Capex Savers Plus
Capex Savers Plus is an investment arrangement through which funds can be accumulated for targeted and specific future event while enjoying benefits of a life assurance.
The funds are managed through a dedicated investment account into which full contributions paid and interests are credited. The plan also provides you with a separate life assurance cover based on your affordability with a minimum life cover of N100,000 and maximum N2,000,000.
Premiums for life assurance cover are paid separately as single premium at inception of the policy or annually at renewal period of the policy.
A dedicated investment account is opened for each policyholder
- Full contributions paid and interest are credited into the account.
- Life assurance cover is provided separately for the policyholders based on his/her affordability.
- Life assurance cover is between a sum assured of N100,000 and N2,000,000
- Contributions can be increased within the policy term
- Minimum contribution is N10,000 per month
- Premium is 1% of the chosen sum assured per annum. Equivalent could be paid as single premium at inception or annually at renewal periods of the policy. There is an option of single payment of premium
- Policy duration is three years but there are surrender options.
- Contributions/premium into investment account can be paid annually, half yearly, quarterly or monthly. Single payment of contribution is allowed
- Contributions can be increased within the policy term.
LIFE ASSURANCE COVER
The policy provides a life cover of an amount up to N2million.
INTEREST ON INVESTMENT ACCOUNT
Guaranteed minimum interest payable on investment account of policy holder is 2.5% per annual.
If the policy is surrendered before the third year from commencement date, withdrawal charges are levied on accrued interests only. No withdrawal charge is levied on all contributions credited into investment account of the policyholder.
The penalty is as follow:
Less than or equal to One year
All accrued Interest
Greater than one year but less than or equal to two years
50% of accrued Interest
Greater than two years but less than or equal to three years
- If the policy is surrendered before the third year from commencement date, withdrawal charges are levied on accrued interests only. No withdrawal charge is level on all allocations credited into investment account of policyholder.
- If regular contributions/Premiums are not paid as and at when due; life cover ceases