Life Assurance Plans
Our extensive range of life assurance plans provides peace of mind and protection for you and your loved ones. You can choose protection for your home, save for your child’s education, plan for your retirement or invest as a lump sum.
Everyone should set cash aside for a rainy day. Even when you live to a ripe old age, you will still need money. It is therefore very important that you should have some kind of plan to save money for your old age or to provide for your family in the event that you are not around.
Our Range of Life Assurance Plans
Double security plan
The most important aspect of planning for your future is to guarantee a financial benefit for you and your family. With our Double Security plan, you can ensure that your family can benefit from twice the sum assured plus accrued bonuses on your policy in the unfortunate event of your untimely death or permanent disability.
Upon maturity of the policy, the full sum assured plus accrued bonuses will be payable to you as the policyholder.
Endowment Assurance Plan
An Endowment Assurance Plan combines protection and investment with savings. The longer the term, the more protection you get. The sum assured will be payable in the event of death or total and permanent disability during the term of the plan.
Alternatively, maturity benefit is payable upon survival of the life assured i.e. on the maturity date.
This plan incorporates both savings and protection for children. It is available for children aged 1 year and above. The minimum term is 10 years and the maximum age at maturity is 21 years. On survival of the child to maturity, the full sum assured together with accrued bonuses are paid. In the event of the death of the child before the age of 6, we pay a percentage of the sum assured in accordance with a published table of benefits. Beyond the age of 6, we pay the whole sum assured upon death of the child.
In the event that the life proposer passes away, during the term of the plan, Sacos will continue to pay the premium up to maturity.
Sacos Exclusive Plan
The plan provides financial security and cash facility after three year intervals till maturity.
On death during the term, the full sum assured and bonuses accrued as at date of death is payable.
Sacos Special Plan
This plan has been introduced specially for the clients who are interested not only in the welfare of their family but also in their own financial security at different stages in life.
This plan guarantees a survival benefit of 25% of the sum assured every one-fifth of the term of the plan, which is non-deductible on the sum assured upon maturity.
Special Endowment Assurance Plan
This is a unique plan, which effectively combines savings and security with investment.
On survival to the end of every five years, 15% of the sum assured of the plan is payable and if the policy holder survives to the end of the term of the plan.
Upon maturity, the survival benefits already paid will be deducted from the sum assured.
On death during the term of the plan, the full sum assured (without deduction of the survival benefits already paid) plus accrued bonuses is payable to the beneficiary or beneficiaries.
Special Whole Life Assurance Plan
Special Whole Life Plan provides life cover throughout the lifetime of the policy holder. Attaining the age of 60 the life assured stop paying the premium, and as long as the assured is still alive the plan will remain in force, as well as benefitting its survival benefits at the end of every five (5) years.
Prior to attaining the age of 60 years old, provided the plan is kept in force by regular payments of the premium, the policy holder will, on survival, at the end of every five (5) years, continue to receive 15% of the sum assured as long as he lives.
Benefits Attributed To All Above Plans:
- On survival to the end of the term, the sum assured and accrued bonuses are payable;
- On death during the term, the sum assured plus bonuses accrued up the date of death are payable;
- On Total and Permanent Disablement the sum assured and the bonuses accrued up to disablement are payable;
- Many clients prefer to choose a with-profits plan as it attracts an annual bonus.