My Savings Plan-Basic is a product designed to help you plan to meet your short or long-term savings needs. This product will help you save for future events in your life such as funding your children’s education, purchasing a property or just providing the means to buy what you have always dreamed of

My Savings Plan-Basic plan has the dual benefit of helping you to save on a regular

basis and offering protection to your family if an insured event occurs during the period this plan is active.

The information in the table below summarises what you will need to pay, what benefits are provided and the details of your sales executive.

Who does this plan cover?

You (the Policy owner) are covered under this policy.

When will your cover commence?

Your cover will commence once we receive and accept your application and your first premium payment.

How much does this plan pay out?

You decide how much the plan will pay you by selecting a cover amount that suits your investment or savings need.

How does this plan work?

Section B of this booklet describes what and when benefits are payable.

Who can buy this product?

You can buy a policy if you are 18 years or older, provided you are not older than 65 when the policy starts.

How long will this plan last?

Any period from 3 to 10 years

The following benefits are payable under the policy provided that it is in force:

1. Death benefits

In the event of death during the term of the Policy, we will pay to your nominated beneficiary/ beneficiaries or guardian or to your estate in case there is no nominated beneficiary/ beneficiaries:

• The sum assured, plus
• The accumulated fund value

This benefit is subject to the waiting period described in section D clause 14.

2. Maturity benefits

On reaching the end of the term, we will pay you the accumulated fund value.

3. Money back guarantee

We will refund any premium received in the event that death occurs before the commencement of the policy.

Policy Exclusions

We will not accept liability for claims occurring as a result of any of the exclusions listed below:

1. Any act committed by the life assured or beneficiary/beneficiaries which constitutes a violation of criminal law.
2. Abuse of alcohol, wilful inhalation of gas, self-inflicted injury, wilful exposure to radioactivity or the wilful consumption of poison or overdose of drugs (whether the drugs have been prescribed by a medical practitioner or not).
3. As an active participant (with the exception of those deployed by the security forces of the Federal Republic of Nigeria) in any act of war whether war be declared or not, military action, terrorist activities, riots, strikes, civil commotion or insurrection.
4. Participation in mountaineering, horse riding, hunting, motor-racing, power-boat racing or fighting (except in self-defence).
5. Participation in any form of aviation other than a scheduled air service over an established passenger route.
6. Any medical condition not disclosed prior to the issuance of the Policy, for which treatment was received or recommended, by a medical practitioner or which you were aware of on the application date (Pre-existing medical condition).
7. Critical illness claims arising from conditions not listed in this policy.

1. The contract

The provisions and benefits in this policy wording together with the policy schedule, the

application form and any written declaration made by you, constitute the entire contract. No provision can be waived or modified except in writing by an authorised official of Prudential Zenith Life Insurance. This policy shall be subject to the laws of the Federal Republic of Nigeria.

2. Commencement of cover

Your cover will commence once we receive and accept your application and your first premium payment. You will be notified by us once your application has been accepted. Please note that we are required by our regulators to verify some information contained in your application.

3. Premium payments and currency

• You are required to pay the regular premiums due in terms of this policy directly to the company in Nigerian currency.

• Your regular premium and frequency of payment is set out in page 4 of this booklet.

• You may make monthly, quarterly, semi-annual, annual regular premium payments or single premium payment. Supplementary premium payments will also be allowed.

• The minimum premium payable on this plan is N20,000 per month.

• If we do not receive your first premium within 6 months from the application date, your application will be cancelled.

• The monthly premium is due within 30 days of the first day of the month to which the premium relates. If we do not receive your premium when due, your policy will enter the reinstatement period.

4. Sum assured

The sum assured payable on this policy is subject to the term/tenure of the policy chosen by you.

– 3 to 4 year s term – N200,000 death benefit

– 5 to10 years – N500,000 death benefit

5. Changes in premium

Increases and decreases in premium is allowed provided the premium does not fall below N20,000 per month.

