Life Insurance

Are you looking for life assurance to help protect your loved ones? Maybe you’re a first-time buyer looking for mortgage insurance? Whatever your need for life assurance, we hope to have a policy that suits you. Life assurance covers death from any cause whether sickness or accident.

1.Education Plan 

Like everything else, the cost of education is going up all the time. Unless you start saving now, the cost in future may be prohibitive, and your child may be denied the type of education you have always dreamt of. The time to prepare for all this is now!

The Cover:

The plan combines the life cover with investment. The sum assured plus the accrued bonuses are payable at maturity of the policy. You will affect the policy on your life with the child as the beneficiary. The term of the policy will be determined by the point at which you want the child to start benefiting. You will also choose whether you want the sum assured at maturity to be paid in instalments or as a lump sum. 

For example, if your child will go to high school or university in 10 years’ time, then you can choose the date of the maturity to coincide with that time, and the sum assured to be paid in, say, four equal annual instalments, or in a lump sum. 

The Benefit The plan is bonus-earning, and bonuses are added to the sum assured every year after actuarial valuation of the Life Fund. The bonuses are paid together with the sum assured when the policy matures. An additional terminal bonus of 100% of the reversionary bonuses allocated is also paid at maturity or on death. In case of death, subsequent premiums are waived and the policy continues earning bonuses until maturity date.

2. Investment plan

The main feature of this plan is that it combines life cover with investment. The sum assured is paid in instalments during the term of the policy, and the size and timing of the instalments will depend on the original term of the policy. The full sum assured, plus accrued bonuses, is paid on death irrespective of any previous instalments paid. You will choose the term of the policy and the sum assured, and we will advise you of the cost. 

The Benefits:

The plan is bonus-earning, and bonuses are added to the sum assured every year after the actuarial valuation of the Life Fund. These bonuses are paid together with the last instalment of the sum assured when the policy matures, or with the full sum assured if a death claim arises.

3. Group Life:

This policy can be taken out by groups mainly by employers to cover their employees. This policy ensures that the family of the employee is not left destitute. It is an important employee benefit policy.

The policy can be arranged in several ways to give optimum benefits to both the employer and employee.

The employer may decide to fix equal amounts payable to all employees on death or base it as a multiple of the employer’s annual salary.

Benefits:

  • This cover enables employers to alleviate the financial distress that might befall the dependants of an employee upon death
  • The policy can be offered with additional benefits such as Permanent Disability, Critical Illness and Funeral Expense

4.Personal Pension Plan

Planning for retirement should begin from the first day of employment. 

Personal Pension Plan is a long-term investment plan that helps you to build a sizeable retirement fund.

The plan allows you to build your retirement income by making regular contributions during your working life. Your savings grow exponentially over time while earning interest. On attainment of your selected retirement age, you will receive your accumulated retirement benefits in accordance to either pension or provident plan option selected at the inception of the policy.

What can take the cover?

  • Self-employed; business owners.
  • In contract or seasonal employment.
  • Employed in a company with no occupational pension scheme.
  • Working overseas.
  • Looking to boost your retirement kitty outside your employer’s occupational scheme.
  • Aiming to consolidate your pension dues after working for various employers.

What Options Do You Have?

  1. Provident plan: Under this option, when you reach the retirement age, you will be paid the accumulated savings in one single lump sum.
  2. Pension plan: Under this option when you attain the retirement age, you will be paid a third of the accumulated savings as a single lump sum amount. You can then opt to use the remaining two thirds as follows: –
    1. Purchase an annuity, a contract for life that guarantees a Monthly income stream (pension) for the rest of your life.
    2. Income Draw down: An investment fund from which retirement benefits payments are drawn, locked for 10 years.

5. Group Pension Plan

Organizations can arrange a group scheme for its members.

 Group – which can be in either of the following forms: 

∙ A group of individuals interested in the scheme but not employer sponsored. 

∙ An employer sponsored group where the employer and employee make 

   contributions.

As Entreplat Insurance Brokers, we ensure the following is done;

  1. The scheme is administered professionally by the underwriter and according to the provisions of Retirement benefits rules and regulations;
  2. Ensure that the members’ retirement benefits are invested wisely, secured and guaranteed, against impairment by investments loss at all times.
  3. The contributions are remitted promptly and within the provisions of the law.
  4.  Prompt settlement of claims to leavers within the provisions of the law.
  5. Ensure the underwriter obtain competitive return on the fund assets.
  6. Keep the members well informed about the scheme through member education and holding pre-retirement advisory meeting as and when necessary.

6.Group last expense

Planning for funerals can be quite strenuous to the family and requires a lump-sum of cash. This Plan gives your family the support they need to pull through the pain of loss by catering for the costs of arranging the funeral. This cover is specially tailored for any legally registered entity with 10 main members and above.

  • The cover provides cover for the following members:
  • Principal – member of company/association
  • Spouse of the member
  • Children of the member
  • Parents of the member
  • Parents-in-law of the member

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