Term Assurance

Level Term Assurance is designed to compensate a business/beneficiaries/ family for the financial loss on the death of the assured.

On death of the assured, a lump sum is payable to the business / beneficiaries / family to use to mitigate the loss of the assured. The assured may be one who brings money into the business / family, it may be someone on whom the business/ family depends for loan finance.

The sum assured is payable upon death of the life assured before the maturity of the policy. This policy is without profits.


  • The policy covers the death only
  • No benefits are made if the life assured survives the period covered by the policy.
  • Suicide covered after first two (2) years

Premium Determinants:

  • The sum assured
  • Age of the assured
  • Duration or Term of the Policy

Frequency of Payment:

  • Single Premium
  • Annual Premium

Term can be from 1 year to 25 year period.

Who purchases this cover?

Everyone who is desirous of providing financial protection for his family and 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.