Individual Life Products
Educational Endowment Plan
This plan provides for payment of the maturity benefit on the policy whether the life assured i.e. the parent, be alive or not at that time. Premiums are based on the age of the premium payer (or the parent) but not the child.
The policyholder (parent of the child) chooses the amount of basic maturity benefit that they require which is paid at the end of the policy plus any bonuses that have accrued over the premium paying term of the policy.
With this policy, your child’s financial needs are catered for in a single policy at all times. When your child’s policy reaches maturity e.g. after 5, 10, 15 or 20 years he or she qualifies for a wide range of benefits such as money to pay for school or University fees or a jump start in your child’s life/future in form of starting capital.
If the policyholder (the parent of the child) dies before the policy matures, the policy continues to be in force and the full maturity benefit will be payable to the child at maturity date. If the child dies during the term of the policy, another child may be nominated as a beneficiary, or premiums will be refundable.
The policy may also be supplemented optionally with the child’s income benefit to provide income to the child in the event of death of Life assured (the parent) prematurely. This policy may be held jointly.
Mortgage Care Plan
This a Mortgage Protection policy aimed at providing protection of the property and financial security to the borrowers and lenders.
A mortgage is an interest acquired by the creditor/lender in say a house or other property as a form of security/collateral offered by a debtor/borrower for repayment of a debt. If a vital event of death occurs to the debtor/borrower, then the property is put to sale in order to recover the outstanding balances. This is prejudicial to the debtor’s/borrower’s spouse or dependants who would have lost the mortgaged house or property and it would somewhat tarnish the creditor’s/lender’s reputation. As far as the creditor is concerned, he has to have financial interest in the borrower. That financial interest is insurable so that if the borrower died before full repayment of the money, the proceeds of the insurance policy would defray the outstanding balance. The deceased borrower’s spouse or dependants would be happy to remain with the mortgaged house or property and the creditor would avoid their wrath, as he would have not sold the property to recover the outstanding balance.
In order to facilitate the above, it is advisable for the borrower to pursue a mortgage protection assurance policy from a reputable organization like National Insurance Corporation. This policy may be a long- term contract running as long as 5 to 20 years. It is issued on a decreasing term basis since the sums assured or the monies lent are expected to progressively fall as the client repays the loan.
*Pays the outstanding balance of the loan in event of death and total permanent disability
*Pays the outstanding balance of the loan in event of loss or damage to the property/house caused by fire or other perils
Personal Pension and Annuity Plus Plan (PPA)
The NIC PPA is a financial plan designed to help the holder accumulate fund towards the provision of income while in retirement.
IGI PPA is meant for the following categories of people:
* Self-employed individuals i.e. professionals, contractors, traders etc.
* Employees or directors who are not members of an occupational pension scheme
* Employees or directors who are members of an occupational pension scheme but desire to augment their retirement income
* Optional Life Assurance Benefit
* Optional Personal Accident Insurance Benefit
* Tax free lump sum at retirement
* Waiver of contribution in the event of disability(see details in proposal form)
* Accelerated growth of funds
* Flexible retirement age
* Flexible premium payment made (simple , annually, biannually, quaterly and monthly)
* Contributions are invested in a rapidly growing fund
* Tax free lump sum of accumulated fund at retirement
* Annuity payable for life (with option of year increment)
* Flexible payment of contributions
* Optional life insurance benefit
* Annuity or Pension cover available on joint life basis for spares
* The policy is transferable for change of employment.
* Individual statement of fund balance is provided
This is a lease protection aimed at providing protection of the leased property and financial security to the borrower or lessee and the lender during the lease period.
1.Pays the outstanding balance of the loan in event of death and total permanent disability
2.Pays the outstanding balance of the loan in event of loss or damage to the property/equipment caused by fire or other perils
Dividend Plus Plan (DPP)
This is an Investment-Linked Life Assurance Policy designed to produce maximum returns to policyholders and at the same time gives financial protection to one’s dependants (in case of death) through low cost life assurance cover which is provided up to age 65. premium
Payment could be monthly, quarterly, bi-annually or annually.N IC Dividend Plus Plan guarantees very high rate return which ensures accelerated growth of your fund.
