Donewell Life Company Limited, has unveiled three new affordable products in response to growing needs of its customers and the current economic realities.
These ground-breaking Life Insurance products focus on the financial wellbeing of Ghanaians, aimed at growing their money by investing small and protecting individuals and families against financial difficulties associated with death or critical illness.
Speaking at the launch, the Managing Director, Mr. Eric Ato Botchway indicated that these new products will contribute to increasing insurance penetration in Ghana which is currently below 2%. Beside insurance penetration, the Managing Director explained in his speech that the affordable nature of these products represents timely intervention by Donewell Life in providing peace of mind, convenient way to show last respect to our family on their demise and additional income for dependent amidst the ongoing economic hardship.” Imagine a product that gives you an edge over all situation.
Jonathan Sam, Head of Distribution said at the interview that the social good these products will do for Ghanaians cannot be de-emphasized and further articulated that such unparalleled products are aimed at assisting those who are not necessarily high-income earners, but have dreams and aspirations like everyone else, to achieve future goals that require lump sum and financial prudence.
About the Product
The ‘’Family Life Protection Plan” comes in range of compulsory benefits and voluntary or optional benefits, comprising, Death benefit which pays out lump sum (GHC 5000 to over GHC 100,000), upon the demise of their covered family members, Critical Illness cover for the main life assured upon the diagnosis of named dread diseases (stroke, kidney failure, burns etc.) which is unique in the industry and a once-off lump sum payment on the first death of any life covered under the policy as Refreshment benefit. Other benefits include Waiver of premium and Redundancy cover. The informal sector market was also met with an innovative product called “Ahotosopa” which provides an opportunity to build a stable savings with an extension to cover other risks including Death and Hospitalization at a minimum premium of GHC 5 daily.
In line with Donewell Life Company’s ambition of assisting its customers to create their dreams, Executive Wealth Plan was among the products launched to make insurance as a way of life. The policy allows committed savers to save and invest for things they never thought possible.
The policy is designed to have Maturity benefit which offers lump sum payment equal to the Sum Assured less all unpaid premiums and makes provision for Death benefit upon the demise of the Policyholder. Other optional benefit includes Critical Illness cover which pays out lump sum of 50% of the remaining Sum Assured on the diagnosis of a critical illness, Total Permanent Disability also offering a lump sum of 70% of the remaining Sum Assured if the life insured becomes disabled and Hospitalization benefit which provides lump sum payment for each day if the life insured is hospitalized as a result of illness or injury during the policy term, subject to a minimum and maximum number of 5 and 20 days respectively.
Mrs. Esther Armah, a representative from the National Insurance Commission (NIC) speaking as a special guest at the occasion, recommended Donewell Life Company Limited as one of the most innovative and professional life underwriting companies the regulator can recommend to the Ghanaian insurance buying populace. However, she pointed out that NIC’s doors are open for Life Insurance Policyholders to approach the regulator if challenges arise for redress.
The head of Technical, Mr. Kodwo Okor Koomson concluded that some goals may seem impossible if you don’t have the kind of money and cover needed to make them a reality. A small investment every month can grow into a big amount over time. Present at the launch were the Director of Donewell Life Company Limited Mr. Seth Aklasi the President of Ghana Insurance Association (GIA) & MD of Donewell Insurance and Some CEOs of Insurance and Broking companies.
Donewell Life Company Limited
