Enterprise Life company have unveiled a new product aimed at not just penetrating the insurance sector but also modifying life insurance.

With the introduction of Funeral Finance Plan Unlimited, the company expects to deepen insurance penetration in the country.

The product comes in the wake of various concerns over claims payments which the CEO of Enterprise Group, Keli Gadzekpo, says the product seeks to address.

The objective of the product is to create an extensive funeral coverage for customers who would have otherwise been excluded from general funeral policies which have very restrictive terms and conditions.

Commissioner of the National Insurance Commission (NIC), Justice Yaw Ofori, who spoke at the event, linked low insurance penetration rates to unattractive packages. He urged life insurance to do more in attracting prospective clients.

“There is a need for us to be innovative in our products as players in the insurance sector. Customer needs and demands keep changing each and every day. We need the right attractive products to engage them and deepen insurance penetration,” he revealed.

Meanwhile, MD of Enterprise Life Assurance Company Limited, Jackeline Benyi has been detailing to Joy Business the timeliness of the Finance Plan Unlimited.

According to her, “Customers are the real reason behind this new product. It sets out as the first and best in the finance funeral insurance”.

Enterprise Life is a subsidiary of the Enterprise Group. In April last year, the company launched its Akwantupa Policy, to create the necessary platform and support for families living abroad to meet their funeral needs locally.

The product was launched at the “Ghana’s Party in the Park” event in London UK.