International Insurance Company pays Le144 Million for Life Assurance ClaimMarch 6, 2014
By Ishmael Kindama Dumbuya
The Mortgage Life Assurance Policy of the International Insurance Company Sierra Leone Limited has brought some relief and succour to the lives of family of the late ECOBANK Executive Director, Mohamed Malador Bah, as the International Insurance Company (IIC) presents a cheque of Le144.5million to HFC Mortgage & Savings PLC, on behalf of Mr. Mohamed’s estate.
The late banker took a Mortgage loan facility with HFC Mortgage & Savings PLC and secured it with IIC Insurance MORTGAGE LIFE ASSURANCE Policy in December 2010 to the sum of Le150Million. Mohamed Bah was one of the earliest Policy Holders of the product as he took it up barely three months after the IIC’s Life Office was opened in August 2010. As a revered and committed client, Mohamed Bah never defaulted in his monthly payment of the premium which stood at Le1, 385,000.00 (one million three hundred and eighty five thousand) Leones per annum.
The payment of premium was dutifully implemented by HFC Mortgage & Savings PLC in close collaboration with IIC INSURANCE. Regrettably, his untimely death brought to an end an illustrious relationship with the Company under the Mortgage Life Assurance Policy which lasted for 38 months (3years and 2 months).
Thus, because, he insured his Mortgage Loan with International Insurance Company, the outstanding unpaid balance on the mortgage loan he took from HFC Mortgage & Savings PLC, which stood at Le144,529,216.56 as at the time of his demise has now been paid fully to HFC on behalf of the Policy Holder, Mohamed Bah. The advantage of this policy to all and sundry is underlined in the fact that in case of any eventuality of death of the policy holder, the family of the deceased would not lose the house built with the Mortgage Loan or the property used to secure the mortgage loan to the Mortgage Company.
In his remarks after receiving the cheque from the IIC boss Mr. Nduka Anyaso, the Director of Credit at HFC, Mr. Sillah, commended IIC for the prompt processing of Mr. Bah’s compensation. He noted that the Mortgage Life Assurance Policy is highly beneficial, as that was the most assuring way of securing your mortgaged property for your family in the event of death. The IIC Mortgage Life Assurance is designed to remove the enormous pressure on the deceased family to pay back the balance on the Loan Account to the Mortgage Company or risk losing the property.
Therefore, in the event of death, the insurance company will pay off the balance outstanding on the loan/mortgage, while the assets of the policy holder remain with the family. It would be recalled that the International Insurance Company Life Office was opened in August 2010. Since its creation the Life Office has continued to design life-changing policies and products specifically tailored to the needs of mankind and the satisfaction of its valued customers. The Life Office is a centre of excellence in Life Insurance business in Sierra Leone and has within a short period of operation established a strong presence and impact in the insurance firmament upholding IIC INSURANCE’ Creed of PIES: Professionalism, Integrity, Excellence and Service.