6. Accumulation of Sum Assured

Notwithstanding the sum assured stated in the schedule therein, the policyholder agrees that the company will at its own expense request that the policyholder undergo medical examination/ review as deemed appropriate in consideration of the total liability held and written in the name of the policyholder on this policy or other policies in the company’s books. Failure of the policy­holder to comply with the medical examination/ review, will limit the total liability on all policies written in his/her name to the Non-medical limit at the time of purchasing the policy/as advised by the Company.

7. Part withdrawal benefit

Partial withdrawal is not available for the 3 and 4 years tenors but is only available for 5 years and above tenor polices. Part withdrawal is allowed after 36 months of the policy start date and is allowed only twice during the policy term (duration). There has to be at least two(2) years interval between each withdrawal. You may make first part withdrawal up to a maximum of 25% of the available accumulated fund value while an additional 25% of available accumulated fund value is allowed in the second withdrawal subject to no withdrawal charges. Following the initial withdrawal, the policy will not be cancelled and you will be required to continue paying regular premiums to be eligible for the next withdrawal.

8. Surrender value benefit

This policy allows for surrender without charges provided that premiums have been paid for 36 months and the policy has been in-force. Surrender/termination at earlier durations would attract penalty charges (see Section D clause 9 below)

9. Charges

Should you decide to make a part withdrawal or surrender on your policy, the following

conditions/charges will apply:

• For a period within 12 months of policy commencement, part withdrawal is not available, but a surrender option is available with a charge of 50% on the accumulated fund value for regular payment frequency and 10% charge on lump sum payment fund value.

• For a period of 13 to 24 months of policy commencement, part withdrawal is not available. A surrender option is available with a charge of 25% on the accumulated fund value for regular payment frequency and 7.5% charge on lump sum payment fund value.

• For a period of 25 to 36 months of policy commencement, a part withdrawal is not available while a surrender option will attract a 10% charge on the accumulated fund value for regular payment frequency and 5% charge on lump sum payment fund value.

• For a period above 36 months of policy commencement, a part withdrawal/surrender option is allowed and will not attract any charges.

10. Review period

You may cancel your policy within 30 days of the application date, provided that no benefit has been paid or claimed or that an insured event has not yet occurred. On receipt of your instruction, we will refund any premiums that we have received.

11. Lapse period

Lapses terminate the policy. Lapses occur if premiums are not paid within 90 days after they are due. This policy will lapse if three consecutive monthly premiums are outstanding. No benefit is payable when a policy lapses. If your renewal premium is not received within the 90 days this policy will lapse and enter a reinstatement period.

12. Reinstatement

If your premium is not received after the 30 days grace period, the policy will enter a reinstatement period. Within 12 months from the date policy enters a reinstatement period, you may pay all missed regular premium and we will automatically reinstate your policy. The policy may be reinstated (activated) in accordance with the terms and conditions that we may specify at the time of reinstatement. You will only be entitled to your accumulated fund value during the reinstatement period.

13. Paid-up policy

Your policy will become paid up if no premium is received during the reinstatement period. In the paid-up period, the policy will continue to accrue interest but there will be no death benefit cover. You will be able to make a part withdrawal or surrender the policy under our standard terms. It will not be possible to accept new premiums if the policy goes into paid up status; you will have to take out a new policy.

14. Arbitration

Any dispute in terms of this policy shall be referred to arbitration in accordance with the Arbitration and Conciliation Act Cap A18, Laws of the Federation of Nigeria 2004, by a sole arbitrator appointed jointly (or appointed by the President of the Chartered Institute of Arbitrators UK, Nigerian Branch, where parties are unable to agree on the appointment), and the obtaining of an award in your favour is required before we will accept any liability under this policy.

15. Waiting period

Death claims arising from natural causes will be subjected to a 6 month waiting period from policy commencement date; or from the date you reinstate your policy; or from the date you increase your benefits – whichever applies. Death claims arising from accidental causes will be payable during this period.

16. Early termination and cancellation of the policy

You may terminate this policy by issuing a written notification to us indicating your intent to cancel the policy. We shall cancel the policy with effect from the date of receipt of your notification, and we shall refund any premiums received thereafter, subject to surrender charges.

