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Niger Cash Plan The “Niger Cash Plan” is a package deal in one single plan. The policy is designed to provide the holder with income in the form of cash payments at regular intervals as well as cash benefits for the protection of the holder and/or the family in the natural course of events (i.e. survival, disability death and accidental death). This “Plan” is therefore unique. By virtue of its special structure, it is an ideal policy for a progressive young man or woman. While the premium payable by the policy-holder is competitive the benefits are sufficiently attractive and these are summarized below. Some Aspects of Niger Cash Plan Niger Cash plan is a 10 or 15-year term Plan. It is designed to provide the policyholder with regular cash payments at 5 yearly intervals to the amount of 25% of the basic sum assured. a) Cash Benefit (e.g. of a 10 year plan) IN CASE OF SURVIVAL OF THE HOLDER TO MATURITY:
b) Cash benefit (e.g. of a 15-year plan) IN CASE OF SURVIVAL OF THE HOLDER TO MATURITY:
Lastly, cash payment of 50% of the basic sum assured plus accumulated profits at the end of 15 years after which the policy terminates:
On Survival to maturity date, the balance of the basic sum assured plus accumulated profits is paid to the assured.
This Plan also guarantees death benefit payable to the beneficiaries. In the event of death at any time before the maturity of either a 10 or 15 year plan, the full basic sum assured plus accumulated profits up to the date of death is made payable to the beneficiaries. This payment is made without prejudice to any payments already made to the policy-holder while alive.
In case the life assured dies before policy matures this Plan provides adequate financial protection for the family o the deceased. In addition to the cash payments already made (in the form of regular cash benefits plus the death benefit) an amount equal to 20% of the basic sum assured shall be payable annually in arrears for 10 years as from one year after the death of the life assured. Alternatively, this amount would be commuted for cash on request.
This is a supplementary benefit to the basic PLAN and is optional the benefit shall double the basic sum assured payable in case the life assured dies as a result of an accident.
6. Waiver of Premium Disability Benefit The Waiver of Premium Disability Benefit is part of the basic policy, granted to the policy-holder subject to our underwriting rules. Should the life assured become totally and permanently disabled due to any cause i.e. either from accident or sickness, while the policy is still in force no further premiums shall be payable under the policy which shall remain in force for its duration.
7. Guaranteed Insurability (GIO) Option This guaranteed insurability Option is another benefit in built in the Niger Cash Plan. Under this module, the life assured may apply to the company every 5 years from the inception date of the policy for a second or third policy on the same condition as the original policy, without further evidence of good health. This application must be entertained provided the life assured is 40 years of age or less and no premiums are being waived under the disability benefit.
1. Minimum Sum Assured The minimum sum assured under this PLAN is N2,000.00 2. Term of Assurances The assurance must be for either 10 or 15 years duration. 3. Evidence of Health All holders of Niger cash plan who are above 40 years and whose sums assured are above non medical limit must be medically examined. However, non medical questionnaire may be completed by those policy holders whose sums assured are within the non medical limit. 4. Age Admission The age of the Life Assured must be proved before a claim is paid. It is therefore strongly recommended that satisfactory evidence of age be submitted with the proposal form at inception. 5. Bonus Niger Cash Plan is issued with profits. The bonus payable is reversionary but could be surrendered for its cash equivalent on application. 6. Freedom from Restriction This plan contains no restrictions on the life assured in respect of travel, residence or occupation. However, the risk of aviation other than that of a fare-playing passenger on a regular recognized air route, shall not be covered. 7. Payment of Premiums Premium are payable yearly in advance, but half-yearly and monthly (by Bankers Order) premiums will normally be accepted. 8. Days of Grace Where premium is paid monthly 7 days of grace are allowed for the renewal premium. For yearly-half-yearly premiums payment, 30 days of grace are allowed to the policy-holder. 9. Loan This Plan attracts a loan of not more than 90% of the surrender value subject to the Company’s Standing Rules. 10. Niger Cash Plan acquires a surrender value after two years of uninterrupted premium payment. 11. Lapse The assurance ceases, if the renewal premium is not paid within the days of grace, but could be reinstated within 12 calendar months from the date of lapse subject to the Company’s Standing Rules. 12. Exclusions If the Life Assured by this Policy shall within 24 Calendar months of the date of commencement of assurance or from the date of revival under condition 11 die of his or her own hands (whether at the time sane or insane) or by the hands of justice this policy shall be void except by way of indemnity to any third party in respect of any bonafide interest therein, such indemnity shall have been previously notified in writing to the Company and shall be proved to the satisfaction of the Company to have been acquired for Pecuniary consideration and to be subsisting and not recoverable in any other way at the time of death. In the event of the death of the Life Assured either directly or indirectly from any of these excluded risks, the amount to be payable shall be the surrender value. |
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