• Step 1: Choose your policy premium
  Like any other plan that allows you to save for retirement, you decide the premium you want. This represents the regular contribution amount during the savings period. The premium amount can be paid monthly, quarterly, semi-annually, annually or one-off.
• Step 2: Decide the Deferred / Savings period
  You also decide the deferred period. This is the period when your contributions will accumulate. It is the period when you make contributions towards building your retirement fund.
• Step 3: Start growing your fund
  Your funds will grow at an annual interest rate which will be communicated to you quarterly.
• Step 4: Earn additional bonus on your fund as you save
  The plan also promises you an additional amount referred to as the Retirement Bonus which is a defined percentage of your total fund, the sum of which is dependent on how long you save (deferred period). This is earned at the point of exit which is either at maturity or on termination (provided it is greater than five years).
• Step 5: Convert to regular monthly income
  You have the option to convert your fund balance (allocated contribution plus interest plus bonus) to annuity or a lumpsum

The plan also offers the following benefits:
(i) Death Benefit (ii) Guaranteed Retirement Bonus Benefit

(i) Death Benefit
If the policyholder dies during the deferred period (contributory period), the plan will pay to the beneficiaries the higher of:

• Guaranteed Death Benefit; or
• Fund balance in the investment account as at the date of death.

The Guaranteed Death Benefit is calculated as the total premium payable during the plan contributory stage (deferred period). The Death Benefit shall always be determined as of the date we receive notification of the death of the Life Insured.

(ii) Guaranteed Retirement Bonus Benefit
The Guaranteed Retirement Bonus Benefit is an amount which will be added to the accrued fund value at the end of the savings period. The Retirement Bonus also applies to early termination provided the policy has been in force for at least five years.

This depends on the duration for which the policy has been in force at the time of exit. This is independent of the original term chosen by the policyholder. The longer this term, the higher the Retirement Bonus percentage. The Retirement Bonus percentages for different terms are as shown in the table below:

Note: If the policy is terminated before the end of the term i.e less than five years, it does not qualify for a retirement bonus.

At the maturity of the benefit, you can elect to convert your maturity proceed (balance in the investment account) plus bonus to immediate annuity that will pay the customer from the date of maturity.

The surrender value payable is the balance in the investment account together with the applicable bonus, if any.

Minimum age: 18 years; Maximum age: 60 years

The contribution amount will be chosen by the client at inception subject to a minimum monthly premium of NGN10,000:00. However, customers may elect to increase the regular premium, with prior notification.

This refers to the plan duration selected by the policyholder. This is subject to a minimum duration of five years.
However, the plan can only be converted to immediate annuity when the policyholder clocks 50 years.