Pensioners have been given a good scheme to keep their lives insured and secured as they are on pension.
This is to offer retirement savings solutions and ensure that pension provision to individuals are painless for employers while assuring for scheme members.
The add-on service is the first of its kind in Ghana aimed at giving Ghanaians additional comfort while inspiring growth in pension and insurance coverages.
The plan was made by a corporate trustee called Axis Pension Trust and Hollard Life Assurance, have partnered to offer insurance backed pensions featuring free life insurance cover to clients of the Trust.
The partnership was launched in Accra where there was a presentation of a cheque to the first beneficiary of the life insurance cover, Mr. John Awuni.
Mr. Awuni received the cheque as a beneficiary of his late wife, who was a teacher in the western region and a member of the Axis Personal Pension scheme.
Chief Executive Officer of Axis Pension Limited, Mr Afriyie Oware, expressed commitment for the scheme to remain at the cutting edge of its services.
He said the company aims to ensure that 40 percent of Ghanaian households achieve financial peace of mind.
Mr Oware explained that the free pension-linked life insurance cover is a testament to the commitment of the partners to deliver superior value through innovation.
“The partnership between Axis Pension Trust and Hollard Life will be a source of hope in a time of uncertainty and further advance our mission to inspire the African worker to achieve financial peace of mind,” he said.
Managing Director of Hollard Life Assurance, Mr Nashiru Iddrisu, said he was excited to see the partnership already being impactful.
He said it was strategic and core to the purpose of Hollard Life to enable more people to create and secure a better future for themselves.
Mr Iddrisu said with this partnership, retirees can enjoy peace of mind and financial security because the insurance cover on their pension will enable them to sustain the standard of living of their loved ones in the event of their death or permanent disability.
“Insurance-backed pensions are a positive disruption of the industry in our collective bid to improve Ghanaian lives such as Mr Awuni’s. Hollard Life has proven that when it comes to innovation it matters to have the right partners to provide the right products that treat our customers with care and dignity.”
By Alfred Nii Arday Ankrah