LONG-STANDING INSURANCE and financial services provider Sagicor has moved to capture a larger share of the market with a new endowment plan that is tied to its 175 year anniversary.
The plan, which will offered by Sagicor Life Inc. for the entire 175th year, will not only provide life insurance coverage for 25 years, but at the end of the period will pay a “lump sum benefit” of the sum assured, in addition to “a very special bonus, equivalent to 75 per cent of the sum assured”.
This was announced by Sagicor Life Inc. chief operating officer and Barbados general manager Edward Clarke during the official launch of The Sagicor 175 Endowment Plan this morning at the company’s headquarters, the Cecil F. de Caires Building, Wildey, St Michael.
Sagicor, which operates in 22 countries, is the successor to its predecessor of many years, The Mutual. Clarke said the plan was “innovative”, pointing out that the addition of a 75 per cent bonus option “has never been offered before in this market”.
“In the early planning of this new product, it was top of mind that we wanted not only to celebrate a momentous occasion, but celebrate in a manner which honours our heritage and legacy by saying thank you to our customers, staff and the public who have played a significant role in our success over the many years,” he said.
“Our thank you . . . provides insurance protection for a duration of 25 years, during which it accumulates cash values. At the end of this time, policyholders will receive a lump sum benefit comprising the equivalent of the sum assures, plus a very special bonus, equivalent to 75 per cent of the sum assured.”
He added: “You may be wondering why this plan is so special. An endowment plan provides a benefit payment if you live for a specified period of time, or your beneficiaries will receive a benefit payment, should you die before the policy matures.
“Therefore, this type of plan not only provides life insurance coverage, but it also provides a lump sum at the end of the policy, which you can wisely invest. You can also use the lump sum to repay debt, or you may use it as a retirement fund. A plan like this – with a 75 per cent bonus option – has never been offered before in this market. This is another first from Sagicor.”
Clarke said the plan “is available right now”, adding that “our advisors are poised to share more information about the plan with their clients”. (SC)
