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Life Celebration Plans

About Life Celebration Plan

Rites of passage are significant part of our culture and so is the financial stress that sometimes come with them. 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.

Who can be covered?
  • You
  • Your spouse,
  • Parents
  • Parents-in-law
  • Extended Family- Uncles, aunties, step parents. up to a maximum of 14 people
Why Life Celebration?
  • 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.
  • There is a guaranteed cash back benefit of one full year premium for every five years in respect of any member with no claims.
Cover Types

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

Min

Max

Maximum Cover Allowed (N)

Life Assured

18

60

ALL OPTIONS

Spouse

18

60

ALL OPTIONS

Parents & Parents-in-laws

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.
  • Get 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


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.

 

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.

Would you like to purchase this plan?

Speak to an AIICO Staff or Agent today. You may also reach us via email on aiicontact@aiicoplc.com.