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By choosing the Savings plan, You have the means to pay for the things that you desire
This plan is unique and special in many ways. It allows you get steady reward off your money at three different stages within your policy period. You will be paid 30% of your money at the first stage, then another 30% at the second stage. You will finally be paid 100% of your money when the policy matures. And if you pass on before maturity (naturally or accidentally), the sum assured together with the accrued bonuses will be paid to your beneficiary or the legal representative
- The product is available at policy durations of 6, 9 and 12 years only.
- The maximum age at entry is 64 years and the maximum age at maturity is 70 years.
- The maximum policy term that can be chosen will be limited to the maximum age at maturity.
- The minimum sum assured is N1,000,000 and there is no maximum limit.
- The plan includes a guaranteed simple bonus of 3% pa, which begins to accrue from the second year of the policy.
- The policy has, as a stand-alone to the basic cover, a critical illness and Permanent Disability Covers.
- The Policy also has a waiver of premium option in the event of the policyholder being diagnosed with a defined critical illness or permanent disability.
In the event of death before maturity, the sum assured together with the accrued bonuses become payable to the beneficiary or the legal representative of the policyholder.
Where the policy holder passes away because of an accident, the sum assured together with the accrued bonuses become payable.
Provided the policy terms are met, policyholders will receive the following periodic payments:
- 30% of the sum assured will be paid at the end of one-third of the policy term.
- 30% of the sum assured will be paid at the end of two-third of the policy term.
- 100% of the sum assured plus accrued bonuses will be paid at maturity.
- Accumulated Bonus of 3% for policy duration.
Surrender Value Benefit
Surrender Value benefit becomes should the policyholder decides to terminate the policy and premium has been paid for at least one year. Surrender values are defined as a percentage of the original sum assured.
Critical Illness Benefit
Where the policyholder has chosen this option and has been diagnosed with a defined critical illness (as specified in the policy document) the sum assured will be paid in full and final redemption of the policy.
Permanent Disability Benefit
The sum assured is payable in the event of permanent disability of the policyholder.
Claim Payment condition
Waiting Periods – There is a one (1) month waiting period during which no benefit is payable in the event of death of the policyholder. The exception is when death occurs by accidental causes, in which case the full benefits are payable.
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