Protect your family and build toward a goal, in one plan.

An endowment plan combines life cover with structured savings. If the worst happens during the term, your family receives the sum assured. If you survive to the end of the term, you receive a maturity payout. Protection and a savings goal in a single product.

What an Endowment Plan is

A savings plan that offers life cover and guaranteed maturity benefits, helping you grow your wealth while protecting your family’s future.

What it is:

A plan that combines life cover with structured savings. You pay premiums over a set period. If you die during the term, your beneficiaries receive the sum assured. If you survive to the end of the term, you receive a maturity payout, your premiums accumulated plus declared bonuses.

What it costs:

More expensive than term assurance because part of your premium goes into savings.

Who it is for:

People who want life cover AND a savings goal, a child's university fees, a house deposit, or a lump sum at retirement. The endowment plan disciplines your savings while keeping your family protected.

What it covers:

• Death benefit (full sum assured to beneficiaries)
• Maturity benefit (lump sum payout at end of term if you survive)
• Some plans include investment returns or bonuses declared by the insurer

How Term Assurance Works

Choose your sum assured and term

Decide how much cover you need and the savings horizon that matches your goal, whether that is school fees, a house deposit, or a retirement lump sum.

Complete your application

Answer health and lifestyle questions so the cover can be priced for your situation.

Pay your premium

Premiums can usually be paid monthly, quarterly, or annually. Part funds your life cover and part builds your savings.

Name your beneficiaries and your cover begins

Once your first premium is paid and the policy is issued, your beneficiaries are protected and your savings begin building toward maturity.

Q&As

Frequently asked questions

What happens if I stop paying premiums?

A common rule of thumb is 5 to 10 times your annual income, enough to cover your family’s living expenses for several years, pay off debts, and fund long-term goals. The right amount depends on your obligations and your dependants.

Does an endowment plan really return my money?

At maturity you receive the accumulated value plus any declared bonuses. It is a structured savings product with life cover attached, not a guaranteed high-return investment. Treat the maturity figure as a savings goal, not a promise of investment performance.

Is the payout from an endowment plan taxable in Nigeria?

Life insurance payouts in Nigeria are generally treated as non-taxable proceeds. Consult a financial advisor for your specific circumstances.

Cover your family today, and reach a savings goal tomorrow

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