Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings Plc, has launched its new product, the Manifold Endowment Plan, a flexible life assurance product combining protection with financial empowerment.
The product was unveiled at a media parley in Lagos, attended by industry stakeholders, regulators, and media representatives. Key benefits include life cover and disability benefit up to N1 billion, flexible policy terms, partial withdrawals, and accidental medical expenses coverage.
Industry leaders praised the product’s innovation, design, and potential to drive growth and trust in Nigeria’s insurance sector, highlighting Stanbic IBTC Insurance’s commitment to customer-centric solutions and collaboration.
The chief executive of Stanbic IBTC Insurance, Akinjide Orimolade, 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 allowed Stanbic IBTC Insurance to share updates on its new product unveiling: the Manifold Endowment Plan. This flexible life assurance product 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 MD, Peakthrust Insurance Brokers/ president of the Professional Insurance Ladies Association, Abimbola Onakomaiya stated that “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. She explained that “the option to withdraw 25 per cent 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.”
The president of the Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Babatunde Oguntade, applauded Stanbic IBTC Insurance for its innovative thinking in creating the Manifold Endowment Plan and for providing a platform that promotes transparency and trust within the sector.
He highlighted the importance of the two-year surrender value period, saying, ‘it is realistic and encourages continued interest in life insurance policies.”
Oguntade assured brokers of support, stating, “We will actively promote this initiative and collaborate for future success.”
Representing the commissioner for Insurance, Mr Olusegun Omosehin, the head of Lagos Control Office, 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 clients’ evolving needs, bringing satisfaction to all stakeholders.”
