Life Saver is a life assurance policy covering the life assured. It only pays out to the nominated beneficiaries when you, the policyholder, pass away. The product is designed to provide replacement income for your family, so that you can provide for your loved ones even after you are gone.

It is a very basic whole life, non-participating plan with high protection cover, medical underwriting and in the event of death of the life assured, the full sum assured is paid out. There is no minimum cover and the maximum cover is subject to underwriting.

The premium for a 30-year-old person, for a sum assured of K400,000, is K8.85 per day. Any citizen or resident of Zambia between the ages of 18 and 55 is eligible.

Benefits:

• Income replacement, in the event of death or total and permanent disability of the life assured
• Legacy and wealth creation – cheapest and easiest way of leaving a legacy, wealth or a huge estate to your loved ones
• Key-man and partnership protection
• Inflation protector – benefits are hedged at appropriate rates against inflation and help keep up with the rising cost of living

The Angel Life Assurance Plan covers the principal member, spouse, children (six), parents, parent in-laws and extended family members. The plan provides funds in the event of death of a loved one nominated on the policy. The cover ranges from a minimum of K7,500 to a maximum of K30,000.

Benefits:

• Cover for the whole family, up to 22 members
• Cash to meet funeral expenses
• No claim cash back every five years at 10% of the total premiums paid for cover up to K7,500 and 20% of total premiums paid for cover above K7,500
• Cash bonus – withdrawal after first two years and every year thereafter
• Convenience and flexibility that come with cash
• Whole life cover – If you obtain a policy before the age of 55 and consistently pay premiums for 10 years until age 65, you will no longer be required to pay premiums thereafter, and you will continue to be covered for life
• Inflation protector – benefits are hedged at appropriate rates against inflation and help keep up with the rising cost of living

This product is sold to retirees and bought using a lump sum. In return for the single premium, the policyholder (annuitant) will receive regular annuity payments which will continue until death. This single premium retirement annuity comes with an escalation option of 0%, 2.5%, 5%, 7.5%, 10% or 12.5% and has a guarantee of 5 or 10 years payment benefits which are paid monthly, quarterly, half yearly or annually. It includes a joint life option and commences immediately after being taken out.

Target markets:

• Employees who have reached retirement age and have been paid a lump sum
• Employees who have been retrenched and have been paid lump sum retrenchment benefits
• Beneficiaries of group life, personal accident (or any life product), death benefits (including PTD) who may need regular annuity payments rather than a lump sum payment
• Pension schemes that are winding up and want to give their members annuity payments
• Generally, all who have a lump sum and don’t want to outlive their income

Dream Builder is a two-in-one life assurance policy that provides loved ones with financial protection in the event of your death, and also serves as an investment vehicle that helps you save for the future.

The term can range from a minimum of 5 years up to 20 years, and any citizen or resident of Zambia between the ages of 18 and 55 is eligible. No underwriting is required for this product.

Benefits:

• Life cover – death benefit
• Double accident death benefit
• If you choose to close the policy, you may receive a value of up to 95% of your accumulated savings
• Unlimited annual partial withdrawals up to 50% of the fund. Withdrawals are limited to once a year
• Automatic paid-up benefit
• Inflation protector – investment and life cover benefits are hedged at appropriate rates against inflation