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The Sagicor Premium Saver Plan is an interest sensitive insurance plan available to anyoone up to the age of 80, which offers a fleixble approach to your personal financial planning needs whilst providing life coverage.
  • Issue Age is 0 - 80 years
  • Maximum coverage at issue ages 0 - 50 years is $10,000
  • Maximum coverage at issue ages 51 - 64 years is $5,000
  • Maximum coverage at issue ages 65 - 80 years is $1,000
You may contribute any premium, subject to both a mimimum amount and a maximum amount determined by the Company from time to time.

Features

You may pay premiums monthly, quarterly, half-yearly or yearly

Allocation To Funds

100% of each Basic Premium paid is allocated to purchase units in the Interest Fund at the offer price each policy year. Each month, units are cancelled from the Interest Fund to pay the Cost of the Insurance and the Administration Charge. In the first month, there is a further Administration Charge representing the Stamp Duty.

Encashments

You may encash units from the Interest Fund, subject to a minimum encashment value and a transaction fee. The transaction fee and the minimum encashment value are determined by the Company from time to time.

Cash Value

You may surrender your plan at any time for its Cash Value, which equals the value of all the units allocated to the plan, less a transaction fee which is determined by the Company from time to time.

Life Insurance Cover

The benefit payable on death is the greater of the Sum Insured and the Cash Value. Different premium rates apply for each option. The minimum amount paid on death is the Sum Insured applicable at the date of death.

Non-Payment of Premiums

Thirty days of grace are allowed for the payment of any premium from its due date. In the event that premiums are not received within this period, the Sum Insured remains payable provided that the value of the units in the Interest Fund is sufficient to cover the monthly charges. If the value of the units in the Interest Fund is no longer sufficient to cover the monthly deductions, the plan lapses.

Interest Fund

The Interest Fund is a fund operated and administered by the Company. The Fund is invested in Fixed Income securities, tradeable equities and real estate. The constituent investments and the proportions in which they are maintained may be varied by the Company from time to time. The rate of growth of this Fund will be set monthly in advance and guaranteed for a period of one month (or such other period as the Company may determine from time to time). Consequently, the offer and bid prices of the Units in the Interest Fund are not likely to decrease in value. However, with respect to calculation of surrender proceeds, the Company reserves the right to use a lower unit price than that published.

Certificate

Within 30 days of each anniversary, the Company will provide you with a certificate showing:

  • The amount allocated to purchase Units in the Interest Fund during the preceding Policy Year;
  • The number of Units in the Interest Fund allocated to the policy, together with the value, calculated at the bid price on that day; and
  • The Cash Value of the policy on that date.

Current Charges Applicable to Sagicor Premium Saver Policies

Within 30 days of each anniversary, the Company will provide you with a certificate showing:

  1. Administration Charge $2.50 per month
  2. Transaction Fee
    Transaction FeePolicy Year
    5% 1
    4% 2
    3% 3
    1% 5 and over

    The transaction fee is applicable to Partial Withdrawals of a Full Surrender.

    For Partial Withdrawals, the Transaction Fee is the relevant percentage of the amount withdrawn,

    For Full Surrenders, the Transaction Fee is the revelant percentage of the cash value.

  3. Partial Withdrawals

    The minimum amount to be withdrawn is $100

General Information

This brochure describes the Sagicor Premium Saver plan and the Funds to which the plan is linked in general terms. It is not a contract. The information folder is designed to provide a general understanding of the plan in language that is easy to understand.
Disclaimer: This information leaflet is not a contract of insurance. The information contained herein is intended to provide you with an overview of the Premium Saver plan. Sagicor does not accept liability for the accuracy and completeness of the information provided herein and refer you to your policy contract for full details on the plan.
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