Investment Plans

ZSIC Life understands the importance of saving for a rainy day or for purposes of acquiring assets or services in the future. In this regards, the company has on offer investment plans that provide multiple avenues to save and grow finances for a specific period. The plans are flexible with attractive returns to aide households meet their financial goals

 

Chikwama Savings Plan

The Chikwama Savings Plan is  a pure savings product designed to provide an investment option for both short term and long term. The Premiums are invested in various market instruments. The Chikwama Savings Plan not only pays market instruments, but also provides funeral expenses to cover the policy holder in the event of his or her untimely death during the term of the policy. The minimum monthly premium payable is K400.00.

The Unit holder has the option of either selecting the Chikwama Savings Plan with recurring premium payment mode or a Single Premium Payment mode.

1.0 CHIKWAMA SAVING PLAN: RECURRING PREMIUM  

Under the recurring premium payment option, premiums are payable until maturity or earlier death of the Unit holder. The Plan takes into account the concern for investment growth relative to the market conditions.   

1.1.1 Premiums Payment Flexibility? 

Premiums may be paid monthly or quarterly. There shall be a choice of premium escalation of 10%, 20% or 30% per annum at the policy anniversary date, to protect the value of the policy against negative real interest rates and high inflation over the long term.  

1.2 CHIKWAMA SAVING PLAN: SINGLE PREMIUM 

This option is a single premium Unit Linked Plan with premiums being payable at the start date of the Plan with a minimum of K20,000.00. Additional premiums are allowed during the tenure of the plan.  

2.0 GENERAL INFORMATION  

2.1 Who can take up Chikwama Savings Plan?  

The plan is available to anyone aged between 18 and 60 years. 

2.2 What are the benefits of Chikwama Savings Plan?  

2.2.1 Free Funeral Benefit: The Chikwama Savings Plans offer a free funeral expenses benefit of K500 upon death of the Unit Holder.  

2.2.2 Flexibility of premium payment: Pay premiums just once for the single premium payment mode or for the entire policy term in case of recurring premium payment mode. 

2.2.3 Withdrawals: To meet unit holders’ intermediate financial needs, the policy shall allow for periodic cash of two(2) or three (3) times over the policy term under recurring premium payment mode. However the single premium does not allow for any withdrawals during the policy term.

2.2.4 Choice of Premium Escalation: Choose the level of escalation that suits you and your family for the recurring premium payment mode. Optional levels are 10%, 20% and 30% annually. Escalations protect the value of the investments against inflation and negative real interest rates. 

2.2.5 Allocation of Premium: Gross premium allocation shall be allocated at the ruling offer price to purchase units. The rate of such an allocation shall be determined from time to time by the company. The unallocated premiums cover administrative expenses of the product.

3.0 What Type of Assets does ZSIC Life Limited Invest in? 

ZSIC Life Limited shall invest in different vehicles such as government bonds, treasury bills and other related investment schemes. The fund aims to limit capital losses. However unit prices may rise or fall depending on market conditions.  

4.0 What are the Fees? 

a) PIA Levy : 0.5%  of the gross premium;

b) Insurance Premium Levy of 3%; 

c) Investment management fee of 1% per annum; 

d) Bid/offer spread of 1% on exits; 

e) Other fees shall be levied on surrenders, paid-ups and cash withdrawals.  

5.0 Surrender 

ZSIC Life Limited understands the need for money during the instances of financial emergencies and unexpected commitments hence the flexibility of surrendering the policy is allowed. The policy can be surrendered at any time. In the event of notice of surrender, the plan offers a surrender benefit of a minimum of 75% of the unit balance on the date of surrender, calculated at the bid price, and less any applicable fees determined by ZSIC Life Limited, after which the policy will cease and no further benefits will be payable to the Unit holder.

6.0 Premium Payments Premium payment options available are:

Stop Order (through employer), Direct Debit and Credit Clearing (DDACC), Real time Gross Settlement (RTGS), Cash over counter at any ZSIC LIFE Office, Cheque, Mobile money, or any other payment methods approved by ZSIC Life Limited. 

