What is Life Insurance?
Life insurance is a contract between an insured person or organization (the policyholder) and an insurer (such as NICO Life), where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium (fee), upon the maturity of the policy or in the unfortunate case of the death of the insured person. Organizations buy insurance policies for their employees.
Do I need a Life Insurance Policy?
- Risk Cover – Life today is full of uncertainties; in this scenario Life Insurance ensures that your loved ones continue to enjoy a good quality of life against any unforeseen event.
- Planning for life needs in Safe and profitable long-term investment – Life Insurance not only provides for financial support in the event of untimely death but also acts as a long term investment. You can meet your goals, be it your children’s education, their marriage, building your dream home or planning a relaxed retired life, according to your life stage and risk appetite. Traditional life insurance policies i.e. traditional endowment plans, offer in-built guarantees and defined maturity benefits through variety of product options such as Money Back, Guaranteed Cash Values, Guaranteed Maturity Values.
- Builds the habit of saving – Life Insurance is a long-term contract where as policyholder, you have to pay a fixed amount at a defined periodicity. This builds the habit of long-term savings. Regular savings over a long period ensures that a decent corpus is built to meet financial needs at various life stages..
- Assured income through annuities – Life insurance is one of the best instruments for retirement planning. The money saved during the earning life span is utilized to provide a steady source of income during the retired phase of life.
- Protection plus savings over a long term – These policies help the policyholders meet the dual need of protection and long term wealth creation efficiently.
- Growth through dividends – The investment policies is distributed among the policyholders through annual announcement of dividends/bonus.
- Facility of loans without affecting the policy benefits – Policyholders have the option of taking loans against the policy. This helps you meet your unplanned life stage needs without adversely affecting the benefits of the policy they have bought.
- Tax Benefits – Insurance plans provide attractive tax-benefits for both at the time of entry and exit under most of the plans.
- Mortgage Redemption – Insurance acts as an effective tool to cover mortgages and loans taken by the policyholders so that, in case of any unforeseen event, the burden of repayment does not fall on the bereaved family.
How do I choose the right life policy suitable for me?
Our trained staff are there to help you make the best choice out of the various life insurance policies that we have on offer. You can reach us through our call centre on the toll free number 323, through WhatsApp on 0991323323, through email on firstname.lastname@example.org, through Facebook (@nicogroupmw), through Twitter (@NICOGroupMalawi) or through the chat window on this website. We also have Sales Agents who can help you make the right choice operating across Malawi.
How much life insurance cover do I need?
The higher your cover, the better the benefits. One can have a number of policies running concurrently.
How much will life Insurance cost me?
The minimum premium is 7,500 per month for the Savings Protection policy and MK9, 000 per month for the Cash Plus, Festive Advanced Plan and Child Saver policies. The Tilinanu Funeral policy starts as low as K800 per month.
Can I increase the sum assured under my existing policies?
This can be done for the Cash Plus policy and the Festival Advance Plan. The increase is effected through an increase in premiums. When the premium is increase by 5%, 10%, 15%, 20% or 25%, the expected lump sum for the final payout increases by 3%, 6%, 9%, 12% and 15% respectively.
How can I Claim?
In order to process a claim, please contact the nearest NICO Life office or agent or download a notification form on our website and notify us by sending us the scanned filled form through email at email@example.com
What do I do when my document is lost or destroyed?
Please notify us of the document status by contact the nearest NICO Life office or agent. Alternatively, download a notification form from our website and notify us by sending us the scanned filled form through email at firstname.lastname@example.org
How do I lodge a complaint?
We We are available to support you regarding your complaint. Find our contact details below:
- Head Office – Blantyre: NICO House, 3 Steward Street, Blantyre (P.O. Box 3044, Blantyre)
- Lilongwe Branch: NICO Centre, Old Town (P.O. Box 30421, Lilongwe)
- Mzuzu Branch: Peace Building, Opposite Katoto Ground, Mzuzu (P.O. Box 266, Mzuzu)
- Web-chat (a chat window is available on this website)
- Toll-Free Call Centre: 323
- WhatsApp: +265 991 323 323
- Email: email@example.com
- Facebook: @nicogroupmw
- Twitter: @NICOGroupMalawi
Tips when lodging a complaint
When lodging a complaint, we encourage you to provide the following information:
- Your name, position and contact details
- Your relationship with NICO Life (i.e. the nature of your dealings with NICO Life such as being an individual customer or representing an organization)
- Your usual contact person within NICO Life
- The nature of your complaint (including as much detail as possible e.g. relevant dates and policy numbers)
- Details of the NICO Life employee involved in your case (if applicable)
- Copies of any documentation supporting the complaint
These details will aid us to support you in good time.
We aim to acknowledge your complaint within one working day and to resolve it within five working days.