INCOME PROTECTION PLAN
BACKGROUND
Standard Alliance Life Income Protection Plan is design to provide guaranteed extra income for people in line with thriftiness (savings) nature of insurance for future plan. The plan is a life assurance product that incorporates investment on your contributions, provides life assurance cover as well as accidental death benefit.
FEATURES
FLEXIBLE MATURITY DATE
The Plan has a flexible maturity date. It allows the policyholder to fix his maturity date provided the policy term is not less than 10 years.
SURRENDER VALUE
The policy can only acquire surrender value after 10 years of inception depending on the age at entry.
PREMIUM PAYMENT
Premiums are payable yearly, half yearly, quarterly, or monthly in advance on the dates stipulated in the policy document.
ADDITIONAL LUMP SUM
Aside the regular contribution under this policy, the assured may also make additional lump sum deposit payments from time to time. Such deposits shall form part of the investment account and interest credited as such.
MATURITY BENEFIT
Upon the survival of the Policyholder to the maturity date, the maturity benefit payable shall be an amount equal to the accumulated fund in his investment account. The policyholder may decide to convert part of or the total proceeds at maturity to a life annuity guaranteed for a minimum of 10 years in line with PRAN (PENSION REFORM ACT OF NIGERIA) 2004..
CASH WITHDRAWAL OPTION
If the policyholder survives up to 5 th year of the policy term, he may elect to withdraw a cash benefit of up to 25% of the balance in the investment account and also in each subsequent 5 years thereafter.
DEATH BENEFIT
The benefit payable on the death of the policyholder prior to the maturity date of the policy shall be the total regular premium payable over the policy term or sum assured whichever is greater .
POLICY LOANS
The Company shall lend up to 90% of the Surrender Value as policy loan.
TAX ADVANTAGE
All contributions into the scheme are tax deductible and proceeds at maturity are tax-free. |
