A Sales Awards Night & Grand Unveiling of 8 New National Insurance Company Ltd (NIC) Products was held on 26 August 2022, Intercontinental Hotel with the presence of Mr Vikash Peerun, Chairperson of NIC, Board Members of NIC,  Mr Rishi Sookdawoor, Group Officer in Charge of NIC.

On this occasion, the Honourable Minister Mahen Kumar Seerutthun was invited to mark the celebrations.

In his keynote address, he stated that NIC managed to successfully restructure the whole NIC Group, strengthen the balance sheets of the life and general insurance businesses and laid a much stronger foundation to support the expansion plans of NIC with innovative products and services, forthcoming new ventures and cross-border expansion for the future.

He further stated that NIC is witnessing the strong growth rates, being registered across various lines of the businesses demonstrate the tremendous efforts that you have collectively put in to reach where we are today.

He mentioned that NIC ranked in the top 100 companies of the country with a commendable 43^rd position in terms of profitability and being amongst the big 4 insurers of the country is not a small feat.

He further stated that despite the unprecedented challenges of the pandemic, the work accomplished on the life & general insurance businesses including lending and pensions activities, so far, is remarkable.

He also congratulated some 35 members of the NIC salesforce who completed the Master Financial Advisors programme of LIMRA (US) with flying colours.

He unveiled the 8 new innovative insurance products as follows:

NIC Prosperity Plan

1.The NIC Prosperity Plan is an innovative life insurance product backed by diverse investment funds that enable you to realise your cherished dream projects through regular cash backs and your accumulated policy fund. It brings along full life protection of up to 5 times of the sum assured and loyalty bonuses amongst many other attractive and innovative features.

NIC Child Investment Plan

2. The NIC Child Investment Plan builds financial security for children as they grow whilst gaining easy access to diversified investment funds that provide long term growth and help in building your Child’s Heritage Fund up to maturity. This product opens up new horizons for parents and children and goes beyond normal savings with a fund value that can transcend across generations.

NIC Wedding Plan

3. The NIC Wedding Plan aims to empower parents in financing the dream wedding events of their children without financial pressures and benefit from the Wedding Celebration Bonus, loyalty bonuses, wedding gift, and comprehensive life protection amongst others. We all love travelling and exploring new cultures but often such projects can be expensive, far reaching, and sometimes beyond means.

NIC Holiday Plan

4. The NIC Holiday Plan enables people to save and create a holiday fund that they can cash out to pay for a dream vacation. This product also brings peace of mind in case something unexpected happens by having protection for emergency medical and hospitalisation during vacation, and comprehensive protection over years during the period of insurance.

New NIC Retirement Plan

5. The new NIC Retirement Plan empowers people to be financially independent when they are no longer in active employment and plan a peaceful retirement well ahead. This new product add another dimension to existing offerings with innovative features such as a wellness bonus, guaranteed options, long term loyalty bonus reward and accelerated care benefit amongst others;

 Pilgrimage Plan

6. NIC is also marking the industry  by pioneering the Pilgrimage Plan that opens a spiritual dimension within the insurance world. The NIC Pilgrimage plan will enable citizens of all faiths to set aside savings and prepare for their sacred journeys well ahead, backed by an ESG or shariah-compliant fund of your choice whilst respecting ethical principles and guiding values.

NIC Funeral Care Plan

 7. The NIC Funeral Care Plan bridges this gap by providing not only a cash benefit to cover funeral services but also provides additional financial support to the family in these difficult moments in the form of a Family Income Benefit for 12 months post death of the life assured. The product brings affordability, care and flexibility with 24 x 7 prise en charge and funeral service options through the service provider of their choice.

Multiprotect Home Insurance Plan

8. The Multiprotect Home Insurance Plan that enables every family to protect their homes, at very affordable premium, against unexpected risk of flood, fire, burglary and accidental damages whilst providing 24 x 7 home assistance for certain specific services when covered.  The policy also indemnifies against liability of the household against accidental injury of the workers or visitors.

He stated that the new wave of offerings will surely mark the minds and lives of many in the future and set the pace in the industry with a fresh orientation of rethinking and reinvention.