AIICO Insurance Plc has launched a new bundled protection, strengthening the financial resilience of Nigeria’s smallholder farmers, rural families and low-income earners who remain vulnerable to shocks that can wipe out their livelihoods.

The product, known as AIICO All-in-One Financial Protection, was unveiled in Lagos following an extensive engagement tour across Ibadan, Kano and Calabar, during which community members, farmers and market groups expressed the urgent need for affordable insurance solutions.

For decades, millions of Nigerians working in the informal sector, including traders, farmers, artisans, transporters and micro-entrepreneurs, have been exposed to significant financial risks. 

Health emergencies, accidents or unexpected crises often erode years of savings and push families into deeper poverty. 

Many also lack structured retirement plans, leaving them vulnerable in their later years.

AIICO said the new product was developed in direct response to these long-standing challenges. 

Backed by the company’s international partners, LeapFrog Investments (UK) and the European Investment Bank, the solution combines three essential insurance components into one accessible package. 

These include personal accident cover, which provides compensation for injury, disability or death.

The company stated that the solution is designed to provide peace of mind and financial security to the individuals who form the backbone of the nation’s economy.

“As a company with a history spanning over 60 years, our mission continues to focus on creating solutions that enable Nigerians to thrive,” AIICO said. 

“This product reflects that commitment, simple, accessible and designed for everyday people who deserve peace of mind.”

Executive Director, Technical, Mr Adewale Kadri, expressed appreciation to farmers, community leaders and value-chain players who participated in the nationwide engagement sessions.

“We are deeply appreciative of the traditional leaders, community heads, farmer groups and value-chain actors who received us across Ibadan, Kano and Calabar. 

Their insights reaffirmed that this product is timely and truly needed,” he said.

Kadri stated that the product is suitable for a wide range of Nigerians, not only rural farmers. 

“The All-in-One Financial Protection is not just for farmers; it is relevant to nearly everyone, regardless of social or economic status. It shields families from financial shocks while supporting long-term stability.”

He also added that AIICO’s industry leadership is rooted in decades of consistent claims settlement. 

“Our legacy drives us to innovate and design products that reflect the real needs of Nigerians. We are committed to ensuring that financial protection is not a privilege but accessible to all.”

Premiums have been deliberately structured to remain affordable, with annual rates starting from ₦800 for personal accident cover and ₦5,000 for hospital encashment. 

Contributions to the deferred annuity component are flexible and depend on the customer’s age, gender, preferred commencement date and chosen annuity level.

The new solution is expected to help close Nigeria’s widening protection gap, particularly in rural and semi-urban communities where insurance penetration remains low. 

By bundling three essential covers at price points suitable for low-income earners, the product has the potential to improve financial resilience for millions of households.

Source: Punch
Image Credit: BusinessDay