Personal Pension & Savings Plan

In the past taking a decision on what to...


In the past taking a decision on what to do with your money was a problem, either to take a life insurance policy or invest your money with interest in a bank or finance house. In the case of the latter, you had to forgo the valuable family financial protection provide by the former.
But now you can have the best of two worlds- benefits of both life Assurance and investment with Personal Pension and Savings (PP & S)
What Is PP & S?
Personal Pension and Savings is the plan whereby a small portion of the amount contributed (premium paid) is used to provide you with a Life Assurance cover, while a large amount is retained in an investment account (in your name) accumulating interest at a guaranteed minimum rate.
Who Will Benefit
PP & S is open to anybody below the age of 50 or 55 depending on the age of maturity.
It is specially valuable to:
(a) the young man/woman who wants to build up funds for the future.
(b) the older man/woman who to augment his/her, pension or accumulate money for specific purpose.
The larger the size of contribution paid regularly, the larger the amount credited to the fund.
How It Works
A minimum monthly contribution of five thousand Naira (N5,000.00) or sixty thousand Naira per annum (N60,000.00) is made by you. As the contribution is made, it is credited into a special account for you and skillfully managed by our investment experts.
Life Cover
If death should occur while the policy is in force, the company shall pay the greater of
(i) The balance in the policy holder’s investment account plus the total remaining premiums (contributions) which would have been paid up to maturity date or
(ii) The total premiums the policy holder would have paid throughout the duration of the policy.
Option At Maturity
The policy holder may opt for pension payment in lieu of the cash benefit payable at maturity.
(A) Basic
(i) On the date of maturity the maturity proceeds which is the balance of the policy holder’s investment account on that date becomes payable.
(ii) If death should occur earlier than the maturity date while the policy is in force, the company shall pay to the legal representatives of the life assured the greater of:
(a) The balance in the in the policy holder’s investment account (contribution) to maturity date or
(b) The basic sum assured.
(iii) Guaranteed minimum interest rate of 11% per annum
(iv) Guaranteed annual investment return at a compound interest rate.
(v) An option periodic cash withdrawal after a specific period of time.
(vi) In the event of death by accident before maturity a sum of money (not more than 100,000.00) automatically becomes payable in addition to the death benefit.
(vii) Provides a source of income for the family.
(B) Optional
(i) In the event of death by accident before the maturity additional sum assured maximum of N200,000.00
(ii) Special (Accident) Permanent Disability Benefit of sum insured maximum of N300,000.00
Surrender (Withdrawal) Value
As an operator of PP & S, it is possible for you to withdraw from the plan only after two years during which your contribution would have acquired cash value.
Need further information on PP&S? Please Contact Us

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