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Life assurance (or commonly life Insurance, is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") in exchange for a premium, upon the death of the insured person and maturity of the policy.
Yes, you need a life assurance policy as:
- 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 assurance 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 loan 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.
NICO Life has Agents throughout the country that can provide you with the necessary information on the right life policy suitable for you. "Term life" policies, remain the best choice for most people, as it is the lowest-cost way to get the most coverage for a shorter period, and it is easy to walk away from a policy if you find a better deal or your needs change.
One can have a number of life insurance cover depending on their age, status, dreams,e,t,c.
The minimum premium is 7,500 for Savings Protection Policy (SPP) and MK9, 000.00 for Cash Plus, Festive Advanced Plan and Child Saver policies.
Yes! By increasing the premium automatically the sum assured increases.
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.
You are required to contact the nearest NICO Life office or agent or download a notification form from our website and advise us of the policy document status.