Savings Plan

Derive much MORE than just INTEREST on your savings

The ARMLife  Savings Benefit Plan helps you to create additional financial security by accumulating funds towards accomplishing set goals for realising your ambitions.

Start saving NOW and enjoy more than just INTEREST!

Why should you start saving today with the ARMLife Savings Plan?

  • It is the most comprehensive Savings Plan for you:
  • Guaranteed Competitive Returns at the end of the Plan.
  • Flexible withdrawals on your contributions.
  • Opportunities to increase your contributions to hedge against inflation.
  • Provides maximum protection – against permanent disability, critical  illness and natural or accidental death
  • The premium is tax deductible
  • The benefit is tax free.

Competitive Guaranteed Returns: The Savings Benefit Plan guarantees maximum return on your investments. The value of your investment determines your return

Convenience

  • Flexibility to increase your investment contributions
  • Flexibility of payment premium: monthly, quarterly, half yearly and yearly

You have multiple payment options: Cheque, Direct Debit, Online, ATM and Bank Branch Transfer. No cash payments are allowed.

You will enjoy a minimum Life benefit of N500,000

Product Architecture:

  • Savings Plan is available to everyone aged above 18 years.
  • Maximum Age at Entry: 55 years
  • Maximum Age at Maturity: 60 yearsThe minimum savings term is 5 years
  • The minimum monthly contribution is N10,000
  • Life Benefit Options: N 500,000, N 1,000,000 and  N 2,000,000

What the Savings Plan offers:

  • Death: In the event of death of the policyholder, ARM Life will pay to the nominated beneficiaries, 100% of the Life Benefit.
  • Double Accident: Where the death of the policyholder is as a result of an Accident, your beneficiaries will receive twice the death benefit.
  • Critical Illness: In the event that the policyholder suffers a terminal illness, we will ease the pain by paying to you, 100% of the sum assured. This can help to pay your medical bills.
  • Total and Permanent Disability: In the event of the policyholder experiencing total permanent disability (TPD) as defined in the policy conditions the 100% of the sum assured will be payable.
  • Maturity Benefit:  At maturity, you will be paid the accumulated funds in your account plus interest earned.
  • Fixed Interest: The interest on your Savings+ Benefit Plan is linked to Treasury Bills. In this way, you are certain of the growth of your contributions:

Annual Contribution  Guaranteed Interest

N60,000 to N120,000  Treasury  Bills Rate  minus 5.5%

N120,001 to N250,000  Treasury  Bills Rate  minus  4.5%

N250,001 and above  Treasury Bills Rate  minus 3.5%

 

  • Escalation Benefit: This enables you to protect the future value of sum assured from inflation by automatic escalation of your original sum assured by up to 20% annually subject to an overall limit of up to 50% of the original sum assured over the term of the policy.
  • Funeral Expenses Benefit: You can choose as an option an additional death cover of 10% or 20% of the original sum assured, subject to a maximum of N500,000.
  • Tax Benefits: Both your Life Benefit premium and the sum assured payable (at death, critical illness, total permanent disability) are tax exempt. In other words, you can offset your premium against your tax bills and your beneficiaries don’t have to worry about tax on the Life Benefit.
  • Surrender Charge: You will not be charged a surrender penalty if you have maintained the policy for a minimum of three (3) years.
  • Partial withdrawals:   Partial Withdrawal up to a limit is permissible to cater to contingencies (after a minimum of 1 year - 25% of the contribution )

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