Oceanic Insurance Group Unveils Four New Products

San Francisco March 12, (THEWILL) - Oceanic Insurance Group in a bid to maximize the wealth of its clients has introduced four new products for its existing and prospective life and general business clients.

They include: Oceanic Event Secure, Oceanic Home Secure, Oceanic Life Baby Plan and Ocean Care Scheme.

Duly approved by the National Insurance Commission (NAICOM), the products are the result of extensive market research efforts and have the endorsement of leading experts and stakeholders in the insurance sector.

According to Prince Lafor Olateru-Olagbegi, Managing Director, Oceanic Insurance Group, the products are indicative of the firm’s commitment to make insurance products connect with the specific needs of the public.

"Insurance should be a way of life and that is what Oceanic Insurance Group wants to achieve through well researched products and services that are designed to empower individuals and corporate organizations to pursue their goals and aspirations with our solid backing,” he said.

"Oceanic Event Secure" will provide cover against tragedies, which can potentially impede the smooth management of an upcoming event. The advantages of the policy cover include short-term liability coverage for profit or nonprofit special event group.

Oceanic Event Secure indemnifies the insured parties/events for costs and expenses incurred to organize and produce an entertainment event should the event be cancelled, abandoned, postponed, interrupted or relocated due to a cause beyond the control of the insured.

Eligible events are arts and crafts festivals, beauty pageants/fashion shows, dances, exhibitions, and school carnivals /inter house sports, wedding ceremonies and receptions, seminars, picnics and religious activities.

"Oceanic Home Secure" is designed to offer umbrella coverage in one policy for a Home Owner at a very reasonable premium. The policy will provide a cover for the building, household goods, personal effects and personal liability. The policy has also been extended to the insured in case of death or personal injury sustained as a result of an armed robbery attack on the premises.

Speaking on the life insurance products, Oceanic Life Baby Plan and Oceanic Care Scheme, Ekpe Ukpabio, Chief Executive Officer, Oceanic Life Assurance, said they were designed to enable clients plan effectively and meet expenses arising from unexpected events.

The "Oceanic Life Baby Plan" is a product with a minimum policy term of five years. Parents and Guardians can choose a sum assured between N100, 000 and N1, 000,000. The policy term coincides with the child’s 18th birthday. The child qualifies after 48hours of birth. The features include a minimum of N5, 000 monthly, a guaranteed minimum interest rate; benefit is transferable to another child, premium payment stops on the death of the parent.

The option of cash withdrawal may be enjoyed if the policy has been in force for a period of two years. The amount of cash withdrawal to meet child’s urgent need cannot exceed twenty five per cent of the investment account balance.

Similarly, "Ocean Care Scheme" has been introduced to help dependants meet their burden in the course of funeral rites/final expenses for the death of a loved one. The plan has the flexibility of helping the organization and the member’s dependants at a reasonable cost. Policy proceeds will help family member’s cover the cost of funeral expenses. The proceeds may also help finance ongoing projects in memory of a deceased member. Contribution or premiums payable is by the organization but could be shared by the members.

This policy provides the following services embalming, recovery of the body to a morgue within the state for not more than twenty one days. The scheme provides the payment of the sum assured upon the death of a member of a group (which could be cultural, religious, professional or a market association). It could also be a sub group of a major group such as the year set of a general association of alumni.

The policy has a minimum contribution of N1, 000 per month per member.