▣ Payment of a guaranteed sum of money (sum assured) at a chosen future maturity date (say 5, 10, 20 years etc) or earlier death within the duration of the policy.
▣ The amount payable is specified in advance by the policyholder
▣ Minimum sum assured is Five Hundred Thousand Naira (N500,000)
▣ A simple reversionary bonus (profit) is added to the sum assured every year. This is currently guaranteed at 2% of sum assured per annum.
▣ Policy can be used as collateral for loan
▣ Policyholder can apply for policy loan after the policy has been actively maintained for two consecutive years
▣ Maximum age at inception is 60 while the maximum maturity age is 65 years.
▣ Policyholder pays annually, half-yearly, quarterly or monthly to NSIA Life Assurance Limited to secure the guaranteed benefit and bonuses
▣ Medical examinations may be required in certain cases.

On Death
NSIA Life pays the guaranteed sum assured and all accrued bonuses to the policyholder’s named beneficiary/ies.

On Discontinuation
If the policyholder discontinues the policy after two complete years premiums have been paid and the policy has been in force for two years, NSIA Life will pay a reduced benefit known as surrender value.

On Maturity
If the policyholder lives till the end of the policy term, he receives the sum assured together with all accrued bonuses.

Policy Loan
On acquiring a surrender value after two years, the policyholder can apply to NSIA Life for a loan of up to 90% of the surrender value on the policy.

Endowment product is suitable for an individual who wants a combination of life insurance cover and savings.

No payment is made if the policy is terminated within two years of its inception.