In addition, we may cancel the policy or decline to settle a claim on the occurrence of any of the following events:

• You deliberately provide incorrect or falsified information about material facts in your application.

• You deliberately omit material information that was within your knowledge or could reasonably be deemed to have been in your knowledge.

In the event of fraud or non-disclosure of material facts, we will cancel the policy and we will not refund the premiums received prior to cancellation.

17. Automatic termination

The policy will automatically terminate on the earliest of:

• Death of the policyholder;
• Surrender of the policy
• End of the term of the Policy
• The accumulated fund value of your paid-up policy falling below zero Naira at any time (see section D clause 12)

18. Amendment of terms and conditions

We may amend the terms and conditions of this policy by giving you 30 days prior written notice. An updated version of the terms and conditions will be forwarded to you at your last known address or through any of the contact details you have provided.

19. Sales channel

This product may be sold via a number of channels. Where this product is sold via a

Bancassurance partner, it should be noted that the product is underwritten by us with no recourse to the bank.

20. Data protection clause

Prudential Zenith Life Insurance Limited (“the Company”) shall comply with all applicable Data Protection Regulations and shall keep confidential all personal data and information provided by the customer/insured and the data shall only be used and/or shared with our staff or agents engaged by us directly concerned with this policy. We may also share confidential information with Prudential Affiliates for risk management and assurance review purposes.

Also, we may share confidential information with third parties such as professional advisers, co-as­surers and reinsurers, local and international regulatory bodies, a court in

criminal, civil or other litigation or to other third parties as may be required by law, statute, rule or regulation as long as it is determined by us to be for the performance of the services contemplated in this agreement.

21. AML/ABC/FATCA Clause

During the term of this contract, You shall at all times comply with Your duties under all

applicable laws relating to anti-bribery and corruption, sanctions, anti-money laundering and “know your customer” principles and, in respect of US Citizens or persons who have worked in the US during the past 6 months, with the provisions of the U.S. Foreign Account Tax Compliance Act. By reason of the operation of applicable laws, We may be obliged to cancel Your policy, refuse to pay the benefit or return premiums paid under the policy if You fail to comply with applicable laws.

22. Policy assignment

This policy shall not be assigned without written consent. Any notice of assignment by the policy owner shall be given to the company at the company’s registered office and we shall give written acknowledgement of receipt of such notice.

23. Residence and travel

You must be resident in Nigeria as at the commencement date of your policy. You may subsequently relocate and reside in any part of the world without changes to your policy terms and conditions.

24. Mis-stated age

If your age is mis-stated and your actual age is outside the limits of the product, the policy will automatically be voided and we will refund premiums paid by you less any administration charge.

25. Changes in law

Should there be a change in law (including taxation law or practice) affecting this policy or in the event of any levy being imposed on the company under statutory authority, the company may adjust the benefits, premiums and Policy terms and conditions (or any of them) in such manner as the actuary of the company deems appropriate. Notice of such adjustment shall be sent in writing to your last address

recorded by us or through any of the contact details you have provided.

1. Accident

shall refer to an event whose happening or cause is unexpected and occurred through violent, external and visible means.

2. Accidental death

shall mean death arising from bodily injury caused solely and directly by violent, external and visible means and that such injury is the sole cause of death. All other causes of death relating to illness, disease or the ageing process shall be deemed to be caused by natural causes.

3. Actuary

shall mean a person appointed by the company who compiles and analyses statistics and uses them to calculate insurance risks and premiums.

4. Accumulated fund value

shall mean the premiums paid less any part withdrawals and policy charges (where applicable) plus investment returns.

5. Application or proposal

shall mean an offer for insurance cover completed by you and received by the company.

6. Commencement or commencement date or cover start date

shall be the date recorded as such on the policy schedule. This shall be the date of receipt of the first premium and where the proposal or application form for the policy has been received and accepted by us.

7. Death Benefit

shall mean the amount payable upon the death of an insured person upon receipt of a valid claim.

