L-R: Head, Strategic Marketing & Communications, AIICO Insurance Plc, Segun Olalandu; Divisional Head, Shared Services, Olusanjo Shodimu; Executive Director/Chief Operating Officer, Babatunde Fajemirokun; Head, Corporate & Institutional Business, Adewale Kadri and Chief Financial Officer, Oladeji Oluwatola at the event.
Introducing AIICO’s Moneywise Term Assurance
MoneyWise Term Assurance, AIICO’s new life insurance product, is a life cover that guarantees 100% cash back to policyholders when policy elapses without claims. This provides our customers with a win-win situation: financial protection for your loved ones within the duration of the policy, if life happens or full refund of premiums should the policyholder survive the period.
Features and Benefits:
Guaranteed payment of the sum assured
Flexible policy tenure between 5 – 20 years
Affordable premium
Cover amount is determined by policyholder
Convenient premium payment options; monthly, quarterly, semi-annual, annual or single premium payment
Premium payments certificates can be used for tax relief, among others.
Premium Computation
| SUM ASSURED | DURATION | AGE | CASH BACK PERCENTAGE | PREMIUM | FREQUENCY |
| N10,000,000.00 | 20 YEARS | 39 YEARS | 100% | N722,853.00 | SINGLE PREMIUM |
| N10,000,000.00 | 20 YEARS | 39 YEARS | 100% | N83,779.00 | ANNUAL PREMIUM |
| N10,000,000.00 | 20 YEARS | 39 YEARS | 100% | N43,509.00 | SEMI ANNUAL PREMIUM |
| N10,000,000.00 | 20 YEARS | 39 YEARS | 100% | N22,203.00 | QUARTERLY PREMIUM |
| N10,000,000.00 | 20 YEARS | 39 YEARS | 100% | N7,507.00 | MONTHLY PREMIUM |
AIICO’s Travel Insurance
In this season of summer holidays, we will like to inform the public of AIICO’s World Travel Insurance, which has a cover with benefits of up to $200,000:
Highlights of cover include:
Loss or theft of baggage
Emergency medical expenses
Medical Evacuation, Repatriation or Transport to Medical Centre Expenses
Follow up treatment in Nigeria and lots more
AIICO’s Schengen cover offers more than the Embassy standard requirement cover of €30,000.
AIICO’s Domestic Air Travel Insurance
This is to introduce to you, AIICO’s new Domestic Air Travel Insurance, which was recently approved by NAICOM.
AIICO Domestic Air Travel Insurance is basically for the personal benefits of the air passengers entitling them to compensation for death, permanent disability, medical expenses consequent on accident, flight cancellations and baggage loss or delay as defined by the policy.
The policy is NOT a substitute for the obligations of the Airline Operators to their passengers as provided by the Nigeria Civil Aviation Laws and Regulations, but only a benefit policy an individual passenger can take for his or her own comfort.
Scope of Cover
The policy provides compensation to airline passengers on local routes (travelling within Nigeria) who purchase flight tickets and pay the requisite premium against losses covered as stated below:
| Policy cover | Adults | Children(2-12yrs) | Infants (under 2yrs) |
| Personal Accident:DeathPermanent DisabilityAccidental Medical Expenses | 1,000,000.001,000,000.00 100,000.00 | 500,000.00500,000.00 50,000.00 | 100,000.00100,000.0010,000.00 |
| Flight Cancellation and or delays. | 20,000.00 | Nil | Nil |
| Emergency Medical Services | 50,000.00 | 25,000.00 | Nil |
| Baggage Delay | 20,000.00 | Nil | Nil |
Cover is basically for passengers with valid airline ticket with the undernoted variations:
Free cover for one accompanying infant (below age 2yrs) who is named in the confirmation slip. This free coverage is limited only to Personal Accident benefit for up to N100,000.00
Children between the ages of 2yrs to 12yrs will have 50% benefit and therefore pay 50% premium. This provision is also limited to personal accident.
Type of Cover
Domestic Standard: Provides coverage from the check in time up to landing at the airport of final destination.
