A microinsurance provider, New Dawn Microinsurance Limited, has begun its operation in Uyo, the capital of Akwa Ibom State. The Microinsurance is intended to provide protection for low-income earners, with affordable insurance products to help them cope with and recover from financial losses.
The Microinsurance provider has reeled out five major products for low-income earners on different cadres in the society. The products are: New Dawn Property and Shop Protection Plan; New Dawn Wheelers Policy; New Dawn Credit Life Policy; New Dawn Group and Personal Accident Plan, and New Dawn Target Savings Plan.
Inemesit Ekanem, the Managing Director/Chief Executive Officer of New Dawn Microinsurance Limited, on Wednesday September 4, noted that the Microinsurance provider is aimed at ensuring that people who subscribe to its products get maximum benefits they deserve.
“Our products are easy to access, cheap and affordable for anybody to easily pick it up. Our premium our quite very small yet the value we provide to people is the highest you can find around.
“We are here to cater for people that are ignored. We are here to ensure their livelihood continues and make sure whatever they have acquired over this period is preserved even at death, robbery or accident.”Ekanem said.
On New Dawn Property and Shop Protection Plan, the MD revealed that the product is intended to provide protection against losses emanating from fire, lightning and limited explosions.
“It is also designed to indemnify policy holders against losses arising from theft occasioned by forcible and violent entry or exit or any attempt of threat.”
He added that the maximum liability is two million naira based on the guidelines items covered which he noted are not limited to: office equipment; shop and materials in trade and residential properties(Content).
Mr. Ekanem confirmed that the New Dawn Wheelers Policy is design to provide indemnity for loss or damage to Keke/Motorcycle and compensate for death or bodily injury to riders in events of road traffic accident with maximum liability of two million naira.
For a product called New Dawn Credit Life Policy, the MD averred the product is meant for micro financial service providers, targeted at repaying outstanding amount due to them as a result of accident, death of the borrower; permanent disability; default as a result of damage to stocks-in-trade by fire.
New Dawn Group and Personal Accident Plan, another product of the Microinsurance limited will provide compensation to policyholders in event of bodily injury or death, permanent disability sustained from accident, medical expenses incurred as a result of the injury sustained.
According to the MD, “the target markets for this policy are: teachers, Small and Medium Scale Enterprises, artisans, traders, farmers associations.”
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The product, New Dawn Target Savings Plan is a saving scheme for a period of 6 months, one year, two years or more.
The MD admitted the product’s flexibility in premium or savings payment-daily, weekly or monthly and annually.
He explained that interest rate of up to 6% for less than one (1) year and ten (10) for one year and above less is guaranteed at inception when contributions are regular.
“Total contributions and interest accrued are paid at the end of the terms selected
“On death of the customer before the end of the term, sum insured on Life Insurance cover is based on percentage of amount contributed.
“Customers can obtain policy loan up to 90% of contributions made. There is tax rebate under the scheme.”
Mr. Ekanem agreed that New Dawn Microinsurance Limited, will leverage cutting-edge technology to streamline their processes, enhance accessibility, and improve customer experience.
Ekanem boasted that New Dawn Microinsurance digital platforms facilitate easy enrolment, claims processing, and customer support, ensuring that insurance services are efficient and user-friendly.
The MD, while calling on members of the public to avail themselves of the opportunities, emphasized that the goal of the New Dawn Microinsurance Limited is to raise awareness about the importance of insurance and build strong relationships within the communities .
The MD/CEO was accompanied during the press briefing in Uyo by the management staff including Angela Oghenekevwe Omoyowirin- Head, Technical; Nameti Aniefiok Ndem-Head, Business Development; Henry Sunday Akpan- Head, Finance and Administration; Deborah Ubongabasi Ukana-Head, Legal and Compliance; Nkamado Edet Udo- Head, Audit and Internal Control; and Ime Sunday Iteh-Head, IT.
