AIICO Insurance Plc has launched a new bundled insurance solution aimed at tackling the longstanding financial vulnerabilities faced by Nigeria’s smallholder farmers, rural households and informal-sector workers. The product, known as AIICO All-in-One Financial Protection, was formally introduced in Lagos after a nationwide engagement tour across Ibadan, Kano and Calabar.
For decades, millions of Nigerians working as traders, farmers, artisans, transporters and micro-entrepreneurs have operated without protection against medical emergencies, accidents or unexpected shocks—exposures that often wipe out savings and push families deeper into poverty. AIICO said its new offering is designed to directly confront these risks.
Developed with support from international partners LeapFrog Investments (UK) and the European Investment Bank (EIB), the product combines three key protections in a single, affordable package:
- Personal Accident Insurance for injury, disability or death;
- Hospital Encashment, which provides cash support during hospitalisation; and
- Deferred Annuity, a long-term retirement savings plan for low-income earners.
Premiums start at ₦800 per year for Personal Accident cover and ₦5,000 for Hospital Encashment, while annuity contributions remain flexible and tailored to individual circumstances.
Ahead of the launch, AIICO held extensive engagements with community leaders, farmer groups, cooperatives and rural households across the three regions. Stakeholders welcomed the product and praised the company for bringing accessible financial protection directly to underserved communities.
Speaking at the unveiling, AIICO’s Managing Director/CEO, Babatunde Fajemirokun, said the initiative underscores the company’s commitment to increasing insurance penetration and promoting financial inclusion.
“We adopted a grassroots approach, engaging communities in Ibadan, Kano and Calabar. Their insights shaped this product,” he said. “The All-in-One Financial Protection ensures that illness or accident does not erase years of hard work. It brings peace of mind to the hardworking Nigerians who form the backbone of our economy.”
Executive Director (Technical), Adewale Kadri, also thanked traditional institutions and farmer associations for their support during the nationwide roadshow.
“The response was overwhelmingly positive,” he said. “This solution is not only for farmers; it is suitable for people across all social and economic levels. It offers meaningful coverage that protects families from sudden financial shocks and supports long-term stability.”
Kadri added that AIICO’s long-standing record of prompt claims settlement continues to guide its product development and reinforces trust across the insurance market.
Industry observers say the new bundled product could play a significant role in reducing Nigeria’s protection gap, particularly in rural and semi-urban areas where insurance penetration remains low. With its targeted pricing and multi-layered coverage, the product is expected to benefit millions of households.
AIICO Insurance, founded in 1963, is one of Nigeria’s leading composite insurers, offering life, general and health insurance as well as investment management services.
