Financial Protection

In today’s economy, hard earned finances for a household needs to be secured for current and future consumption. Each household sets its own standards in terms of the quality of life.

However, continuity of such a quality life is disrupted upon the death of the breadwinner. It goes without saying that the effect of losing a breadwinner places a lot financial pressure on a household more often than not, leading that household into destitution.
It is for this reason that ZSIC Life Ltd offers to the public a wide array of products that seek to secure households’ finances now and for the future without compromising the quality of life. Financial Protection and Savings Policies give our clients value for their money as depicted in the high returns.

The products have a Maturity value payable upon completion of the term and on the other hand also have a Death Benefit were a lump sum is paid to the beneficiaries upon the death of the Policyholder during the tenure of the Policy.The products have a minimum term of 5 years to a maximum of 25 years. Premiums are computed on the basis of the Policy Holders age and the Sum Assured sought. They start from as low as K35 per month.

The variants are :-

  • Endowment
  • Anticipated Endowments
  • Childs Deferred Endowments

 

Endowment

What is the age Limit?
The minimum age at entry for this policy is 16, with a maximum age at entry of 60. The maximum age at maturity is 65

What is the minimum term?
The minimum term at commencement of policy is 5 years and the maximum is 25 years. 

How are premiums payable?
Premiums are payable throughout the policy term up to the last instalment date before maturity.

What benefits are associated with this policy?
The Sum Assured plus bonuses is payable as a lump sum at maturity. There is provision to access Policy Loans as long as your policy has run for a minimum of three years.

Anticipated Endowment

What does the policy do?
The policy is taken out to provide benefits to the policyholder, which are payable on earlier death or on maturity as well as at regular intervals. On the 5th anniversary of the policy, and on every five years thereafter, the Life Assured shall be entitled to an Anticipated Instalment at the rate of 15% of the Sum Assured. This will continue at the same 5 year intervals until earlier death of the Life Assured or maturity of the policy. 

Will the Instalments paid recovered at maturity or death?
On earlier death of the Life Assured or on maturity of the policy, whichever occurs first, the Sum Assured shall become payable without any deductions of the Anticipated Instalments paid earlier.

Will interest be added to the Sum Assured at death or maturity of the policy?
The policy may be taken with or without profits. If it is a with profits policy, it means that the policy participates in the company profits.

These are determined as part of the regular statutory valuation when the bonus to policyholders is recommended. The actual bonuses declared will depend on the actual performance of the block of policies

Non-profit policies do not share in the profits of the company and that the ultimate benefits paid is the initial sum assured.

What is the age Limit?
The minimum age at entry for this policy is 16, with a maximum age at entry of 55. The maximum age at maturity is 65 

What is the minimum term?
The policy will be offered with terms of 10, 15, 20 and 25 years. 2.6.

What is the minimum Sum Assured?
The minimum Sum Assured is K1,000.00, subject to a minimum premium of K35.00 (inclusive of policy fee) 

How are premiums payable?
Premiums are payable throughout the policy term up to the last instalment date before maturity.

What benefits are associated with this policy?
The Sum Assured plus bonuses is payable as a lump sum at maturity. There is provision to access Policy Loans as long as your policy has run for a minimum of three years.

What are the uses of this policy?
This policy can be used as an investment option for those who wish to utilize non-traditional investment avenues. It can also be used to save/plan for an anticipated important future event. Eg. Wedding, School Fees for children. The client can access cash Instalments on every 5th anniversary of the policy.

 

Child Deferred Endowments

What does the policy do?
The plan provides for payment of the Sum Assured to the Life Assured (Assured Child), which is payable when the child reaches the age of 21. The Assured (Parent) selects the level of Sum Assured required based on the anticipated needs of the child.

What happens if the Child dies before reaching age 15?
In the event of death of the Life Assured before reaching age 15, all premiums paid, including interest, are returned to the Assured. 4.4. What happens if the Child dies after attaining age 15? Should the Life Assured die after age 15 the Sum Assured become payable to the parent or guardian. What happens if the Parent or Guardian dies during the term of the policy?
In the event of death of the Assured (Parent or Guardian) responsibility of paying future premiums shall be transferred to the Company until the Life assured (Child) attains age 21 when the Sum Assured becomes payable. 

Is the policy convertible?
At maturity if the Life Assured so wishes, has the option to convert the policy into an Endowment for a specific term. 

What is the age limit for the Assured for this policy?
The minimum age at entry of the Assured (Parent or Guardian) is 20 with the maximum age at entry of 60. The maximum age of the Assured (Parent or Guardian) at maturity is 65 4.7. What is the age limit for the Life Assured for this policy? The policy will be offered for ages 1 to 14 of the Life assured (Child) at inception of the policy.

What is the minimum Sum Assured for this policy?
The minimum Sum Assured is K1,000.00, subject to a minimum premium of K35.00 (inclusive of policy fee)

What benefits are associated with this policy?
The Sum Assured plus bonuses is payable as a lump sum at maturity to the child which can help usher the child into adulthood on a sound financial footing. There is provision to access Policy Loans as long as your policy has run for a minimum of three years.

 

For more information please contact us or fill-in the quick enquiry form below.  We shall respond to you as soon as possible.

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