In this era where high premium is placed on the welfare of workers, this type of cover is most ideal.  This makes provision for old age on retirement from active service.

Contribution to the scheme would be made in accordance with the salary scale from the date that a member joins   the   scheme   until   his normal retirement date.  The employers would also contribute depending on the condition of the scheme.  The contributions are applied as premium to secure the sum assured either by means of pure endowment or an endowment assurance.

This policy is very useful to a person who wants to save money for future use and at the same time provide security for his or her dependants.

The policy provides for payment of the sum assured at the end of a selected period say 10 or 15 years.  If death of the life assured occurs earlier, the sum assured becomes payable immediately.

The policy could be assigned to a financial institution like a Bank, as a collateral security to obtain a loan.  After two years premium have been paid, the policy holder could also take a loan within the surrender value under the policy.  The policy holder will enjoy income tax relief on the premium paid.

EDUCATIONAL ENDOWMENT ASSURANCE

For a parent who wishes to give his child sound education, this policy is inevitable.  The policy provides for payment of the sum assured by installment over five years at the end of a selected period of assurance, which should be arranged to coincide with the year when payment of school fees is expected to commence.  As the policy is an Endowment Assurance Contract, the sum becomes immediately payable on earlier death of the parent assured.

Alternatively, the sum assured could be left as planned for the education of the child.  While the benefits remain intact, no further premium is required on the death of the parent before the expiry of the term assurance.  A family man will indeed find this policy useful in planning for future education of his children.  Income Tax relief is also obtainable on the premiums paid.

MORTGAGE PROTECTION POLICY

A person seeking a loan to build or buy a house will find this policy very useful.  It is readily acceptable by a Bank or Building Society as a collateral security for Mortgage loan.

The policy is a reducing Term Assurance with the sum assured decreasing yearly as the loan is being repaid.  The policy is arranged for the period the loan would be repaid and it provides for the payment of the sum assured enforce towards the repayment of the outstanding loan should the Life Assured die before the expiry of the term of assurance.  The policy, therefore, protects the deceased person’s estate from the possibility of the property being sold off by the Mortgages to liquidate the outstanding loan.  Any organisation arranging or granting loans for building or purchasing a house must ensure that this type of policy is in place.

TERM ASSURANCE POLICY

This is a Life Assurance for a short period says 5 – 10 years, although it could be issued for shorter or longer period than these.

The policy provides for payment of the sum assured on death of the Life Assured within the period of assurance.  The policy lapses at the end of the term of assurance without any maturity value.

The policy is essentially to cover short business trips and could be used for loan transactions.  Tax relief is also granted on the premium paid.

The policy is designed for individuals who would want part of the policy monies to mature for their use during the currency of the policy.

It provides for payment of 25% of the sum assured after the expiration of one-third of the term of Assurance and a further 25% of the sum assured after the expiry of two-thirds of the period of assurance.

A final payment of 50% of the sum assured together with attaching bonuses would be made at the maturity date of the policy.  On the death of the Life Assured, any amount, which had been paid, would be deducted from the sum assured plus the vested bonus.

ENDOWMENT PENSIONS PLANS

This policy is very vital to individuals who are daily exposed to accidents, like persons who travel or move about with automobiles.  The policy provides for payment of additional sum assured in the event of death arising from accident.

If, for example, a person assures himself for N50,000.00 with accidental death benefit of N20,000.00 and dies by accident during the period of assurance, the company pays N70,000.00 as death claim plus vested bonus on the basic sum assured.

If the policy holder survives the term of assurance, the company pays the basic sum assured of N50,000.00 together with accrued vested bonus thereon.

TOP-UP YOUR COMPANY PENSION

You may think that your company pension will provide adequate income for your retirement.  However, if you have changed jobs, had a career break or been out of work for a period, you may not receive the maximum possible pension when you retire.  A UNIC TOP-UP pension will help you to make sure that you have the extra money you need to live comfortably when you retire and, of course, you can take it with you from job to job and you will be advised from time to time how much your fund is worth.

<<Back