FLEX LIFE PROVIDE
Flex Life Provide.
Flexi Life Provider (9 years) facilitates provision of life assurance cover and a source of capital for investment.
The triple payments modality may inject capital in your business after ever 3 year, or ma in starting small businesses, or meet any future financial need, while you continue to enjoy the saving and protection benefit during the policy term.
1. TRIPLE PAYMENT
The unique feature of this plan is that NIC pays the sum assured in three instalment payments. The first instalment of 20% of sum assured is paid at the end 1/3 of the term of the policy. The second instalment of 20% of sum assured is paid at the end of 2/3 of the term. The remaining 60% of sum assured plus all reversionary bonuses are paid at maturity of the policy.
2. REVERSIONARY BONUS
A reversionary bonus is an addition to the sum assured of the Policy. It is paid at maturity or on premature death. Once declared, it is guaranteed.
3. PROTECTION
For the entire duration of the Policy you are insured for the full sum assured plus all Bonuses. In the event of death, NO DEDUCTION IS MADE from the sum assured and the instalments already paid.
4. MATURITY
At Maturity, the accrued reversionary bonuses will be paid to you in addition to the final balance of 60% of the sum assured.
5. PREMIUMS
While enjoying increasing protection and as your investment fund grows, your premium will remain the same throughout the term of the policy.
6. ACCIDENT BENEFITS
Accidental death benefits are offered. In the event of death by accident the sum assured payment is doubled.
7. THE COST
The cost of the policy benefit is a function of the sum assured and age an indication of how much you wish to b insured and the Corporation will calculate the premium cost for you. You may as well indicate how much you need to pay and you will be advised as to the amount of Sum Assured you will insured.
8. PREMIUM PAYMENT MODES
The premium is payable annually, half yearly, quarterly or monthly in advance.
The current premium rates are as under:-