Kwacha Plus Investment Plan

The Kwacha Plus Investment Plan offers you an opportunity to have both investment and life cover in one policy. The Plan helps you to build your wealth and also enjoy life cover from selected sums assured. There is an optional policy term of 10 years or 15 years. Premiums may be paid monthly or quarterly until maturity or earlier death of the unit holder. The minimum monthly premium payable is K400.00 

1.1 Life Cover The Plan allows a combination of investment and life insurance cover offered at options of sum assured levels. The Plan protects your loved ones financially against unfortunate death during the policy term. The maximum of sum assured and unit balance at bid value is payable to the nominated beneficiary in the event of death. 

2.0 Premium Allocation Gross premium shall be allocated as follows: for a 10 year Policy 85% in the first year and 95% in the others years and for a 15 year tenure Policy the allocation in the first year shall be 85% and 94% in subsequent years respectively. The unallocated premiums shall cover administrative expenses of the product.  

 3.0 GENERAL INFORMATION  

3.1 Who can take up Kwacha Plus Investment Plan? 

The plan is available to anyone aged between 18 and 60 years.  

3.2 What are the benefits of Kwacha Plus Investment Plan?   

3.2.1 Flexibility of premium payment: Spread your premium payment for the entire policy term either monthly or quarterly 

3.2.2 Withdrawals: To meet unit holders’ intermediate financial needs, periodic withdrawals are allowed.  

3.2.3 Choice of premium escalation: Choose the level of escalation that suits you and your family needs  3.2.4 Life cover: Combine savings and life insurance in a single policy 

3.2.4 Life Cover: Combine savings and life insurance in a single policy. life cover comes as a rider based on the premium amount paid. There is no risk premium attached and therefore the product does not use rates. The following values apply

a)premium amounts between K400 to K499.99 have a life cover of K20,000.00

b)Premium amounts betwen K500 to K749.99 is covered at K40,000.00

c) Premiums above K750 are covered at K60,000.00

On earlier death the amount paid is the higher of either the accumulated funds or the sum assured.

3.2.5 Allocation of Premium Gross premium: shall be allocated at the ruling "Offer Price" to purchase units. The rate of such allocation shall be determined from time to time by the Company. The unallocated premiums cover administrative expenses of the product.  

3.2.6 Withdrawal of units. The policy shall allow for periodic cash withdrawals of up to three (3) times over the policy term.    

3.2.7 Allocation of Premium: Gross premium shall be allocated at the ruling "Offer Price" to purchase units. The rate of such allocation shall be determined from time to time by the Company. The unallocated premiums cover administrative expenses of the product.  

4.0 What Type of Assets does ZSIC Life Limited Invest in? 

ZSIC Life Limited shall invest in different vehicles such as government bonds, treasury bills and other related investment schemes. The Fund aims to limit capital losses. However unit prices may rise or fall depending on market conditions.  

5.0 What are the Fees?  

a)PIA Levy : 0.5%  of the gross premium;

b)Insurance Premium Levy of 3%; 

c)Investment Management fee of 1% per annum;  

d)Bid/offer spread of 1% on exits;  

e)Other fees shall be levied on surrenders, paid-ups and cash withdrawals.  

6.0 Surrender Value

ZSIC LIFE Limited understands the need for money during the instances of financial emergencies and unexpected commitments hence the flexibility of surrendering the policy is allowed. The policy can be surrendered at any time. In the event of notice of surrender, the plan offers a surrender benefit of a minimum of 75% of the unit balance on the date of surrender, calculated at the bid price, and less any applicable fees determined by ZSIC Life Limited, after which the policy will cease and no further benefits will be payable to the Unit holder.   

7.0 Premium Payments Premium payment options available are: Stop Order (through employer), Direct Debit and Credit Clearing (DDACC), Real time Gross Settlement (RTGS), Cash over counter at any ZSIC LIFE Office, Cheque, Mobile money, or any other payment methods approved by ZSIC Life Limited. 

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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