1. Risk Insured, Rest Assured Proprietary
& Confidential
OCTOBER,2016
Wapic Life Assurance Limited
Presentation of New Life Products
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. 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. 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.
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. 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
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. 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
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. 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
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. 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
