Life Celebration Plan

AIICO Life Celebration is designed to take care of financial expenses in the event of death of a loved one or self. The plan provides financial assistance upon loss to the family member or named beneficiary.

How does the plan work?

  • The plan will pay the sum assured on the death of anyone covered under the policy.
  • The plan will also pay one year premium every five years/60 months for any insured member as reward for not making claims under the policy.

Who can be covered?

  • You
  • Spouse
  • Parents and Parents-in-law
  • Wider family (up to a maximum of 14)
  • Uncles
  • Aunties
  • Step Parents

Sum Assured:

The benefit amount will be sold in cover types. This makes it easy to calculate how much cover is needed as well as how much it will cost. The table below shows the value of each cover type.

S/N
COVER TYPE
LIMIT (N)
1.
OPAL
100,000
2.
BRONZE
250,000
3.
SILVER
500,000
4.
GOLD
1,000,000
5.
PLATINUM
2,500,000
6.
DIAMOND
5,000,000


 
Age at entry
   
Description
Minimum
Maximum
Maximum Cover Allowed (N)
Life Assured
18
60
ALL OPTIONS
Spouse
18
60
ALL OPTIONS
Parents & Parents-inlaws
30
75
OPAL/ BRONZE/SILVER/GOLD
Wider Family
0
75
OPAL/ BRONZE/SILVER

Note: No one can have a cover limit more than the limit selected by the policyholder.

Plan Benefit:

  • The plan makes a lump sum payment in the event of death of any member that is covered under the plan.
  • Grab additional 10% of sum assured payable for accidental death or permanent disability of insured.
  • One full year premium will be paid back every five years in respect of any member, in case of no claim. The policyholder has the option of:
  1. withdrawing the money immediately
  2. Invest the money with us and be credited with interest
  3. Apply it to future premiums

Premiums Payable:

Premium will be charged per person covered. This implies that there is a premium for the main life, a premium for the spouse. The same approach will also be used for parents and wider family.The premium payable is based on the age and cover amount chosen by the person covered.

Premium Payment Mode:

Premiums can be made monthly, quarterly, half yearly or annually.

Surrender Value:

There is no surrender benefit payable under this product and the policy has no paid-up value.

Maturity Benefit:

The policy has no maturity value

Cash Back Benefit:

There is a guaranteed cash back benefit of one full year premium for every five years in respect of any member with no claims.

Waiting Period:

Except for accidental death, there is a six month waiting period from the inception date before rights to benefit can accrue.

Waiver of premium on attaining age 65:

This is usually only available if the policy is taken out before age 55. At age 65 cover continues for the life for the policyholder and spouse and all future premiums are waived.

Who purchases this cover?

Anyone wishing to plan for their funeral and/or those of their loved ones.

About Us

AIICO Insurance Plc., is the leading life insurer in Nigeria.

Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.