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Risk Insured, Rest Assured Proprietary
& Confidential
OCTOBER,2016
Wapic Life Assurance Limited
Presentation of New Life P...
Risk Insured, Rest Assured
Corporate philosophy
Our Vision
To transform and illuminate the insurance industry for the
bene...
Risk Insured, Rest Assured
Outline
Introduction
New products features
– Wapic SMART Life+ Plan
– Wapic SMART Seniors Plan
...
Risk Insured, Rest Assured
Introduction
As part of our transformation exercise, we recently conducted an in-
depth analysi...
Risk Insured, Rest Assured 5
Wapic Smart Life+ Plan
Thisisaninsurancesolutionthatprovidesyoutheopportunityof
systematicall...
Risk Insured, Rest Assured
Why Smart Life+ Plan?
Saving toward a specific goal requires a lot of discipline. Considering t...
Risk Insured, Rest Assured
Features & Benefits
Features
o Minimum annual contribution: N60,000
o Entry age: 18-54 years
o ...
Risk Insured, Rest Assured 8
Wapic Smart Seniors Plan
Thisisaninsurancesolutionthatprovidesyoutheopportunitytosavefunds
to...
Risk Insured, Rest Assured
Why Smart Seniors Plan?
Retirement is a sweet haven only for a prepared person! Financial
plann...
Risk Insured, Rest Assured
Features & Benefits
Features
o Minimum annual contribution: N120,000
o Minimum duration: 5 year...
Risk Insured, Rest Assured 11
Wapic Smart Scholars Plan
Thisisaninsurancesolutionthatprovidesyoutheopportunitytosavefunds
...
Risk Insured, Rest Assured
Why Smart Scholars Plan?
The demise of a parent/sponsor is a tragic event which adversely affec...
Risk Insured, Rest Assured
Features & Benefits
Features
o Minimum annual contribution: N60,000
o Minimum duration: 5 years...
Risk Insured, Rest Assured 14
Processes
Risk Insured, Rest Assured
Policy Inception Process
Client provides Wapic
Life with the required
information for premium
c...
Risk Insured, Rest Assured
Claims Process
Claimant informs Wapic
Life of a claim
Wapic Life acknowledges and
request for s...
Risk Insured, Rest Assured
All the Best
17
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Smart Products presentation (1)

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Smart Products presentation (1)

