Posted in News by AMERICAN INSURANCE INTERNATION | 2015-02-18 08:08:13 | 2287 Views

Wednesday, February 18, 2015

Date: ------------------

Attention: --------------


Dear Sir,


I am pleased to enclose a copy of our proposal on the Cash Accumulation Plan and Children Education Plan for your kind consideration.

For further clarifications please do not hesitate to call me. I am available for a meeting on receipt of a short notice.

Thank you for your co-operation.

Yours faithfully,



I would like to introduce our company–Aiico Insurance Plc (AIICO) and some of its products to you.

Aiico Insurance plc commenced operation in 1963 as a collection centre, and was incorporated in 1990. To date, Aiico has become the largest life. Insurer in Nigeria.

The company’s success has been the result of the ability to evaluate its potentials, set realistic goals and make necessary actions to achieve them.

In recognition of her achievements; the company has worn many laurels. In 2007 Aiico Insurance won the president’s merit award of the Nigerian Stock exchange for the insurance sector.

Aiico is reputed for quality insurance services and prompt settlement of claims. It is recognized not only for its size and delivery network, but also for the range of products it offers. We are able to tailor specific insurances to meet your needs.

Aiico has a customer- driven policy of rendering prompt and efficient services, making use of ultra modern information
technology and top class professionalism we are reputed for quality insurance services and
prompt settlement of claims.

The Aiico Cash Accumulation
Plan is a multi benefit plan that protects and pays one even when one is still living.

The program has duration of 6years, 9yrs, 12yrs and 15yrs. The individual who is younger can choose a longer duration which reduces his premium (The regular amount he pays annually or semi annually).

2). INSTALMENTAL PAYMENTS : The insured can receive his face amount in three installments and so does not have to wait till the final maturity. The 1st and 2nd installment include 25% of the insured sum paid at the end of 1/3rd and 2/3rd of the policy term respectively. 100% of the insured sum, plus all accrued bonuses are then also payable upon maturity of the policy.

-Partial maturity payments at every third of term of cover
-Tax relief on annual
-Full payment of the insured sum plus accrued bonuses in the event of the policy holder's death
-Annual bonuses payable in addition to the face amount upon maturity or death level premiums throughout the duration of the policy
-Policy loan at concessionary rates
-Reversionary bonus at 3% of sum Assured ( or #30 per #1000) annually but payable only at maturity.


- This policy provides payment of annual premiums for periods ranging

- Guaranteed payments of school fees in the event of death, total and permanent disablement of the parent/guardian.

- Provides for payment of a lump sum at maturity when the child enters university (or secondary school.

- Provides for return of premiums in the event of death of the child before the maturity of the plan.

- The fund may be transferred to the benefit of any other child of the policy holder in the event of the beneficiary.

- In the event of death of. the policy holder.
- Future premiums will be waived.
- A monthly income of 1% of the sum assured (N 100, 000 monthly incomes for N 10m sum assured) will be paid to the policy holder.

- On maturity, the agreed fund (sum assured) will be paid for the child’s education.

In order to rate a premium on the above product the following information is required
from the proposed insured.

1) - Amount of insurance (sum assured).
2) -Age.
3) - Duration.