You, the policy holder, will have protection during the term of the plan. The minimum age at entry is 18 whilst the maximum age at entry is 63.

Minimum of 6 years Duration.

DEATH BENEFITS

The sum assured becomes payable in the event of death of the policyholder. The policy will refund the premiums paid in case of natural death during the waiting period. The benefit will be paid where death is due to an accident during the waiting period.

ACCIDENTAL DEATH BENEFIT

In case of death due to an accident, the full sum assured becomes payable.

NATURAL DEATH BENEFIT

The full benefit is payable in the event of natural death of the policyholder. However, where this occurs during the waiting period, the premiums paid will be refunded.

PERMANENT DISABILITY & CRITICAL ILLNESS BENEFIT

In the event of permanent disability or critical illness of the policy holder during the policy term, 50% of the sum assured or a premium waiver becomes payable at the policyholder’s discretion.

LOYALTY BENEFIT

There will be a loyalty bonus declared and credited every year on the policy anniversary. The bonus will be the tenure expressed in percentage of the amount of annual premiums paid during the prior year.

The loyalty bonus will be paid at maturity (if the policy remains in force until the maturity date).

MATURITY BENEFIT

The accumulated fund balance at the end of the policy term and the loyalty bonus is payable at maturity.

HOSPITAL CASH BENEFIT

A daily hospital cash benefit of 20% of the monthly premium (or equivalent) subject to a maximum hospital cash benefit of N60, 000 per day. A minimum 3 nights of hospitalization is required to qualify for this benefit in which case the benefit would accrue altogether from night 1. The maximum number of days cover per annum is 28 days.

OPTIONAL RIDER BENEFIT

The Option to purchase additional hospital cash cover, up to a daily maximum additional benefit of 50% of regular premium, subject to an overall limit of N60,000 per day. Premium rates for this optional coverage are N800 per month per N10,000 daily hospital benefit.

PREMIUM

• The minimum premium is N20,000 per month.
• There is no maximum premium.
• Premium increases and decreases are allowed subject to the minimum premium.
• A waiting period will apply for increased benefit covers.

PREMIUM PAYMIZLIT FREQUENCY

Policyholders will be allowed to make monthly, quarterly, semi-annual, or annual premium payments.

GRACE PERIOD

If any premium is not received before the premium due date, the policy will enter a grace period. The duration of this period will be 30 days. The policy holder will still have life, physical disability, critical illness, and premium waiver cover during this period.

WAITING PERIOD

The policy has a waiting period of 6 months for natural death, disability, and critical illness. There is a waiting period of 1 month for both the mandatory and optional hospital cash benefits. Where a premium is missed, the hospital benefit cover (whether mandatory or optional) will remain effective for a grace period of 30 days. However, after these days, the cover will cease to be effective, but reinstatement is possible within 6 months.

REINSTATMENT PERIOD

If your premium is not received after the 30 days grace period, the policy will enter a reinstatement period. This period will last for an additional 6 months. During this period there will be no life, disability, or critical illness protection cover but it will be possible for you to pay a premium to restart the policy.

PAID UP PERIOD

Where the premium is not paid within the grace period of 30 days, the policy will be in a reinstatement period for another 6 months during which it can be reinstated by paying the premiums. Where the premiums are still not paid during this period, then the policy is paid up. After a policy becomes paid up, the policy will still accrue interest, but there will be no life insurance cover during this period.

The policyholder will also be able to make a partial withdrawal or surrender on standard terms. The policyholder may elect to reinstate the policy and recommence the payment of premiums, in which case the waiting periods described above will again apply.

The sum assured is 50 times your monthly premium payable up to a maximum of N15million.

• Minimum Sum Assured is N1,000,000
• Maximum Sum Assured is N15,000,000

If you increase your sum assured, there will be a 6 months waiting period before any claim can be made on the increased amount.

A decrease in sum assured will take effect the first month in which you reduce the premium being paid.

The investment return credited to the policy holder is based on a well-researched investment strategy to help you achieve your savings needs.

A premium allocation charge of 5% of regular contribution will be paid throughout the policy term. The 5% charge is capped at a premium level of N300, 000. Any premium paid in excess of this amount will not attract the policy charge.

Surrender is allowed only if the policy has been in force for 6 months. Partial Withdrawal is only allowed after 12 months and only one partial withdrawal is permitted per annum thereafter.

A partial withdrawal is allowed up to a maximum of 75% of total contributions.

The surrender penalty applicable on surrender or partial withdrawal is as follows:

• 100% penalty on principal and interest for surrender in first 6 months. There is no partial withdrawal.
• 25% penalty on principal and interest for surrender in 7-12 months. There is no partial withdrawal.
• 10% penalty on principal and interest for surrender in 13-24 months. 25% penalty ONLY on interest for partial withdrawal.
• 5% penalty on principal and interest for surrender in 25-36 months. 25% penalty ONLY on interest for partial withdrawal.