What is the Zonse Savings Plan?

Zonse Savings Plan is an investment plan that allows you to save for tomorrow while providing life cover at a minimum monthly premium of K18,840. The policy can run for a minimum of 5 years and a maximum of 20 years. Partial withdrawals of up to 50% are permitted once the policy has been active for one year.

    What you need to know

      • It is a savings plan that comes with a life insurance policy
      • Partial withdrawals of up to 50% are possible from the savings fund
      • The policy can run for a minimum of 5 years and a maximum of 20 years
      • Minimum age at entry is 18 and maximum age at entry is 60
      • The cover ceases at the age of 65
      • It is a simple product with no medical underwriting requirement.
      • Provides life cover for the policyholder.
      • Cover commences once policy is accepted and premium is paid.
      • Age at entry limitations at the commencement of the policy.
        • Minimum age 18 years
        • Maximum age 60 years
      • Minimum term is 5 years and maximum term is 20 years.
      • There is a waiting period of 6 months for the life cover benefits to become payable.
      • For accidental deaths waiting period does not apply and a double benefit is payable.
      • Surrender – The policy pays surrender benefits after being in-force for a minimum period of six months. The surrender value equals the value of the underlying investments, less a surrender penalty. The surrender penalties, by year of surrender, are shown below:


      Year Surrender penalty, % of fund
      First year 15%
      Second year 10%
      Third to Fifth years 5%
      Sixth and subsequent years 0%


      • Partial withdrawals are allowed once the policy has been in force for a minimum of one year. One partial withdrawal per annum may be made during the lifetime of the policy.
      • The maximum partial withdrawal allowable is 50% of the value of the savings fund. Partial withdrawals are subject to the same penalty structure as surrenders. The penalty will be levied on the amount being withdrawn.
      • Paid-up Value – The policy can be made paid up instead of surrendering.  A policy can only be made paid up if the policy has been in force for at least 1 year. When a policy is paid up, life cover ceases but interest continues accruing on the savings fund.
      • The policy lapses either if 3 months’ consecutive premiums are unpaid or where more than 12 cumulative months premiums (throughout the policy term) have not been paid.
      • A lapsed policy can be reinstated on written request, subject to Nico Life’s terms and conditions prevailing at that particular time, including waiting periods from date of reinstatement. Such reinstatements can only be done within 3 months from date of lapse.
        • No life cover benefits are payable on cancellation of the policy. Savings benefits are payable on cancellation subject to:
        • The policy has been in force for at least 6 months
        • Surrender penalty as outlined above