The Minister of Financial Services and Good Governance, Mr Mahen Kumar Seeruttun, launched, yesterday at the Intercontinental Hotel in Balaclava, eight new products of the National Insurance Company (NIC). The new products are the Prosperity Plan; the Wedding Plan; the Holiday Plan; the Child Investment Plan; the A+ Education Plan; the Regular Income Annuity Plan; the Retirement Plan; the Pilgrimage Plan; and the Funeral Care Plan.
In his address, Minister Seeruttun recalled Government’s commitment to transform the NIC and set forth a greater vision for the Group as well as transform it into an important player in the region and Africa for the benefit of all stakeholders. He acknowledged that the Group has witnessed strong growth rates across various lines of the NIC businesses which, he said, demonstrates the tremendous efforts collectively put in by the staff and stakeholders. He stated that the NIC Group has ranked in the top 100 companies of the country with a commendable 43rd position in terms of profitability and is amongst the big four insurers of the country. He further observed that despite the unprecedented challenges of the COVID-19 pandemic, the work accomplished on the life and general insurance businesses including lending and pensions activities is remarkable.
Speaking about the new products, Minister Seeruttun affirmed that this initiative demonstrates that the Group is taking off for another wave of growth and expansion with the launch of an impressive suite of innovative insurance products whilst gearing up for business diversification and market expansion strategies. New markets are being explored in the region and Africa and the setting up of a new micro lending business is also in the pipeline, he added.
He highlighted that the launch of the new products have been designed to cater for the needs and demands of the Mauritian population with a blend of innovation, care and value addition to the lives of policyholders. The products are truly forward looking and will undoubtedly be a landmark in fulfilling their needs of the present, future and beyond, he said.
Furthermore, he pointed out that these new products will help in furthering the growth of the insurance market and take the NIC to the next level. Speaking about the different plans, he said that the NIC Prosperity Plan is an innovative life insurance product backed by diverse investment funds that enables one to realise one’s dream projects through regular cash backs and one’s accumulated policy fund. The NIC Child Investment Plan, he added, builds financial security for children as they grow whilst gaining easy access to diversified investment funds that provide long term growth and help in building a Child’s Heritage Fund up to maturity.
As regards the NIC Wedding Plan, Minister Seeruttun underlined that it aims to empower parents in financing the dream wedding events of their children without financial pressures and benefit from the Wedding Celebration Bonus, loyalty bonuses, wedding gift, and comprehensive life protection.
He further dwelt on the NIC Holiday Plan which enables people to save and create a holiday fund that they can cash out to pay for a dream vacation. This product, he underlined, also provides protection for emergency medical and hospitalisation during vacation, and comprehensive protection over years during the period of insurance.
As for the new NIC Retirement Plan, he said that it empowers people to be financially independent when they are no longer in active employment and plan a peaceful retirement well ahead. This new product adds another dimension to existing offerings with innovative features such as a wellness bonus, guaranteed options, long term loyalty bonus reward and accelerated care benefits, he added.
Minister Seeruttun rejoiced that the NIC is also marking the industry today by pioneering the Pilgrimage Plan that opens a spiritual dimension within the insurance world. The NIC Pilgrimage plan will enable citizens of all faiths to set aside savings and prepare for their sacred journeys well ahead, he said.
As regards the NIC Funeral Care Plan, he observed that the Plan bridges the gap by providing not only a cash benefit to cover funeral services but also provides additional financial support to the family in these difficult moments in the form of a Family Income Benefit for 12 months post death of the life assured.
He also dwelt on new package of covers being introduced by the NIC on the general insurance front with its Multiprotect Home Insurance Plan that enables every family to protect their homes, at very affordable premium, against unexpected risk of flood, fire, burglary and accidental damages whilst providing 24 x 7 home assistance for certain specific services when covered. The policy also indemnifies against liability of the household against accidental injury of the workers or visitors, he added.
