Wapic Insurance Plc has introduced yet another ground breaking insurance product under the umbrella SMART Plan known as the Wapic Smart Wealth Plan.
The company said the move is part of its vision to ensure financially smart citizens among Nigerians.
Speaking at the launch of the product, Ms. Oroma Ovunda-Nsirim of the Corporate Communications Unit noted that the product is an insurance solution that provides one the opportunity of investment and embedded insurance protection against the risks of demise.
According to Ovunda-Nsirim, the insurance premium is deducted within the period of investment but insurance cover is for life even when one has taken the maturity proceed.
“Wapic Smart Wealth Plan provides you, in addition, the benefit of an insurance cover for life even when premium is deducted from your contribution only within the investment period.
“Other benefits of the product include enjoying life cover beyond duration of the policy; return on investment: flexible but high (linked to FGN Bonds); critical illness benefit: up to 70% of sum assured; balance payable in the event of demise, life cover: payable in the event of demise, succour in the event of demise, premiums are tax deductible.
“The premium to be deducted depends on the sum assured chosen and the end date of the policy. For a sum assured of N5 million on a policy ending at age 50 years, the premium could be as cheap as N8,000 per month (320/day), for a person aged 35 years” Ovunda-Nsirim stated.