The Intercontinental Diamond Fund (IDF) - Stout Market Presence Going to Two Decades

Let's explain quickly that our products review articles aim to highlight products that have proved to be classics, or are judged to be of great value or are, for good reason, considered outstanding in their class and worthy of some accolades. More importantly, such products are highlighted that readers may know more about them as possible tools of life- enhancement. To feature therefore, there must be something to the product

Like the Intercontinental Diamond Fund, IDF, a deposit product of Intercontinental Bank Plc. IDF has straddled the bank products arena for going to two decades and remains a leading product, with a lot of market stature. Launched in 1992, the IDF has proved consistent as a product with good market visibility and one that commands a healthy level of patronage. That's not for no good reason: IDF has kept faith with its users, delivering on its promises and reinforcing its integrity. It is obviously because of its consistency in meeting subscriber expectations that this product has maintained a dominant market position over such a long period.

So, what does IDF offer? IDF is a deposit product, and - this is the downside - not one for everybody, as it has a minimum deposit sum of N250,000. Not everybody can raise that amount, which is where IDF excludes the average investor. But those who can meet that requirement seem pretty happy investing in the product. That's largely because IDF is a bundle of the following product benefits:

• IDF Scholarship Scheme.
  IDF promised it and has continued to regularly award scholarships up to a value of N50,000 to qualifing children of depositors
• Depositor Insurance Cover.
  A good insurance policy is a protective cover every grown-up should aim for and that's what IDF throws into the bargain. You subscribe to IDF and you have gotten yourself a tidy insurance policy in toe. In the case of permanent disability or death while the deposit is in place, insurance value to the tune of double the value of the deposit, up to a maximum of N5,000,000 is crystallises.
  
  In our kind of environment where directly taking insurance and paying premiums is generally not a ready choice, getting a signficant level of protection for free is obviously a good work-around
• Medical Expenses Cover
  IDF accountholders also enjoy a medical expenses cover against accidental injury. The maximum value is N100,000. A depositor holding an IDF account, while not praying for any accident, can rest assured that if one occurs, there is reasonable financial support by virtue of the account he maintains.
• Youth Programme
  IDF has gone further to provide a forum for its scholars and children and wards of accountholders to participate in an IDF sponsored annual leadership and youth empowerment seminar. That's a programme that is bound to turn out new generations of IDF faithfuls who are likely to sustain the products rating for a long time to come.

IDF runs a minimum tenor of 90 days and offers market-competitive interest rates. But its real strength, we think, lies in its consistency in delivering on its promises. Many bank products of its era also came with insurance-linked packages, but most fizzled out of contention, largely for failing to sustain their promise. IDF has also engaged in cultivating the youth - the children and wards of account holders - a move that seems to guarantee its strong performance in the years to come.

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