What is a Festival Advance Plan?
A Festival Advance Plan gives you the opportunity to save for your cherished moments such as anniversaries and birthdays. It pays a lump sum in a specific month of each year so you can afford your planned celebrations. It also pays a lump sum at the maturity of the policy.
The policy can run for 10 to 47 years depending on your choice. The Festival Advance Plan can also be used as a loan security at money lending institutions.
- Upon maturity of the policy, a lump sum is paid to the policyholder free of tax. This amount includes bonuses.
- Cash bonuses are paid annually on specified anniversaries.
- A policyholder can choose to increase the amount of their premium by 5%, 10%, 15%, 20% and 25%. This improves the payable lump sum by 3%, 6%, 9%, 12% and 15% respectively.
- One can choose when the policy will mature observing a minimum period of 10 years and a maximum period of 47 years.
- The policy can be used as security for a loan at a financial lending institution.
- The minimum age at entry of the festival advance plan is 18 years and the maximum is at 55 years.
- The minimum term for this policy is 10 years and the maximum term is 47 years.
- When the policy matures, the minimum lump sum payable is K1 million and the maximum is K10 million.
- In the unfortunate case of the death of a policyholder, a lump sum is payable to listed beneficiaries.
- There are flexible medical requirements in the onboarding process.