Keyman Assurance (Key-Person Loan Policy)

Product overview
Some businesses are operated primarily by one person or by a small team of executives whose expertise are the lifeline of the business. The premature death of a key person could signal the premature death of the business.
Business owners insure their factories, machinery, company vehicles, etc. to mitigate the risk of loss to business in case of loss/damage to these properties.
However they often forget to insure their key human resources. With our Keyman life insurance policy, your business can increase the chances of survival if it were to lose a key member of the organization.

What is Keyman assurance?
It is a term policy which guarantees the life of a Key-person against business loans or banking facilities taken for the purposes of;
• Starting a business
• Business expansion

It is also a policy designed to protect sole proprietor or owner of an enterprise against loans granted to the enterprise.
What does the policy cover?
Cover is provided in two main options:
• Death only
• Death and/or permanent total disability

Why do we need a Keyman cover?
It provides a financial cushion to the Company for:
• delay or cancellation of any business project that the keyman is working on
• the loss of opportunity to expand in the future
• reduction of credit worthiness/recall of loans guaranteed by the keyman.

How beneficial is the policy to my / your business?
• The policy insulates the risk of financial loss of a key person
• it is a positive measure to improve the retention of the keyman in the company

For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.

School Fees Protection Plan

This policy is designed for you to pay the school fees of a child or ward, in the event that an insured parent or guardian passes on or becomes permanently and totally disabled.
In such circumstances where the ability to pay subsequent fees would otherwise no longer exist, the child or ward will not suffer the misfortune of having his/her education interrupted or altogether terminated.

What does the policy cover?
It is a 3 year term policy which covers the duration of your child’s (or ward’s) education in an institution of learning, e.g. Senior High School;
The policy can only be bought upon confirmed admission to an educational institution e.g. SHS;
The policy pays only school fees that become payable after the death or permanent and total disability of a parent or guardian wholly, responsible for the payment of school fees.

Who is eligible to take this policy?
Parents or guardians who are wholly responsible for the payment of the school fees of their child(ren) or ward(s) can take the policy.
The parent or guardian must not be older than 65 years at the time the policy is taken out (i.e: when the child or ward gains admission into the educational institution, or at the commencement of the second (2nd) or third (3rd) year of the policy.).

What do I need to sign on to the policy?
You must produce the Admission letter issued by the educational institution to which your child or ward has been admitted.
Additionally, you must have a fairly good idea of the amount of school fees likely to be paid for the duration of the schooling period, so that the policy will pay adequate amounts to meet the remaining cost of fees, in the event that you pass away or become totally disabled and unable to work to earn any income.

What guarantees are available that school fees will be paid?
You can nominate a trustee (whose integrity is without question) to whom the amount insured will be paid termly and who in turn will remit the fees to the Educational Institution.
Or, you can entrust this responsibility to the SIC Life Company which will ensure that any amounts due are paid promptly and fully, without fail. (A small charge will be made if you choose this option).

How are claims paid?
The Trustee will furnish satisfactory evidence of the death or permanent and total disability of the parent or guardian to SIC Life Company Ltd.
When the evidence meets the requirements, the Policy will pay the insured TERMLY BENEFIT commencing from the school term following the death or permanent and total disability, either:
• to the Trustee for onward remittance to the educational institution in question; or
• directly to the school in question, upon demand of an official bill.
NB: The policy will not pay any fees that have become payable or any arrears during the active
lifetime of the parent or guardian.

Excess in the termly benefit and the actual fees payable
The Trustee or SIC Life Company may turn in any excess over to the child or ward for his/her use. Alternatively, the Trustee or SIC Life will keep any excess funds that will accrue over the entire duration and turn it over to the child or ward at the end of the schooling period.
These amounts may become useful in procuring essential logistics, especially for the final examinations or in preparations towards the next stage of education or training.

What happens if beneficiary child/ward dies?
You will be paid 50% of the amount insured (ie. TERMLY BENEFIT) to the parent or guardian as a death benefit.

For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.

 
 
 
Loan Protector Plan

This plan is designed to reduce considerably, the default risks of financial institutions in the administration of their Consumer/Retail Loans.

How does the policy work?
The Policy has been developed to pay the outstanding loan and or with interest when the borrower (loan beneficiary) dies or suffers total and permanent disability arising out of illness or accident. The outstanding loan does not include unpaid scheduled payments before death or disability.

What does it cover?
There are three principal types of coverage and these are as follows:-
• Death Only
The Policy pays the outstanding balance only when the borrower dies within the repayment term of the Loan.
• Total and Permanent Disability Only
The Policy pays the outstanding balance to the financial institution only when the borrower suffers total and permanent disability, arising out of an accident or illness, within the repayment term of the Loan.
• Death or Total and Permanent Disability
The financial institution receives the outstanding balance when the borrower dies or suffers total and permanent Disability arising out of an accident or illness, within the repayment term of the Loan.

Who can be covered?
Every client/beneficiary of the Consumer/Retail loan portfolio, aged between 18 and 60 years and in good health, is eligible for coverage.
How are benefits paid?
Benefits payable under the policy shall be made to the Financial Institution. Every legitimate claim shall be paid within one week, on receipt of all the appropriate claim documents evidencing that the insured event has occurred.
These include:
• Death Certificate;
• Medical evidence of total and permanent disability/ incapacity

Premium Payable
The premium payable is dependent on some factors such as: -
• The age of the client;
• The repayment term of the loan; and
• The interest rate chargeable on the loan.

The applicable rate, (to be agreed upon by SIC Life and Institution) based on the age of the loan client and the repayment term of the loan, is applied to the loan amount to determine the premium payable over the loan term.

For further information, contact accredited sales representatives, any SIC LIFE Office near you or the offices listed on this site.

 
 
 
Mortgage Protection Plan
This is a term assurance with a sum assured which reduces each year by a stated amount and decreases up to nil at the end of the policy term. It is normally used to cover the outstanding loan on a house purchase mortgage.
 
Although the cover decreases each year, the premium remains constant and is normally payable for a shorter period than the policy term.
 
 
NB. Group Mortgage Schemes are available to cover beneficiaries of mortgage scheme operated by organizations for the benefit of their employees.