ABOUT LIFE

 Life Division is categorized into TWO Main Departments:-

  Group Life

CIC Insurance Group is a co-operative insurer with the infrastructure, experience, co-operative philosophy and understanding that effectively handles insurable financial risks associated with savings and credit societies and other financial organizations.

CIC Insurance has responded to the insurance needs of the co-operatives and the general public in the current economic era and is committed to competitiveness in the insurance market, enhanced quality service and customer satisfaction. Among the issues addressed is the development and provision of relevant and affordable insurance packages for organizations and their members.

Ordinary Life

Why Life Insurance?

  1. To help  save money for the education of one’s child(ren)
  2. To act as a savings plan for the future ensuring a boost of  retirement income
  3. To ensure  extra income when  earnings are reduced due to serious illness or accident.
  4. To ensure one’s immediate family members are able to maintain their standards of living in the event of demise.


Advantages of Life Insurance over other Financial Instruments

  1. It provides growth over fixed term through bonus allocations.
  2. It provided life cover thus acquiring guarantered value immediately upon inception. Here there is protection of family income in the event of death creating an immediate estate.
  3. There is tax relief of 15% of monthly premium for up to annual premiums of 60,000 on premiums paid. The full amount payable at the end of the policy is also tax free.
  4. Some life insurance policies can be used to secure to secure credit as collaterals.
  5. Constant savings hence ensuring money is saved for the purpose intended.