Income Investment Plan

The product offers to prospective policyholders a vehicle through which funds can accumulate over a period of time in order to meet specific future needs and also provides life in case of death.



Policy term:

Minimum of 10 (ten) years


Age at Entry:

55 years



N20,000 Minimal


Sum Assured:

Annual premium multiplied by term

    Insurance cost:

Cost of this benefit is deduced from the premium paid Before crediting the residue into a dedicated investment account


Payment Mode:

Annual/semi Annual –the mode selected can be changed only on policy anniversary dates



Additional contributions can be made during the term of the policy

A dedicated investment account will be created for each policy holder account as shown in the table below:


% Prem.paid







4 and above


Cost of insurance and other expenses will be met from the unallocated contributions.

The policy will have an individual account to which allocated premium and interest will be credited.

A guaranteed, competitive interest rate shall be declared at the end of each policy year and added to the policy owner’s account. The interest rate will vary with the current average treasure bill rate.

Death benefit:
On the death of the policyholder before the policy maturity date, the benefits payable will be the higher of (a) The sum assured and (b) The balance in the member’s investment account.

Withdrawal Benefits:

·        The entire account balance (i.e contributions plus Interest) will be paid to withdrawing policyholders who have been in force for at least two years.

·        The benefits payable on the withdrawal in the first policy year is a refund of the premium plus 25% of the guaranteed interest

·        The benefits payable on the withdrawal after the first year but before the second year is a refund of premium plus 75% of the guaranteed interest.

Maturity benefit: The benefits payable at maturity will be the amount credited to the policyholder’s investment account.