(13/7/09) ICB launches funeral policy

THE International Commercial Bank (ICB) in partnership with Enterprise Life Assurance Company (ELAC) has launched its funeral insurance policy in Accra to provide decent burial for beneficiaries.
Named the ICB Bancassurance product, the policy is aimed at providing immediate cash within 48 hours to cater for funeral expenses of a policy holder or the family.
The Assistant General Manager of Sales and Marketing, ELAC, Mr Fiifi Simson, said funerals were important events in the society, adding that the ICB and ELAC came out with the product to provide large sum benefits in the event of death to provide decent burials for beneficiaries.
He said policy holders could be on the scheme by 55 years as well as make provisions to cover a spouse, six children, two parents and two in-laws.
He said claims could be made after six months of joining the scheme.
A Director of the Board of ICB, Mr Michael Ezan, said ICB was the first bank in its banking group to venture into the product, adding that it was the fourth bank in the country to launch the product.
He was confident that customers would find the product useful since death created an immediate need for cash.
The Chief Executive Officer of ICB, Mr L.K. Ganapathiramam, said his staff in all 12 branches nation-wide had been given the requisite skills to create awareness and sell the product to make it successful in the market.
He said the bank was going to ensure that customers really understood the product to help them make good use of it.
The Executive Director of ELAC, Mr Cleland Bruce, said his company was proud to be associated with ICB in the partnership, and believed that their passion and experience would enrich the partnership.
He said Bancassurance was one of many products to be rolled out from the partnership.
The Head of Banking Supervision of the Bank of Ghana (BoG), Mr Dela Serlomey, said many households were not taking advantage of the protection that insurance provided against unforeseen difficulties that could disrupt their lives.
He said the partnership provided an immense opportunity to reach more households and businesses with suitably designed and priced products that could insulate patrons of the product from the financial difficulties associated with living in recent times.
He called on Ghanaians to take advantage of the product.