8. In force

shall mean the insurance application has been accepted and policy owner has been paying the regular premium as and when due.

9. Insured Event

shall mean death occurring after the cover start date.

10. Money back guarantee

shall mean a benefit equal to the amount of all premiums received under the policy

11. Part withdrawal administration charge

shall mean an administration fee levied upon a part withdrawal.

12. Part withdrawal value

shall mean the amount of the accumulated fund value you decide to withdraw before the end of the term less any part withdrawal charge.

13. Premium

shall mean the amount to be paid by the policy owner under the policy in order to keep the policy in force.

14. Policy Document

shall mean policy wording and the policy schedule. The policy wording or schedules may be electronic or hard paper copy.

15. Policy owner or policy holder or life assured

shall mean the person whose life is covered in the insurance contract, on whose life a benefit is paid and in whose name the policy is written.

16. Sum Assured

shall mean the benefit payable upon the occurrence of an insured event.

17. Surrender Charge

shall mean an administration fee levied as a percentage of the accumulated fund value upon surrendering policy before maturity.

18. Surrender Value

the accumulated fund value less the surrender Charge.

19. The Company or Us or we

shall mean Prudential Zenith Life Insurance.

20. Term

shall mean the duration in years from the start date to the end date of the policy

21. You

shall mean the policy owner/policy holder/life assured.

PREMIUM PAYMENTS

• All premium payments MUST be made directly to Prudential Zenith Life Insurance.
• Sales executives are NOT permitted to collect and/ or remit premiums on behalf of a client.

CLAIM PAYMENTS

The following documents will be required in case of a claim:

All claims:

• The policy document and schedule
• A properly completed claim Form(s)
• Identification documents and proof of banking details of the claimant(s)
• An executed discharge voucher
• Proof to the satisfaction of Prudential Zenith Life Insurance of the event for which the benefit is claimed, the legal entitlement of the claimant(s) to receive the benefits and the age of the life upon which the benefit is payable.
• Any other relevant document(s) requested by Prudential Zenith Life Insurance

Death claims:

• Original death certificate (National Population Commission)
• Police report for accidental death
• Medical certificate of cause of death

Once a claim has been paid, we will have no further liability towards you, the nominated

beneficiary/beneficiaries or your estate in respect of that claim. We shall deduct any debt you owe us from the benefits payable. We will have discharged our obligation upon payment of any benefits due under the policy.

Note for all claim payments

Prudential Zenith Life Insurance may conduct an independent investigation during the claims assessment process.

Failure to provide the required information may lead to non-payment of a claim.

Prudential Zenith Life Insurance has received your application for the My Savings Plan-Basic Policy as described in this document. We agree to pay the benefits in the contract to you or in case of unforeseen circumstances, to the person(s) you nominate as your beneficiary/beneficiaries, or to your estate in case there is no nominated beneficiary/beneficiaries, subject to the terms and conditions of this policy.

This policy document together with the policy schedule, the application form and any written declaration made by you form the basis of your contract of insurance. These documents explain what you are covered for. The policy document contains conditions and exclusions that you should be aware of. You must keep to all the terms and conditions of the insurance.

Please read this policy document to make sure that you understand the nature of the cover provided. Also, please check the details outlined within your policy schedule to make sure that the information provided is correct.

Your right to cancel the policy (Cooling off Period)

If you are not satisfied with this policy, you have the right to change your mind within thirty days of receipt of this policy document and to request a refund of the premium paid. The refund of premiums will be less administrative costs.

Our right to cancel the policy

We have the right to cancel this policy by writing to you at your last known address or through any of the contact details you have provided; if we establish that you did not comply with any conditions of the contract.

Information

By accepting this policy, you agree that we can use any information provided under this policy. This information will enable us to assess risks, re- duce the chances of fraudulent activities and ensure compliance with the law. We may also verify this information against any other legitimate sources or databases.

How to claim

You must register a claim by writing to us as soon as it is reasonably practical after the event which led to the claim. If our position is prejudiced by the late notification of a claim, then this may affect our acceptance of a claim.