CULAP (Universal Life Assurance Policy)

CULAP is a customized Plan that offers a unique combination of insurance protection and capital accumulation. It gives you the opportunity to choose benefits in accordance with your financial capability and needs.

Under this plan, the company guarantees the payment of amount equals to your annual regular premium multiplied by the duration of the policy. For instance, if your annual premium is N100,000 and the chosen duration of cover is 10 years, the guaranteed benefit on death would be N1million. The cost of this cover will be deducted from your regular premiums and the balance credited into an investment account in your favour.

• Minimum duration is 5 years
• Maximum age at entry is 60 years
• Premium can be paid monthly, quarterly, half-yearly or annually
• The higher of the guaranteed death benefit and the investment account balance is payable in the event of death or maturity of the policy
• In addition to the guaranteed death benefit, an additional sum of N500,000 is payable to dependants if death is by accident

• You can withdrawal up to 25 of the amount in your investment account after each five years of the policy term
• No payment is made if the policy is terminated within two years of its inception
• Premiums and benefits are tax free