By Taiye Olayemi
Lagos, Nov. 27, 2025 (NAN) AIICO Insurance Plc has introduced a new bundled insurance package to reduce financial risks faced by smallholder farmers, rural families, and informal workers across Nigeria.
The product, named AIICO All-in-One Financial Protection, was unveiled after a nationwide engagement tour covering Ibadan, Kano, and Calabar.
Mr Babatunde Fajemirokun, Chief Executive Officer of AIICO Insurance, confirmed the development in a statement issued on Thursday.
Fajemirokun said the product was created in response to the persistent exposure of traders, artisans, transporters, farmers, and micro-entrepreneurs to shocks caused by illness and emergencies.
He added that the initiative was supported by AIICO’s international partners, LeapFrog Investments (UK) and the European Investment Bank.
He explained that the package offers three benefits: personal accident cover, hospital encashment, and a deferred annuity savings plan for retirement.
“Premiums have been deliberately set at affordable levels, with annual rates from N800 for Personal Accident and N5,000 for Hospital Encashment,” he said.
“Deferred Annuity contributions are flexible and depend on the customer’s age, chosen annuity level, gender, and preferred commencement date.”
According to him, the product design was shaped by feedback received from traditional rulers, farmer groups, cooperatives, and community leaders during the regional consultations.
He restated the company’s commitment to deepening insurance penetration and supporting financial inclusion nationwide.
“We have adopted a grassroots approach, running awareness campaigns in Ibadan, Kano, and Calabar, and gaining insights into people’s challenges and ambitions.
“The AIICO All-in-One Financial Protection is our pledge to support farmers and informal workers, ensuring illness or accidents do not destroy years of effort,” he said.
He added that the product brings security to hardworking individuals who form the backbone of Nigeria’s economy.
He said: “With over 60 years of history, our mission remains creating solutions that help Nigerians thrive.
“This product reflects that mission: simple, accessible, and designed for everyday people seeking peace of mind.”
Mr Adewale Kadri, Executive Director, Technical, thanked the leaders, associations, and farmers who engaged with the team during the tour.
“We appreciate the community heads, farmer groups, and value-chain players who welcomed us across the three cities.
“Their support and insights showed the product is timely and truly needed,” he said.
Kadri stressed that the solution is suitable for nearly everyone, regardless of social or economic background.
He said it provides meaningful protection against financial shocks and supports long-term stability for families.
He added that AIICO’s leadership is strengthened by its long record of consistent claims payments spanning decades.
“This legacy motivates us to innovate and design products that meet real needs. “We remain committed to making financial protection accessible to all Nigerians,” he said.