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WHAT WE OFFER
The Flexible Assurance Plan [FAP] is a life assurance policy designed to pay the policyholder cash benefits during the currency of the plan. It is a 3-payment life assurance plan allowing the policyholder to have cash benefits at certain pre-stated dates before expiration date of the policy. It also pays the full Sum Assured on the death of the life assured before the maturity date. It can be arranged to provide periodic cash benefits to meet future financial obligations.
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YOUR BENEFITS
- Policy terms / durations can either be 6, 9, 12, 15, 18, 21 years.
- With-profit policy – Participate in the profit of the Company
- The policy can be used as collateral for bank loan or overdraft.
- Policy loan from UNIC Insurance
- Guaranteed Death Benefit cover for the 100% of the Sum Assured.
- Income tax relief on premium payment.
- Tax free benefits.
KEY ATTRACTION
Maturity Benefit (Cash Benefits)
The Guaranteed Sum Assured of the plan is paid in three installments after completing each 1/3 of the policy term as follows.
- First 1/3 term - 25% of Sum assured
- Second1/3 term - 25% of Sum assured
- Third 1/3 term (maturity) - 100% of Sum assured + All Accrued Bonuses
Death Benefit
- If death occurs before the maturity date, 100% of the sum assured plus all accrued bonuses becomes payable to beneficiaries / the deceased estate.
Surrender Value
- The plan attracts Cash Surrender Value after two complete years’ premiums have been paid.
Policy Loan
- A policy loan of 90% of the Surrender Value
ILLUSTRATION
The following gives an illustration of a male age 35 years with a Guaranteed Sum Assured of N5million under the plan for nine (9) years duration.
Annual premium -N848, 950.00
Quarterly Premium - N222, 849.38
Monthly Premium - N74, 283.13
| Period |
Benefit Payable(=N=) |
Bonus Credit |
Guaranteed Death Benefit(=N=) |
| At year 3 end |
1,250,000 |
|
5,000,000 |
| At year 6 end |
1,250,000 |
|
5,000,000 |
| At Year 9 end |
5,000,000 |
1,352,976.87 |
5,000,000 |
| Total benefit at maturity |
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6,352,976.88 |
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| Total benefit paid over term of plan |
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8,852,976.88 |
ADDITIONAL (OPTIONAL) BENEFITS
For an additional premium, the following benefits may be added to the policy
1.Waiver Of Premium Benefit:-
This allows for a stoppage in premium payment if the policyholder becomes permanently disabled, while the plan is in operation. UNIC Insurance takes over the responsibility of payment of premium until the maturity date of the plan.
2.Double Accident Benefit:-
This provides for payment of 200% of the Guaranteed Sum Assured under the plan if the policyholder dies by accident.
3.Family Income Benefit:-
This provides regular income payment for named beneficiary from date of death to the maturity date of the plan.
CASHING OUT:-
- A notice of claim should be written to the Company
- Documentary Evidence (Death Claim)
- Death Certificate
- Medical Certificate of cause of death
- Burial Certificate
- Police Report (if death is by accident)
- Submission of the Original Policy Document
- Straightforward Claims payment procedures devoid of bureaucracy. Prompt payment of all claims within 72hrs of completing documentation and submission to UNIC.
WHAT WE NEED:-
- Date of Birth/Age Next Birthday
- Amount of Cover Required/Sum Assured
- Duration/Term of policy