AIICO Insurance Plc has unveiled a new bundled insurance product designed to reduce the long-standing financial risks faced by Nigeria’s smallholder farmers, rural families, and people working in the informal sector. The solution, called AIICO All-in-One Financial Protection, was introduced in Lagos after a countrywide engagement tour across Ibadan, Kano, and Calabar, where the company met with community members to understand their needs.
According to the company, millions of Nigerians in the informal sector such as market traders, smallholder farmers, artisans, transporters, and micro-entrepreneurs continue to face major financial shocks. A single accident, illness, or emergency can wipe out years of savings and push households into deeper hardship. Many people also lack structured retirement support, leaving them vulnerable after their active working years. The new product was created as a direct response to these challenges.
AIICO explained that the solution is supported by its international partners, LeapFrog Investments in the United Kingdom and the European Investment Bank. The All-in-One Financial Protection combines three key covers in one affordable package. These include Personal Accident Insurance, which provides compensation for accidental injury, permanent disability, or death. It also includes Hospital Encashment, offering cash benefits during hospital admission to help families manage medical bills and daily expenses. Another component is Deferred Annuity, a long-term retirement savings plan that helps low-income earners build a financial safety net.
Speaking during the launch, AIICO’s Managing Director and Chief Executive Officer, Mr Babatunde Fajemirokun, restated the company’s commitment to improving insurance penetration and supporting financial inclusion across the country. He said, “We have adopted a grassroots strategy, conducting enlightenment campaigns in Ibadan, Kano, and Calabar, and our interactions with these communities have provided valuable insights into their challenges and aspirations. The AIICO All-in-One Financial Protection is our promise of support to Nigeria’s smallholder farmers and informal workforce, ensuring that illness, accident, or emergency does not erode years of hard work. This innovation brings security and peace of mind to the hard-working individuals who form the backbone of our economy.”
Fajemirokun added, “As a company with a history spanning over 60 years, our mission continues to be about creating solutions that enable Nigerians to thrive. This product is a reflection of that commitment: simple, accessible, and designed for everyday people who deserve peace of mind.”
Also speaking at the unveiling, Executive Director, Technical, Mr Adewale Kadri, expressed appreciation to the traditional leaders, farmers, associations, and value-chain groups who supported the engagement tours. He stated, “We are deeply appreciative of the traditional leaders, community heads, farmer groups, and value-chain players who received us across Ibadan, Kano, and Calabar. Their encouragement, insights, and enthusiasm reaffirmed that this product is timely and truly needed.”
Kadri added that the solution is relevant to a wide range of Nigerians. He explained, “The All-in-One Financial Protection is not just for farmers; it is suitable for nearly everyone, regardless of social or economic standing. It provides meaningful coverage that shields families from financial shocks while also supporting long-term financial stability.”
He further highlighted the company’s reputation for reliability. According to him, “Our industry leadership is built on trust, strengthened by consistent claims payment over the decades. This legacy drives us every day to innovate and design products that reflect the real needs of Nigerians. We are committed to ensuring that financial protection is not a privilege but something accessible to all.”
AIICO said it has structured the premiums to be affordable for low-income earners. Annual rates start from N800 for Personal Accident and N5,000 for Hospital Encashment. Contributions for the Deferred Annuity plan are flexible and depend on factors such as the customer’s age, selected annuity level, gender, and the preferred date for the retirement payout to begin.
The company expects the product to help close Nigeria’s protection gap and boost insurance adoption, especially in rural and semi-urban areas where insurance penetration remains low. By combining three essential covers into one package with pricing that matches the realities of low-income earners, the solution is positioned to reach millions of families across the country.
