What is Life Insurance?
Life Insurance is a measure of attaining financial security for you and your family.
Why do you need Life Insurance?
You need life insurance for adequate financial support and to safeguard against uncertainty.
How can I save on my Life Insurance Premium?
- Buy Life Insurance when you are young
- Buy the right amount of coverage
- Enjoy discounts if you intend to pay your premium quarterly, semi-annually or annually
Even if you already have Life Insurance coverage, it may not be sufficient for your changing goals and needs, such as:
- Acquiring a mortgage for a new or improved home
- Borrowing money to buy a car
- Getting married
- Starting a business
- Starting a family
- Providing for your children’s education
We offer the following plans!
- Secondary School Education Endowment – The sum assured is payable in five (5) installments; one in each of the five (5) years Secondary School period to pay school fees, etc. The policy must be effected by age 5 of the child
- University Education Endowment – The sum assured is payable in four (4) installments, one in each of the four years at a University to pay tuition fees etc. Policy must be effected by age 10 of the child
Under the Education Endowment Plans, if the parent or premium payer dies or becomes disabled before the policy matures, the future premiums are waived but the policy continues.
These are savings and protection plans where the sum assured is payable at the end of the endowment period or upon death of the assured. Endowment periods are as follows: 5, 10,15,20,25 and 30 years or to age 50, 55, 60 and 65. Endowments also serve as a retirement plan.
Anticipated Endowments – These are also savings and protection plans for 15 & 20 year periods, but the sum assured is payable in 3 and 4 installments respectively, at 5 year intervals. If the policy holder dies after one or more installments have been paid, the full original sum assured is payable without deduction of any installment already paid.
Personal Retirement Plans whereby payments are made to Annuitant for life or ten (10) years, whichever is longer.
- Deferred Annuities – Deferred Annuities can be funded by a single, monthly, quarterly, semi-annually or annually premium. Pension payment will commence at a selected future age.
- Immediate Annuities – Immediate Annuities are funded by a single premium and pension payment will commence immediately.
Whole of Life Limited Premium Plan – Premium payments under this plan are limited to a selected number of years or to a certain age. This plan provides security for dependents where the sum assured is payable upon death and also acts as collateral security for loans.
Retirement Bonus Whole of Life 100% – 100% of the sum assured plus accumulated bonuses will be payable to the policyholder at the selected retirement age of 50, 55, 60 or 65 years. Premium payment ceases at retirement age, but coverage will still continue until death when 100% of the sum assured will be paid again. This plan is suitable for retirement savings and security for dependents.
Anticipated Bonus Whole of Life 50% – 50% of the sum assured plus 100% of accumulated bonuses will be payable to the policyholder at the selected age of 50, 55, 60, or 65. Premium payment will cease at the selected age, but coverage will continue until death when 100% of the sum assured will be paid again. This plan is also suitable for saving and security for Dependents.
Executive Bonus Assurance – The term of the assurance is the lifetime of the Life Assured but bonus additions are payable in full in cash on the survival of the Life Assured to a selected retirement age of 50, 55, 60 or 65 years.
This is the cheapest form of Life Insurance! The sum assured is payable upon death of the Life Assured during the selected period ranging from 5-25 years. This plan provides collateral security for mortgages and other loans, and also provides security for the family.
Term 5 years Renewable and Convertible – The term of Assurance is for a five (5) years period to cover the contingency of death and is only payable if the Life Assured dies during that period. This policy may be renewed for further periods of five (5) years or converted to any permanent policy offered by the company.
Hospital Indemnity – Cash amounts are paid for each day the Life Assured is hospitalized. The amount depends on the size of the Basic Plan sum assured.
Accidental Medical Expenses – Medical Expenses incurred due to an accident is covered up to a certain maximum amount. This coverage is only attached to Children’s policies
Accidental Death and Dismemberment – Twice the sum assured will be paid if death occurs by accident. Part or the entire sum assured will be paid for loss of limbs or eyesight.
Accidental Disability Income Benefit – Up to 66 2/3 % of the Life Assured’s monthly salary (to a maximum amount) will be paid from the second month of disability due to an accident. The maximum payment period for disability is 60 months.
Total Permanent Disability – If the Life Assured becomes totally and permanently disabled due to illness or an accident, the sum assured will be paid after one (1) year of continuous disability.
Total Disability Waiver of Premium – If the Life Assured becomes totally and continuously disabled, the premiums paid over the six (6) months period are refunded to the Life Assured and all further premiums will be waived until the disability ceases. This policy is allowed on lives aged 15 years and over.
Payer Waiver of Premium – This coverage is only attached to Children’s policies. If the premium payer (parent) dies or becomes disabled, future premiums will be waived and the policy will be kept in force. Payment of school fees is therefore assured.