My Savings Plan - Basic
My Savings Plan is designed to help you plan to meet your savings goals. We will help you save for future events in your life such as funding your children's education, helping you save to purchase a car, or just provide the means to buy what you have always dreamed of.
My Savings Plan offers the dual benefit of helping you to save on a regular basis and offer protection to your family if some unfortunate event occurs while you hold the plan.
- Your life will have protection during the term of the plan.
- Various terms are available to select to meet your needs.
- The minimum premium – N10,000 per month
- Maximum premium – unlimited.
- Premium increase and decrease is allowed a maximum of twice a year.
- The sum assured payable is N500,000 death benefit.
- There is no policy charge.
- There will be a 6 month waiting period for non-accidental death at the start of the policy.
- If the 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. Your life cover will remain effective during this period.
- Surrender and early withdrawal will be allowed. No surrender value or partial withdrawal is allowed in the first 6 months of the policy. Partial withdrawal is allowed after 12 months. This will attract a penalty charge.
- You will be allowed to make monthly, quarterly, semi-annual or annual premium payments.
- Additionally adhoc premium payment will also be allowed.
- The investment return credited to the policyholder is based on a well researched investment strategy to help you achieve your savings needs.
- 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 cover but it will be possible for the policyholder to pay a premium to restart the policy and the life coverage. Premiums missed during this period will not be required to be paid back.
- Your policy will become paid up if no premium is received during the reinstatement period. In the paid up period, the policy will continue accrue interest but there is no life protection cover during this period. You will be able to make a partial withdrawal or surrender under 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.
- Maturity Benefit
- The maturity benefit is the accumulated fund value paid at the end of the chosen term.
- Death Benefit
- The death benefit is the sum insured plus the fund value.
- Return of Premium (Waiting Period)
- The policy will pay out a refund of all premiums paid in case of natural death during the waiting period, in case of death due to an accident the full death benefit will be paid out during the waiting period.