Low-income earners in Akwa Ibom State are set to get safety net as New Dawn Microinsurance Company Limited, an insurance company designed to provide affordable and accessible insurance solutions to underserved people begins operation.
For years, low-income earners in the state have been vulnerable to financial shocks, with limited access to traditional insurance products.
However, with the launch of New Dawn Microinsurance, low-income earners in Akwa Ibom State can now breathe a sigh of relief knowing that they have a safety net to fall back on in times of need, the company’s MD stated.
Speaking during a press briefing on Tuesday , September 4, at Watbridge Hotel & Suites in Uyo, the Managing Director/Chief Executive Officer of New Dawn Microinsurance Limited, Inemesit Ekanem, highlighted the company’s mission to cater to those who have long been ignored by traditional insurance services.
“We are here to cater for people that are ignored. We are here to ensure their livelihood continues and to make sure whatever they have acquired over this period is preserved, even in the event of death, robbery, or accident.”
“Our products are easy to access, cheap, and affordable for anybody to easily pick it up. Our premiums are quite small, yet the value we provide to people is the highest you can find around,” Ekanem said.
Ekanem revealed that the company established in 2022, has range of innovative insurance products such as New Dawn Property and Shop Protection Plan, New Dawn Wheelers Policy, New Dawn Credit Life Policy, and New Dawn Group and Personal Accident Plan.
He noted that each product is meticulously designed to address specific financial risks faced by individuals and businesses in Akwa Ibom State, from property damage and theft to accidents and credit life insurance.
For the New Dawn Property and Shop Protection Plan, he stated that it, provides coverage against fire, lightning, limited explosions, and theft involving forcible entry, adding that with a maximum liability of two million naira, this plan is designed to indemnify policyholders for losses related to essential items such as office equipment, shop materials, and residential property contents.
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For mobility, the New Dawn Wheelers Policy covers loss or damage to motorcycles and tricycles, popularly known as ‘keke’, with compensation for bodily injury or death of riders involved in road traffic accidents. The maximum liability under this plan is also capped at two million naira.
Ekanem hinted that the New Dawn Credit Life Policy, which is specifically designed for microfinance institutions ensures that outstanding debts are repaid in the event of a borrower’s death, permanent disability, or business loss due to fire.
On the New Dawn Group and Personal Accident Plan, he stated that it is designed to provide compensation for accidents that result in bodily injuries, death, or permanent disability.
It also covers medical expenses incurred due to such incidents. This plan targets a broad spectrum of low-income earners, including teachers, small and medium-scale enterprises (SMEs), artisans, traders, and farmers.
In addition to these core products, Ekanem revealed that company has introduced the New Dawn Target Savings Plan, a flexible savings scheme that allows subscribers to save for a period ranging from six months to over a year, with daily, weekly, monthly, or annual payment options.
According to him, the plan offers interest rates of up to 10% for contributions made for one year or more. In the event of a subscriber’s death before the plan matures, a life insurance benefit is paid out based on a percentage of the total contributions made.
The New Dawn Microinsurance MD however noted that the company would leverage technology to enhance customer experience, with its digital platforms set to simplify enrollment, claims, and support, ensuring efficient and customer friendly services are prioritized.
