About Us

Life and Pensions

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Nobody likes discussing what would happen if the family bread winner should suffer a premature death, but how would your family cope?

would they have sufficient funds to remain living in your house?

How would they take care of themselves financially if you were gone?

You have worked hard for what you have achieved and obviously want to care for your family so they can continue to enjoy the benefits that you have toiled for.

NIC has a number of policies designed to protect your mortgage, your life and medical conditions for you and your family as an inpatient or outpatient at hospital.

Group Life Assurance

The assurance is arranged for all employees of a company by means of group one-year term assurance and is subject to renewal. The benefit can be one, two or three times the annual salary of each employee in the company. These benefits are only payable if the employee dies in the service of the Employer. Premiums are normally paid by the employer only. All employees of the firm are usually included at inception and a single policy issued with a certificate to each individual.

Ordinary Life Policies:

Mortgage Protection
This Policy provides protection as the name implies and it is an inexpensive method of providing Life Assurance Cover.

Our Mortgage Policy protects against such disaster by providing payment to offset the outstanding capital sum within the period of loan term should the unforeseen happen. Please note that the age, sum assured and policy term determines the premium.

Term Assurance

This is a Life Policy that can be taken for a specified period. The policy benefits are only paid if the Life Assured dies within the policy period

Endowment 

Under the Endowment Assurance the sum assured is payable on death of the Life Assured or on survival, at maturity, which ever is earlier

Whole Life 

In the case of Whole Life Policy, the sum assured is payable upon the death of the Life Assured.
Furthermore, a Whole Life Policy may be effected by a way of limited premium payment or premium payable throughout the policy duration.

Investment Linked Policy

This type of policy is conceptually different from the traditional endowment insurance.
It is primarily a regular savings plan, with part of each regular payment (premium) being credited to a saving account to which interest is added from year to year.
Maturity Date: The policy will mature at age 55 or 60
Maturity benefit: the maturity benefit is the amount in the investment account.
Death benefit: this is either the balance in the grantee’s investment account plus the total remaining premiums that would have been paid to maturity or the total premiums that would have been payable throughout the duration of the policy,less any previous withdrawal from this account and interest that ought to have accrued on such withdrawals, whichever is the greater.

Money Back Plan (Osusu)
This is a saving scheme with life cover attached.
Premiums are paid daily, weekly or monthly
Policy period: between 3 months and 1 year
Sum Assured: This is the total contribution paid throughout the policy period
Death Benefit: The Amount payable if the policy holder dies during the policy period is the Sum Assured
Maturity Benefit: The Maturity Benefit is the total contribution plus interest.

Additionally our Endowment Policy will protect your house in the event of your death or pay you a lump sum upon maturity.