Metropolitan Life Ghana, an emerging force in the Ghanaian insurance industry, has launched five unique insurance products that left market referees, players and media practitioners applauding long after official ceremonies had ended.

The launch of the insurance products; FINANCIAL PROVIDER, PENSION PROVIDER, STUDY PROVIDER, FAMILY FUNERAL PROVIDER and MASTER PLAN, with each product coming with optional waivers that ensure the sustenance of the policies beyond the life span of policy holders and beneficiaries, saw the Insurance Commissioner, Mrs Josephine Jennifer Amoah describing the products as timely interventions in a market otherwise performing far below potential and needing competition.

For Mr. Emmanuel Baba Mahama, President of the Ghana Insurers Association, it was an exciting challenge the industry must rise up to and engender competition so as to expand the enormous benefits the products seek to offer policy holders.

Apart from specific benefits to be derived from the individual policies, all the products are unit-linked to hedge against inflation, and also to ensure rapid accumulation of funds.

The Pension Provider for instance, is a retirement annuity with options to add other benefits such as disability premium waiver or an automatic annual premium increase to address the needs of retirement.

For those seeking to source funds for investment, the Financial Provider meets a variety of needs; such as deposits for cars or home improvements. It comes with added benefits, such as low start-up savings, plus optional values.

There is also the Study Provider to finance the educational needs of children and wards; the Family Funeral Provider is a cover for the policy holder, spouse and children and comes with the option of providing funeral cover for the holder’s parents, in-laws and the extended family.

Master Plan combines several benefits and features of the various policies, plus a daily hospitalisation benefit, dread disease benefit and debility benefit, among others.

Insurance products for everyone

	Mrs Josephine Jennifer Amoah, Insurance Commissioner and Mr. Emanuel Baba Mahama, President of the Insurers Association and CEO of Vanguard Assurance Company, applauding the five products at the launching ceremony.

Mr. Diop Frimpong, the Chief Executive Officer of Metropolitan Life Insurance Ghana, who described the products as solutions-based, new generation of risk, investment and retirement products for businesses, businessmen and ‘the ordinary man and woman on the street’, said they are formulated on the basis of five principles; they meet clearly defined needs, they are straightforward and therefore do not create unrealistic expectations, offer good value and are easily adaptable to changing legislative and regulatory requirements.

He said the company, which entered the Ghanaian market barely a year ago, packs flexibility and security into its products and services, stressing “we have gone all these lengths because we want to create wealth for Ghanaians.”

Metropolitan Life is a partnership of Metropolitan Insurance of South Africa and MET Insurance of Ghana.

Mr. Seth Obiri, Head of Retail, Metropolitan Life Insurance Ghana, who presented the products and their features, said “policy holders have nothing to lose or fear. This is about risk management and we are on top of the business.”


See our photo gallery for more photographs of the launching.