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Introduction
 
EasySave– is an annually renewable Savings Plan with the added benefits of life cover and a guaranteed return of investment contributions with interest at maturity. It is a short term savings plan designed for individuals who want to save fund for various short term financial commitments. It provides you with financial support for fulfilling your short term goals. Further, it offers you a life cover up to a maximum of NGN500,000 without burdening you with extensive underwriting and high premium payments for the entire duration of the policy.
 
Target Market
 
·         Traders
 
·         Market men / women
 
·         Artisans
 
·         Low / middle income earners
 
Others – with short term savings goals
 
Plan Benefits:
 
·         You pay your risk premium once (only at inception) and only make monthly savings contributions afterwards, while enjoying the risk cover for the entire policy duration.
 
·         Convenient and affordable savings plans to meet your short term savings goals.
 
A guaranteed payout at the end of the policy based on the total savings contribution you have made..
 
·         Life Cover
 
The plan provides a life cover (death only) which will be sold in units with risk premium paid upfront at the beginning of the policy. The life cover options available together with the premiums, which will be payable at policy inception are shown below:
 

No of Units

Amount (NGN)

Annual Risk Premium

1

200,000

2,000

2

300,000

3,000

3

400,000

4,000

4

500,000

5,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
The life cover amount will be paid together with the account balance should the policyholder dies during the term of the policy.
 
Life cover is subject to a three month “Waiting period” during which time no claim for death resulting from natural causes will be paid. Only accidental death claims will be payable in the first three months.
 
Maturity Benefit:
 
At maturity, the policyholder’s account balance becomes payable.
 
Policy Term:
 
The plan is an annually renewable short term savings plan with the added benefit of cover.
 
Withdrawal Penalty:
 
Withdrawals before the expiry of the one year plan duration will attract a penalty of 10% of the account balance
 
Account Balance:
 
This is the total savings contribution plus accrued interest to the date of withdrawal
 
Premium Payment Mode:
 
The premium amount payable is flexible and subject to a minimum risk premium of NGN2,000 and minimum monthly savings contribution of NGN2,000.
 
Eligibility:
 
The minimum and maximum ages at entry are 18 and 64 years old respectively.
 
Interest Credit Guaranteed:
 
Interest credit to policyholder will be guaranteed but reviewable quarterly in advance. The interest credit will be based on the ongoing average banks savings interest rate + 1%.
 
Easy Steps to your Plan
 

Step 1

Decide how much you need to meet your short term financial goals. This will influence the choice of your premium amount.

Step 2

Choose the protection amount you desire

·    Policy duration – 1 year

·    Minimum Annual Risk Premium – NGN2,000

·    Minimum Investment contribution Amount: NGN2,000

Step 3

Arrive at the premium amount you wish to pay. This will be determined by steps 1 and 2.

Premium Paying Frequency: Monthly, Quarterly, Half Yearly, Annually

 
 
Commission
 
20% of Risk Premium;                           2.5% of Savings Contribution
 

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