  1. 1. Risk Insured, Rest Assured Proprietary & Confidential OCTOBER,2016 Wapic Life Assurance Limited Presentation of New Life Products
  2. 2. Risk Insured, Rest Assured Corporate philosophy Our Vision To transform and illuminate the insurance industry for the benefit of our customers and other stakeholders. Our Mission To lead in all that is worthy. 2 Our Values Excellence – We pay attention to detail Professionalism – We operate under the highest of standards Innovation – We find new ways to add value Sustainability – We touch lives positively Teamwork – We work together to deliver Leadership – We lead by example Empathy – We are passionate about our customers
  3. 3. Risk Insured, Rest Assured Outline Introduction New products features – Wapic SMART Life+ Plan – Wapic SMART Seniors Plan – Wapic SMART Scholars Plan Policy Inception Process Claims Process
  4. 4. Risk Insured, Rest Assured Introduction As part of our transformation exercise, we recently conducted an in- depth analysis of the needs of Nigeria’s consumer markets in the area of insurance product and services with the primary aim of having a proper understanding of the beliefs, behaviours and buying decisions of the insuring public in order to proffer value propositions and insurance solutions that are customer-centric. Consequently, we have reviewed and rebranded all our existing products and designed new products in line with our findings. This will enable us pursue our goal for retail expansion and aspiration for the Life portfolio. The following slides detail the features of the various products and their respective benefits.
  5. 5. Risk Insured, Rest Assured 5 Wapic Smart Life+ Plan Thisisaninsurancesolutionthatprovidesyoutheopportunityof systematicallyaccumulatingfundstowardmeetingshort-termobligations andemergencieswithanembeddedfreelifecover. Yes,FREElifecover
  6. 6. Risk Insured, Rest Assured Why Smart Life+ Plan? Saving toward a specific goal requires a lot of discipline. Considering the various channels available through which you can make withdrawals from your regular savings, using an insurance vehicle provides that needed control which will guide you toward achieving your set goal. In addition to enjoying investment returns on your savings, Wapic Smart Life+ Plan also provides you the opportunity of having an insurance solutions. Scope of Cover: Demise, absolutely FREE! Your principal is also guaranteed!! Table of Benefits
  7. 7. Risk Insured, Rest Assured Features & Benefits Features o Minimum annual contribution: N60,000 o Entry age: 18-54 years o Part withdrawal: Up to 85% of accumulated principal (Note: Interest not applicable for withdrawals in Year 1) o Premium payment frequency: Flexible o Return on investment: Index linked o Additional cover: permanent disability, critical illness and medical expenses as a result of accident (at a cost) Benefits o Enjoy FREE life cover of up to N500,000 o No underwriting for your convenience o Flexible but high return on investment o A vehicle toward achieving short term financial goals and needs o Succour in the event of demise o Premiums are tax deductible
  8. 8. Risk Insured, Rest Assured 8 Wapic Smart Seniors Plan Thisisaninsurancesolutionthatprovidesyoutheopportunitytosavefunds towardretirementwithanembeddedinsurancecover.
  9. 9. Risk Insured, Rest Assured Why Smart Seniors Plan? Retirement is a sweet haven only for a prepared person! Financial planning toward retirement in this economy could pose a challenge, requiring a lot of discipline to achieve. Considering the various channels available through which you can make withdrawals from your regular savings, using an insurance vehicle provides that needed control which will guide you toward achieving this golden goal. In addition to enjoying return on your savings, Wapic Smart Seniors also provides the opportunity of having an insurance solutions. Scope of Cover: Demise, Permanent Disability and Critical Illness Benefits Payable: Maturity: Investment Account Balance Permanent Disability: 200% of Sum Assured plus Account Balance Demise: Sum Assured plus Account Balance
  10. 10. Risk Insured, Rest Assured Features & Benefits Features o Minimum annual contribution: N120,000 o Minimum duration: 5 years o Entry age: 18-60 years o Part withdrawal: Up to 25% of accumulated principal after 2 years o Premium payment frequency: Flexible o Life cover: 20 times annual contribution, subject to a minimum of N100,000 & maximum of N20,000,000 o Medical examination: Not required Benefits o No underwriting for your convenience o Return on Investment: Flexible but high return o Critical Illness Benefit: FREE up to 25% of sum assured (if policy duration is over 5 years and there is no withdrawal in the first 5 years) o Permanent Disability Benefit: 200% of the sum assured o In the event of demise, the sum assured together with the account balance o Succour in the event of demise, permanent disability or critical illness o Premiums are tax deductible
  11. 11. Risk Insured, Rest Assured 11 Wapic Smart Scholars Plan Thisisaninsurancesolutionthatprovidesyoutheopportunitytosavefunds towardfinancingyourchild’seducationandembeddedinsuranceprotection againsttherisksofdemiseorpermanentdisabilityonthelivesofeitherorboth parents. Thepolicyiswritteninthenameofyourchild,asthepolicyowner, andalsoprovidesamedicalexpensecoverforthechild,asaresultofaccident whileinschool
  12. 12. Risk Insured, Rest Assured Why Smart Scholars Plan? The demise of a parent/sponsor is a tragic event which adversely affects the education and future financial security of the child. Not putting adequate plan in place to edge against this risk could present a circumstance that is too hot to handle. Wapic Smart Scholars Plan is a means of transferring that risk to Wapic. It ensures your child is financially protected and education guaranteed; that ultimately gives you rest of mind. Scope of Cover: Demise and Permanent Disability Benefits Payable: Maturity: Investment Account Balance Permanent Disability: Family Income, Premium Waiver plus Account Balance at Maturity Demise: Sum Assured, Family Income, Premium Waiver plus Account Balance at Maturity
  13. 13. Risk Insured, Rest Assured Features & Benefits Features o Minimum annual contribution: N60,000 o Minimum duration: 5 years o Entry age: 18-60 years o Part withdrawal: Up to 25% of accumulated principal after 2 years o Premium payment frequency: Flexible o Life cover: 200% of annual contribution, subject to a maximum of N5 million o Medical examination: Subject to total sum at risk Benefits o Return on Investment: Flexible but high return o Accidental Medical Expenses (child): Up to N50,000 payable once in a year o Academic Award (Best in Class): Up to 10% of your annual contribution, subject to a maximum of N20,000 (payable once) o Premium Waiver: Subject to no outstanding premium at the time of demise o Maturity Benefit: Applied toward payment of the child’s school fees o Family Income Benefit: 10% of life cover o Permanent Disability Benefit o Life Cover: Payable in the event of demise o Succour in the event of demise, permanent disability or Accidental while the child in in school o Premiums are tax deductible
  14. 14. Risk Insured, Rest Assured 14 Processes
  15. 15. Risk Insured, Rest Assured Policy Inception Process Client provides Wapic Life with the required information for premium computation Wapic Life computes the appropriate premium payable Client agrees with the premium and make payment to Wapic Life Wapic Life advises policyholder to undergo medical examination (where necessary) Client fills the required Proposal Form and supplies the necessary KYC documents Wapic Life issues applicable policy document
  16. 16. Risk Insured, Rest Assured Claims Process Claimant informs Wapic Life of a claim Wapic Life acknowledges and request for substantiating documents Claimant provides the required claims documents Wapic Life pays the benefits to the claimant
  17. 17. Risk Insured, Rest Assured All the Best 17

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