Zenith Life Assurance
Zenith Life Assurance Company is a member company of the Zenith Bank Group and is fully capitalized to the tune of N2billion in line with the recapitalization requirements of NAICOM.
Zenith Life core values and qualities focus on product innovation and excellent customer services.
At Zenith Life we offer a wide range of traditional life insurance products, investment linked products, retirement and death benefit policies and annuities to meet your needs.
Life Assurance deals with assurance of life against untimely death and the main purpose is to provide benefits to the dependants of the assured, in case of death and also as a saving/investment arrangement for the assured at the maturity of a life policy.
Life assurance takes care of both present and future needs and it could be used for wide variety of purposes depending on the plan(s) chosen by an individual. It could designed to provide a lump sum benefit to a family in the event of the demise of a bread winner or an investment for the future to meet cost of major expenses like wedding, school fees, repayment of mortgage etc.
The following are some of our products:
- Group Life Assurance
- Term Assurance
- Mortgage protection Plan
- Credit Life
- Key man Assurance
- Children's Education
- Investment Linked Products
Group Life Assurance
A yearly renewable group term assurance policy effected to provide cover under a single policy for a number employees or member of an association, who exist as a group and are independent of any pension arrangement.
Benefits are arranged in multiples of employee’s salary say 3 or 5 times annual salary and it is payable on death in service. The essential feature of the scheme is that because of the size of membership, concessions can be granted in waiving evidence of health up to a maximum sum, known as the free cover limit.
An additional rider like Accidental Death & Disability plus Medical Expenses could be provided subject to additional premium charges.
The Pension Reform Act 2004, Section 9(3) says Group Personal Accidentis now compulsory insurance for all employers of labor/organizations having not less than 5 employees.
Note: To obtain the required premium the following information will be required: names of staff, date of birth, age, date of employment, job description and annual earnings of all employees in each class which should include the basic salary, housing and transport.
Endowment policies provide for the payment of the amount assured either in the event of the death of the life assured within a specified period or upon his survival to the end of the term. This plan is designed to serve various needs and can be adapted to serve much life’s expectation, such as facility collateral and children’s education for instance.
It is a form of Life assurance offering a basic guaranteed sum payable on death within a fixed number of years.
A policy holder insures his life for a specified term. If he dies before that term is up, his estate or named beneficiary receives a payout. If he does not die before the term is up he receives nothing.
Whole Life Insurance
Life Insurance which provides coverage for an individual whole life rather than a specified term.
That is insurance on the life of the insured for a sum assured at a definite premium that is paid each year during the entire life time of the insured.
Investment Linked Insurance
This type of policy offers a term assurance benefit on one end and also a savings plan on the other.
Parts of the premiums paid are moved to mutual funds, where you earn a guaranteed rate of return for the tenor.
Investment Linked policies are more expensive because of the savings element attached.
Also a form of term assurance that provides for the payment of an outstanding loan in the event of the occurrence of the death of the policy holder.