INTRODUCTION
Preamble\ Challenges of Life
Old age is one of the basic events of life that catches up with one whether we like it or not
Retirement from active services or work arising from old age or disability is a certainty of life
Social responsibility and financial needs are higher at old age when income seems to be reducing or not available at all
Death, the unwanted visitor, may call at a time unknown in the future
The unexpected risk of accident and the consequential disability may disrupt a well laid out plan
All the problems enumerated above are beautiful catered for to your comfort by this one unique product in the Nigeria Insurance Market Package by Union Commercial Insurance Brokers Nigeria Limited underwritten by reputable underwriters.
The Plan
The Holy Book said “Go to the Ant, Study its ways, and be wise”
Study What? The Art of saving and investment for your future comfort.
This product is an improvement on the orthodox insurance plan or arrangement.
It is a multi dimensional plan encompassing:
I. Investment
II. Life Assurance
III. Permanent disability covers.
These three basic benefits are for a single premium payable either annually, Half yearly, Quarterly and Monthly depending on choice.
Investment Plan
The investment plan is a conscious saving to build up a capital required for your future investment projection whilst still working.
• You could keep for a building projection
• A business plan/Asset procurement
• Your Children Education/Graduation
• Holy pilgrimage in the future
There is a guaranteed interest of 11% on the contribution in this plan compounded annually.
Life Assurance Plan
Life Assurance is a service that offers protection against what would certainly happen e.g. death, and securing of a sum for the dependants in the event of untimely death.
In essence, the life assurance part of the policy caters for an event of sudden natural death which disrupts investment projections and makes money available to the policyholder’s dependents. In the events of death of the policyholder in this manner, the dependants will cash the expected terminal value plus proceeds from the investment Account.
In this case a purchased sum assured plus whatever is in your investment account is made payable to your dependants. Where death is caused by accident, the dependants will receive double the amount above in addition to the balance in the investment account.
Permanent Disability Plan
Following an accident, where a person does not die but become permanently disabled. The policy provides that the purchased sum assured becomes payable to him/her in addition to whatever is the investment account.
Comfortable Retirement Plan
As rightly named, the plan is for a visionary individual who wish to invest and make provision for the future.
When your contemporaries at retirement are dying in penury and hunger, you will be in comfort.
How It Works
Depending on your ability, the minimum investment required annually is just N60, 000.00 or N5, 000.00 monthly.
Practical Example
For instance, A 35 years old man who intends to retire and settle down for personal business in 15 years time and contributing N10, 000.00 monthly would have contributed N1, 800,000.00 only.
At Retirement, he will collect = N1, 800 000.00 + N2, 362,702.90k =N4, 162, 702.90k
At Natural Death in 15 years = N1, 800 000.00 + N4, 162, 702.90k =N5, 962,702.90k
At Death (Accident) in 15 years = N3, 6000,000.00 + N4, 162, 702.00 =N7, 762,702.00k
Permanent Disability = N1, 8000,000.00 + N4, 162, 702.90k =N5, 962,702.90k
Additional Benefits
• Tax Relief on all Contributions
• Final claims are tax free
• You could collect part of your investment along the line whilst still keeping your policy in force
• Where there is a problem, and the premium could not be paid, there is a waiver arrangement to use part of the funds in your investment account to care for such payment for sometime.
• The policy could be used as collateral for loan in the banks by means of assignment
• Terminal value of the policy is determinable from inception
• Policy offers you a guaranteed interest of 11% compound on your investment.
