LifeGuard Microinsurance To Insure 1million Lives, Businesses

Having secured its operating license from the National Insurance Commission(NAICOM) in June, 2022, Lifeguard Microinsurance Ltd has promised to insure about one million lives and businesses in the next one year.

The company who was granted a composite micro- insurance license and whose operation is restricted to Lagos said, its headquarter which was situated in Ikeja was strategic to plan to increase insurance penetration in the grassroots.

Speaking during a maiden press briefing on the forthcoming formal launch of the company at its head office on Delo Dosunmu Street, in Ikeja, Lagos at the weekend, its managing director/CEO, Mrs. Yinka Oyekunle, said, the company’s array of products are cheap and affordable for people in the grassroots.

She said, Lifeguard is set to protect low-income people against specific perils in exchange for regular premium payments proportionate to the livelihood and cost of the risks involved.

“Our mission is to provide satisfactory microinsurance products to low-income earners and insure every-home in Lagos state through competent and highly motivated professionals, making use of cutting-edge technology, with a view to earning an adequate profit that is required for a balanced long- term growth while remaining a socially responsible corporate organisation,” she pointed out.

Stressing that the target market at Lifeguard are the unprotected and the underserved population who are highly vulnerable and often overlooked by the conventional insurance operators, she added that, “we are of the opinion that these category of the population require protection by the nature of their limited economic strength.’

She listed some of the products under its life businesses to include; Supermamas and Superheroes, Family Umbrella and Credit Microloan Protection policies while its non-life products include; Legacy Household Cover, E Go Beta Cover(Esusu) and 3 Wheeler Keke Cover.

Similarly, the chairman of the company, Odion Ellis Aideloje, stated that, what stands the company out is its 24 to 48 hours claims payment  duration, disclosing that, the company has seamless and easy claims payment process, promising that, the company will always honour its claims obligations.

Emphasising that claim settlement process are seamless and would be Lifeguard selling point, he added that, claims settlement are effected by either issuance of cheque or transfer of claim amount within 48 hours upon receipt of all documents.