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The Angel Life Assurance
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
Life Saver
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
What can I save for:
Save for an asset acquisition (housing stand, motor vehicle, furniture, lobola, wedding costs, and more)
Save for business start-up capital
Complement retirement income build-up
Education fund for children
Benefits:
Unlimited annual partial withdrawals up to 50% of the value of the policy
Automatic paid-up option
Surrender value as high as 95%
Life cover – death benefit
Double accident death benefit
Value preservation through the inflation protector – investment and life cover benefits are hedged at appropriate rates against inflation
