What is a CASH Plus Policy?
A cash plus policy allows you to grow your savings which are made in the form of monthly premium payments. The growth comes in the form of bonuses which are paid on the policy. The policy can run for a term of 12 years or 20 years. The bonuses are paid every 3 years for 12 year policies and every 5 years for 20 year policies. A final lump sum is paid at the maturity of the policy, allowing you to meet your financial goal.
In the unfortunate case that a policy holder becomes deceased while the policy is running, his or her listed beneficiaries receive a payout.
With this policy, you enjoy peace of mind as it drives your discipline in saving while providing growth to your saved funds.
- Upon maturity of the policy, a lump sum is paid to the policyholder free of tax. This amount includes bonuses.
- Cash bonuses are paid every quarter of the policy term (every 3 years for 12 year policies, and every 5 years for 20 year policies).
- All benefits on policy paid free of tax.
- You enjoy peace of mind knowing you have achieved discipline in your savings and your funds will grow through bonuses.
- A policyholder must be at least 18 years old at the time of opening this policy.
- A policyholder must not be aged more than 55 years old at the time of opening this policy.
- This policy has a term or either 12 years or 20 years.
- If the final payout amount is above K20mn, medical tests are required during the onboarding process.
On Demise of the Policyholder
- If a policyholder demises due to an accident within six months of buying the policy, the full expected lump sum as per policy maturity is paid.
- If a policyholder demises due to causes other than an accident within six months of buying the policy, the payout is restricted to return of paid premiums with interest.
- If a policyholder demises after six months of buying the policy, the full expected lump sum as per policy maturity plus all accrued bonuses are paid.