Universal life assurance plan
Product Description
Capital Express Universal Life Assurance Plan (CULAP) offers a unique combination of insurance protection and capital accumulation through customized arrangement. This gives the policyholder the opportunity to choose benefits in accordance with individual financial capability and needs.
The beauty of CULAP is in the value of its commitment. An amount not less than the sum assured becomes payable in the event of the life assured’s death within the policy term.
- Minimum duration is 5 years
- Maximum age at entry is 60 years
- Interest above average savings interest rate offered by five (5) top banks in Nigeria
- Withdraw up to 25% of investment account balance for policy in force for five years minimum
- After being in force for three years and all contributions/ premiums paid; up to 70% of the Investment Account Balance can be taken as policy loan.
- Premium payment can be annual, half-yearly, quarterly or monthly
- Level premiums/contributions throughout the policy term
- Sum assured equals the annual contribution multiplied by the term (period) of insurance
- Allocated contributions credited into a dedicated investment account
- Dedicated investment account opened for each policyholder
- Surrender benefit is account balance at surrender date after charges
- Pays the higher of sum assured or investment account balance at demise of the life assured before policy maturity.
- Provides financial security for the family
- Usable as a wealth accumulation plan
- Policy can stand as collateral/security for loan
- Tax free contributions and maturity benefits
- Provides accidental death benefit equal to the sum assured up to N500,000
- Option to convert maturity proceeds to annuity