The NICDividend Plus Plan (DPP) is designed as an investment-linked assurance policy for people desirous of providing financial protection for their dependens (in case of death)
* Low cost assurance cover
* Cover provided up to age 65
* Flexible payment options( monthly, quarterly, annually, bi-annually )
* Very high return rate which ensures accelerated growth of fund
1. High fund accumulation to meet financial needs
2. Option to withdraw 25% of investment after every five years
3. Free waiver of premium
4. Free accidental death benefit upto Ushs.5,000,000
5. Policy loan upto 90% of investment account balance after one year
6. The policy serves as a security for loans
7. All benefits are tax free.
Non Medical Increasing Term Assurance Plan
This product is a non-medical, whereby the policyholder is not required to undergo medical tests for any cover selected.
The benefits are paid as a percentage Sum Assured as and when death of policyholder occurs, for example if a policyholder dies within the first year of the premium paying term 20% of the sum assured will be paid but should the policyholder survive for 5 years or more, then 100% of the sum assured is payable.
The policy allows for the option to increase the sum assured over a period of time.
Term Assurance Plan (with profits)
The Plan is taken out to insure against the possibility of death occurring within a time specified in the policy contract. If death occurs during the term of the policy, then the death benefit (Sum Assured) is paid out.
This is made up of initial sum assured plus accrued bonuses.
If death does not occur during that period, no payment is made and the Life Assured does not receive any return of his premiums.
Dividend Plus Plan II
The product is an investment policy aimed at improving the savings culture of people. It is designed to enable people save for a particular project whilst getting a high return and a free Accidental Death Benefit. The term is limited to 3 – 5 years.
1. High fund accumulation to meet financial needs
2.Free Accidental Death Benefits up to ushs.500,000
3.The Policy serves as a Security for loans
4.All benefits are tax free
Integrated Benefits Plan (IBP)
This is a policy which provides the holders (individuals and families) a unique way of making financial plans to achieve maximum returns and financial security.
* Financial protection for family in the event of death, critical illness (i.e. heart attack, stroke, cancer, HIV/AIDS, kidney failure and blindness etc), permanent disability following an accident
* Available for a minimum duration of 10 years
* Cover terminates at age 65.
* Accumulated fund with high investment yield
* Can serve as collateral security for financial transaction
* Provides funds at retirement
* Offers dependant(s) annuity benefit
* Policy loan available up to 90% of investment account balance after two years
* Premiums paid are tax exempt
* The policyholder has an option of selecting one of the following in the event of critical illness or permanent disability:
* Payment of disability benefit
* Permanent Health Benefit (periodic payments)
* Waiver of premium payment
Keyman Insurance Plan
This is a product that covers the loss of knowledge and skills causing loss of income to the company in event of death of a Keyman of the company i.e. a Director or a Partner.
Substantial amounts are payable to the company
Whole Life Assurance
People who wish to provide for their dependants, huge sums at comparatively low contribution as premium can take this policy. Under this plan an individual gets coverage for the whole of his life. i.e the term is the whole of life form inception of the policy.
* Sum assured is payable only on the death of the life assured.
* Premiums have to be paid till age 70 years.
* Premiums cease on death of the life assured.
On Death: Sum assured + vested bonuses are payable to nominees/beneficiaries on death of life assured only.
* Minimum age at entry : 18 years.
* Maximum age at entry : 60 years.
Mode of Payment of Premium
* Single Premium
* Annual Premium
Anticipated Endowment Plan
This policy provides for payment of 20% of the sum assured five years and ten years before maturity date of the policy, except for policies with duration of ten years. In the latter case, 20% of the sum assured is paid five years after the inception and the balance of the sum assured, i.e. 80% is paid at maturity. For those policies with duration of 15, 20, or 25 years, the balance of 60% becomes payable at the maturity date. These payments are made only if the life assured is alive at those intervals and if the policy is maintained in force. In case of the life assured’s death at any time before the maturity date, the FULL SUM ASSURED IS PAID NOTWITHSTANDING any prior payments made at the said intervals.
Annuity Contract Plan
* This product provides an immediate annuity in form of a pension to the policyholder after inception.
* The product aims at those who would want to invest lump some amounts so as to receive a managed and regulated monthly income thereafter.
* The immediate annuity provides the policyholder with pension payments for life for a guaranteed period of time. If the policyholder dies, annuity payment will continue to be made into the estate of the deceased until the end of the guaranteed period (if any)
* The annuity paid will depend on the age of the policyholder and the option he/she chooses to exercise.
* The Lump sum pension policy can also be adopted to provide payment to a group of future annuitants who would want to invest their monies with NIC and immediately receive monthly pension.