Anticipated Endowment Assurance
Talk to our
insurance agent
Call to Our Experts
Eligible ages:
-
Minimum Age: 18 Years
-
Maximum Age: 64 Years
Anticipated Endowment Assurance
NSIA Anticipated Endowment Plan is a unique product that provides a combination of life insurance protection and savings in a flexible manner. The policyholder withdraws certain percentage of the guaranteed benefit (sum assured) during the currency of the policy and still collects 100% of the original sum assured at the end of the policy term.
? Key Features
▣ The original guaranteed sum assured is specified in advance by the policyholder
▣ Minimum sum assured is Five Hundred Thousand Naira (N500,000)
▣ Payment of the full sum assured and bonus at the maturity date of the policy despite the period payments earlier made
▣ Policy terms are 6, 9, 12 and 15 years
▣ A simple reversionary bonus (profit) which begins to accrue from the beginning of the second year is added to the sum assured, this is currently guaranteed at 2% of sum assured per annum.
▣ Policy can be used as collateral for loan
▣ Maximum age at inception is 64 while the maximum maturity age is 70 years.
▣ Policyholder pays single, annually, half-yearly, quarterly or monthly to NSIA Insurance Limited to secure the guaranteed benefit and bonuses
▣ Medical examinations may be required in certain cases
▣ The policy would naturally lapse if premiums are not paid within 60 days after due date.
? Benefit
During the period of cover
▣ Payment of 25% of the guaranteed sum assured at the end of one-third of the policy term, if the policyholder is alive
▣ Payment of another 25% of the guaranteed sum assured at the end of two-third of the policy term, if the policyholder is alive
▣ Payment of 100% of the guaranteed sum assured together with accrued bonuses at the maturity of the policy
On Death
NSIA Life pays 100% of the guaranteed sum assured and all accrued bonuses to the policyholder’s named beneficiary/ies.
On Maturity
If the policyholder lives till the end of the policy term, he receives the sum assured together with all accrued bonuses.
On Discontinuation
If the policyholder discontinues the policy after two complete years’ of premium payment and two years of being in force, NSIA Life will pay a reduced benefit known as surrender value.
Policy Loan
On acquiring a surrender value after two years, the policyholder can apply to NSIA for a loan of up to 90% of the surrender value on the policy.
? Waiting Period
There is a month waiting period during which a client cannot claim on non-accidental death. However, where accidental death occurs during this period, total premiums paid would be returned
? Suitability
The Anticipated Endowment product is suitable for an individual who:
▣ wants a combination of life insurance cover and savings
▣ wants to enjoy part of the guaranteed benefit before the agreed maturity date
▣ who needs emergency fund.
