s mandate to efficiently deploy inexpensive and simple insurance protection products across channels and market segments, and also the vision to build the biggest retail insurance business in Nigeria.
Also speaking at the ceremony, Airtel Nigeria’s Chief Operating Officer and Executive Director, Deepak Srivastava, said the partnership was in sync with the company’s mission of consistently offering benefits to subscribers on the network just as he commended FBN Life for the initiative.
He said, “We have consistently delivered innovative products and value offerings. We are committed to providing services which will improve the daily living of our customers. Padi4life is part of our journey towards becoming the most loved brand in the daily lives of Nigerians.”
The Chief Operating Officer also assured on the capacity of the network to absorb new customers following subscriptions for the product. “This is one more reason for Nigerians to port to Airtel,” he observed.
The landmark unveiling of Padi4life by the two companies would redefine insurance distribution and retail marketing in Nigeria.