THE COMPANY
Alliance & General Insurance
Company Limited was incorporated on 2nd April 1987, commenced
trading in January 1989, from its former Corporate Headquarters
to its new corporate office in A&G Plaza, 12 Abibu Oki Street,
off Broad Street, Marina, Lagos. Reg. No: 93906
With a Board of seasoned Directors and a team of Management composed of professionals who do not only have sound academic background but are tested hands in their various
specialized fields, the Company has proved to be a dependable ally of big enterprises, individuals, government agencies and non-governmental organizations.
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CAPITAL BASE
Alliance & General Insurance Company has authorized and fully
paid up share capital of N3,000,000,000.00 making it one of the
capitalized companies in the Nigerian Insurance Industry, with
17 branches nationwide and an AAA+ rating by Dunn & Bradstreet.
Consequent upon our painstaking research into our customers needs
viz-a-viz the demands of the dynamic economic environment, A&G, as part of its contribution to innovation in present day insurance industry, is offering products that ensure maximum benefits to its policy holders to cushion the effects of inflation in our economy. These products are:-
BACK TO TOP Anti-Inflation Life Policies
TYPE A. HIGHYIELD ASSURANCE PLAN (HAP)
As an organization we cherish a tradition of prompt response to changing socio-economic needs of our times. To this end, our investment linked policy is tailored to meet individual needs of our client. Unlike other Life Assurance Plans, this Policy has been specifically designed to meet with the challenges of providing comfortable living for you, making commensurate savings during active working life for the rainy days or for retirement and higher provision for your family/dependants in case of untimely death.
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THE SERVICE
The policy provides you with the opportunity of knowing, right from the beginning, the returns on your investment.
Also the guaranteed amount payable to dependants in case of untimely death can be determined. Under this policy, the premium payable is split into two portions, a small percentage of the premium is used to cover the cost of life assurance while the balance is credited into an investment account to which interest will be credited annually. [Click here to veiw a Sample].
BACK TO TOP BENEFITS/ADVANTAGES OF THE POLICY
Guaranteed interest shall not be subject to withholding tax
Tax relief on savings
Useful as collateral
Financial protection for your dependants in the event untimely death
A means of raising loan under the policy during emergencies
Creation of instant estate
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INVESTMENT ACCOUNT
The balance of the basic premium after deducting the cost of life assurance will be credited to your investment account. It will accumulate with the dividend due on the investment up to maturity date or earlier death. Earnings on the funds will be credited to the investment account annually with an initial allocation of at least 80% of premium paid into the investment account in the first 5 years of the plan. Interest is subject to review as situation of the economy permits.
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LIFE ASSURANCE
The plan guarantees an amount equal to the sum assured on the policy as minimum benefit payable on earlier death before maturity date. A higher amount is payable if the accumulated amount in your investment account is higher than the sum assured.
ACCIDENTAL DEATH BENEFIT
Should death result from accident an additional amount equal to the sum assured but limited to =N= 1,000,000.00 on any one life will be automatically provided under the plan.
HIGH DIVIDEND PROTECTION
The financial protection of your dependants is guaranteed on this plan as long as the premium is maintained.
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FINANCIAL PROTECTION
The financial protection of your dependants is guaranteed under this policy in case of premature death. This plan could however be enhanced with additional premium for family income benefit. It is payable to the dependant in lumpsum or at their option as quarterly income for the remainder of the policy period.
CASH INCOME
A cash income option may be exercised before the maturity date. On survival to the tenth year, 25% of the amount in the investment account may be withdrawn and at each succeeding five years till the maturity date.
TYPE B. AUTOMATIC INCREMENT BENEFIT PLAN (AIBP)
Over the years, inflation has seriously undermined the benefit/proceeds of life assurance either at maturity or otherwise to the extent that the sum Assured at the end of the term is reduced to nothing; thereby defeating the goal of effecting the policy in the first place.
This policy is therefore designed in an attempt to counter the effect of inflation and to make life policies retain their monetary values. The sum assured on this policy i.e. the benefits, increases automatically by an agreed percentage at regular intervals of 2 or 5 years at a flat rate of premium. For interval of 2 years, the increase is 10% while it is 50% for 5 years interval.
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Dual choice (Term of Endowment assurance)
Automatic increase in sum assured without further medical exam/nation
Flat rate of premium throughout the term of the policy
ADDITIONAL BENEFITS
a] Income tax relief on premium paid
b] Christmas bonus
c] Accidental death benefit
d] Family income benefit
Note that [b], [c] and [d] attract small additional premiums
For example, a policy holder aged 30 years with an initial sum assured of N1,000,000 for 30 years will end up receiving a Sum Assured of N11,390,625.00 at the end of the period. .
Please note that the flat annual premium payable for the purpose of this illustration is N162,570.00 GENERAL INFORMATION
Period of Assurance (Type 'A' Only)
Premium is payable up to age 55 next birthday when the policy will mature. However, there is an option to continue premium payment or maintain a fully paid contract after the maturity date.
BACK TO TOP PREMIUM (TYPE 'A' ONLY)
Premium may be paid monthly or annually. You can determine how much you want to pay, the minimum being N100.00 per month or N1000.00 annually. Premiums fall due on the first day of every month. Late Payment will reduce the benefit payable as interest is credited on the day of receipt, while the death benefit may also be affected if payment is delayed for longer than the thirty days grace period.
PREMIUM STOPPAGE OPTIONS
The plan is designed by given you the maximum benefits up to maturity date. Should it become absolutely necessary to stop premium payment, the option would be allowed provided the policy has been on for a period of not less than two years. In addition the following options are available to the policy holder.
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(A) SURRENDER VALUE
The Policy can be terminated for it's surrender value after two years for an amount which will be equal to the money in your investment account.
(B) PAID-UP VALUE (TYPE 'A' ONLY)
The benefit under this option is reduced to the amount in your account as at the time this option is exercised. An interest rate to be determined by the Company will continue to attach to whatever amount is left in the account.
POLICY LOANS
The policy will acquire surrender value after two years premium have been paid. A loan of up to 90% of the surrender value may be raised from the company on the security of the
policy. Such loan will bear interest rate to be determined by the Company from time to time and may be repaid before the maturity date.
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DIVIDEND ALLOCATION (TYPE 'A' ONLY)
The policy share of the investment earnings will be allocated from the end of the second year of the policy. Statement showing such allocation will be issued annually.
SETTLEMENT CLAIMS
The proceeds of the policy is payable to the policy holder or the assignee as the case may be. Payment of benefits on death will depend on the arrangement made by the policy holder before his death. If the benefit is made payable to your estate, a requirement for settlement of death claims is that the Executors or Administrators whom payment will be made must provide the grant of probate or letters of administration. Either of this takes long time to obtain.
Therefore to avoid the delay associated with the above, you are advised to fill and submit a named beneficiary form that will make it possible for the benefits to be paid to the beneficiaries named therein.
BACK TO TOP EVIDENCE OF AGE
Evidence of age in form of birth certificate, extract from traveling passport document, Baptismal Certificate or sworn affidavit by an elderly blood relation will be submitted with the proposal form as it will be required before payment of claim.
INCOME TAX RELIEF
Premium paid on this plan qualifies you for deductions before determining your taxable income. This reduce the cost of the plan by 33.3% or more depending on your level of income.
FREEDOM FROM RESTRICTION
There is no restriction on this policy in respect of foreign residence, travel or occupation.
For more enquiries, please CLICK-HERE
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