AIICO FLEXIBLE ENDOWMENT PLAN
Outline
- Product Summary
- Basic Information
- Benefits
- Additional Benefits
- Conclusion
Product Summary
- Flexible Endowment Plan (FEP) combines protection against any eventuality with investment.
- Payment of the sum assured in three installments of 25%, 25% and 100% at 1/3, 2/3, and 3/3 (maturity) of the policy respectively.
- Payment of sum assured and reversionary bonus at maturity or in the event of earlier death of the policyholder during the policy term (provided premiums are paid to date).
- Policy duration ranges from 6, 9, 12 and 15 years with flexible premium payment options: monthly, quarterly, semi-annually, and annually.
- Option of loan at a competitive interest rate after 3 years, provided the premiums are paid up to date.
Basic Information
Cash Values
AIICO FEP acquires worth (Cash Values) after two years of running the policy with full premium payment. For every year premium is paid from 2nd year, Cash Value is earned which stands as the net worth of the policy as at the last premium payment date.
Reversionary Bonus
The Company shall declare a bonus (Loyalty Bonus) of 4% per thousand of sum assured for every year premium is paid by the policyholder as and when due. This is payable in addition to the final benefit on the policy at maturity, earlier death, or surrender thereby increasing the benefits.
A pro-rated bonus is paid if the policy is terminated (surrendered) after three years from inception and premium payment.
Basic Information
Policy Surrender
This policy shall qualify for surrender (termination) after being maintained for a period of two years. When premiums are not paid up to two years, surrender (termination) becomes impossible. The Surrender Value of this policy shall be the addition of the Cash Value and Reversionary Bonus (pro-rated) minus any indebtedness on the policy.
Policy Loan
An amount equal to seventy percent (70%) of the Cash Value having maintained (in terms of premium payment) the policy for three years can be granted. At the time of applying for loan, the policy is expected to be active and premiums paid ahead. Interest rate on the loan is at a rate determined by the company, compounded annually. The loan principal and accrued interest will be deducted from any settlement on the policy.
Policy Assignment
The policy can be assigned and can be used as a collateral for loan from financial institutions.
Additional Benefits
- 🛡️ Waiver of Premium Rider: Available if an accident or illness persists for a minimum of six months.
- 🛡️ Accidental Death & Dismemberment Rider: Maximum benefit of ₦2,000,000.
- 🛡️ Permanent Total Disability: E.g., loss of both eyes or both hands.
- 🛡️ Critical Illness Rider: Covers cancer, stroke, etc. — sum assured becomes payable.
N.B: All these riders are at no extra premium to the policyholder and are applicable provided premiums are paid to date.
✅ Conclusion
This policy is specifically designed for individuals who desire protection, investment, and guaranteed income at intervals.
✅ It has been approved by our regulators, ensuring trust and compliance.