Endowment Assurance policies provide life insurance cover to the policyholder to ensure financial security for their family in the event they pass away before the policy matures or pay out a lump sum to the policyholder on maturity. As with all ESRIC policies, the minimum investment amount is E200.00 payable monthly and the basic investment term is 10 years.
The life cover, also known as the Sum Assured, is determined by the monthly premium payable, the age of the policyholder at the application stage, and the investment term selected. Together, all these factors determine the amount payable when the policy matures. Clients applying these policies may be required to undergo a medical examination, fully paid for by ESRIC.
ESRIC offers two types of Endowment Assurance policies:
With this life policy, a lumpsum is paid to the policyholder when it matures or to the nominated beneficiaries when the policyholder passes. The policyholder can choose any term between the basic 10 years and the maximum 45 years. This policy is available to individuals of at least 18 years old.
Example
A 25-year-old who pays E1,500.00 for 20 years monthly gets a life cover worth E334,500.00 and an estimated maturity value of over E1,300,000.00
*Both these policies participate in the sharing of ESRIC’s profits by bonus additions payable either at the end of the selected term or on the earlier death.
1. Application Form
2. Policyholder’s ID/ Passport
3. Proof of Residence
4. Proof of Income
Policyholders of both these policies are entitled to a loan facility based on the surrender value of their policies at 0.83% per month on a reducing balance basis. The minimum amount borrowable is E1,000.00 and can be accessed after more than 24 months of premium payment.
Voluntarily terminating your Endowment Assurance policy before maturity attracts penalties which are calculated based on the number of years the policy has been in force. Clients are advised to get all the essential information and seek guidance from ESRIC offices before terminating their policies.