Corporate Savings Plan

A unique savings plan that offers financial protection including life insurance coverage which is payable in the event of your death within the policy.

The Product:

  • Savings plus life cover arrangement.
  • Provides a return on investment.
  • Financial protection for dependents in the event of untimely death.
  • Requires no medical examination.
  • Can be effected for a minimum period of 1 year.


  • Maturity: Total amount accumulated in the policy holder’s investment account.
  • Interest: Interested credited to the policyholder is an average savings rate of 3% per annum and an increase of 0.5% per annum to a maximum of 5% per annum for policies that are on the books for more than a year.
  • Death Benefits:
  • Guarantee chosen sum assured plus Total amount  in an investment account
  • A waiting period of 3 months except for death by accident
  • Optional Withdrawal Benefit: 50% of annual contribution after 1st year
  • Made once in a year provided the account is left with a minimum balance equal to 1-year
  • Surrender Penalty:
  • 10% of account balance if withdrawal is within the first policy year.
  • 10% of accrued interest for withdrawal after the first year.


  • Frequency: Monthly, Quarterly, Half-yearly and Yearly.

  • Risk premium: Policyholder chooses the sum assured he wants and can afford. The risk premium is paid annually from N1,000.00 up to N20,000.00 to purchase a chosen sum assured ranging from N100,000.00 to a maximum of N2million.

    Risk premium = Sum assured

    N 1,000.00     -     100,000.00

    N 2,000.00     -     200,000.00

    N 3,000.00     -     300,000.00

    N 4,000.00     -     400,000.00 etc. subject to a maximum of N20,000.00 for sum assured of N2million.

  • The policyholder picks one the above-mentioned risk premium and the equivalent sum assured applies. The regular savings contribution can then be paid along.


    Contribution: N 10,000.00

    Risk premium: N 1,000.00

    First premium: N11, 000.00

    Subsequent premium: 10,000.00

    Anniversary/ Renewal premium: 11,000.00

  • Full savings premium allocated to investment account.

Who purchases this cover?

Individuals with a targeted savings plan. Also beneficial for employees eager to save through a payroll deduction.

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.