Stanbic IBTC Insurance introduces Manifold Endowment Plan to stakeholders at media engagement

Stanbic IBTC Insurance introduces Manifold Endowment Plan to stakeholders at media engagement

Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, hosted a media parley on Tuesday, 30 September, bringing together journalists and key stakeholders in the insurance industry for an engaging session on the future of insurance in Nigeria. The event highlighted the company’s commitment to open dialogue, transparency, and collaboration as it continues to redefine the role of insurance in everyday financial planning.

The media parley served as a platform for robust conversations around the challenges and opportunities shaping the sector, particularly in building greater trust, deepening awareness, and delivering value-driven products to customers. Participants also explored the importance of collaboration between insurers, regulators, the media, and other stakeholders to foster a more inclusive and sustainable industry.

In his remarks, Akinjide Orimolade, Chief Executive of Stanbic IBTC Insurance, highlighted the company’s appreciation for the media’s critical role in shaping perceptions and driving education on insurance. He said:

“The media are vital partners in helping us demystify insurance and foster a culture of protection and planning among Nigerians. This parley was not just about sharing what we are doing as a company, but about engaging in dialogue, listening to feedback, and strengthening the partnerships that will move our industry forward.”

The session also provided an opportunity for Stanbic IBTC Insurance to share updates on its new product unveiling: Manifold Endowment Plan. This is a flexible life assurance product that combines protection with financial empowerment. The plan, designed to help Nigerians prepare for life’s uncertainties while achieving long-term goals, reflects the company’s focus on customer-first solutions.

The Special Guest of Honour in attendance at the media parley was Dr. Julius Odidi, representative of the Commissioner for Insurance/CEO of the National Insurance Commission, Mr. Olusegun Ayo Omosehin; other guests in attendance at the media parley included Prince Babatunde Oguntade, President, Nigerian Council of Registered Insurance Brokers (NCRIB); Mr. Tope Adaramola, CEO, Nigerian Council of Registered Insurance Brokers (NCRIB); Barrister Odion Aideloje, representative of the President, Institute of Loss Adjusters of Nigeria (ILAN); Mrs Abimbola Onakomaiya, MD, Peakthrust Insurance Brokers and President, Professional Insurance Ladies Association amongst others.

During her address, Abimbola Onakomaiya, MD, Peakthrust Insurance Brokers/ President of the Professional Insurance Ladies Association and a seasoned expert with over 40 years in the insurance industry, praised the Manifold Endowment Plan, stating, "This product is exceptionally well-designed, offering flexible premium options suitable for various social and financial backgrounds."

She highlighted some of its key benefits, including the ability to make partial withdrawals during the policy term. The option to withdraw 25% of the sum assured twice within the policy period is particularly advantageous. In today's context, many couples prefer to have fewer children, often planning for their education and utilising partial withdrawals to support their schooling when needed. Overall, I believe this is an excellent policy."

Prince Babatunde Oguntade, President of the Nigerian Council of Registered Insurance Brokers (NCRIB), applauded Stanbic IBTC Insurance for innovative thinking with the birth of the Manifold Endowment Plan and for providing a platform that promotes transparency and trust within the sector. He noted, "Manifold Endowment Plan" offers hope and reliability. He highlighted the importance of the two-year surrender value period, saying, "It's realistic and encourages continued interest in life insurance policies." Babatunde assured support from brokers, stating, "We will actively promote this initiative and collaborate for future success.

Representing the Commissioner for Insurance, Dr. Julius Odidi emphasised the significance of the Manifold Endowment Plan, stating, "While endowment plans are well known, Stanbic IBTC Insurance’s Manifold Endowment Plan stands out as an innovation worthy of emulation. I hope it inspires other industry players to remain committed to innovative products that continually meet the evolving needs of clients, bringing satisfaction to all Stakeholders." He concluded enthusiastically, saying, "The Commission support this official launch and unveiling of Stanbic IBTC Insurance’s Manifold Endowment Plan."

Stakeholders at the parley commended Stanbic IBTC Insurance for creating an avenue for open engagement and for taking the lead in bridging the gap between the insurance industry and the public. Discussions touched on practical ways the sector can simplify processes, improve claims management, and deploy technology to enhance accessibility and trust.

The Manifold Endowment Plan is a timely response to Nigeria’s growing demand for transparent, flexible, and rewarding insurance solutions.

With Manifold Endowment Plan, you can enjoy:

●     Life cover and Disability benefit of up to ₦1 billion

●     Flexible policy terms ranging 6, 9,12 and 15 years

●     Two tranches of 25% periodic partial withdrawals before maturity

●     100% payout of the chosen sum assured at maturity

●     Accidental medical expenses coverage benefits to the tune of ₦50,000 per year.

●     2% payout rate at maturity

●     Minimum premium amount of ₦10,000 monthly

●     Maximum entry age is 64 years.

 

Waiting Period

There is no waiting period in the event of accidental death.

However, a six (6) month waiting period applies during which no benefits are payable for the following:

• Non-accidental death of the Life Assured/Policyholder
• Accidental Total Permanent Disability

If any of the above-mentioned events occur within the waiting period, the total premium paid, less any expenses incurred, will be refunded to the policy holder.

Click here to learn more. For enquiries and to sign up, call us on 0201 270 6801 or email us at insure@stanbicibtc.com.