St. Kitts Nevis Insurance Company Ltd (SNIC)
Whole of Life
This plan pays the guaranteed sum assured on the death of the policyholder. The policy carries a cash surrender value.
Comprises the Whole of Life Policy and Investment Fund. Upon establishing the premium amount to be paid, 25% is credited to the Life Policy and 75% in the Investment Plan. The investment accumulates interest on a monthly basis. The value of the policy at will be the cash value of the policy at the time plus the amount held in the Investment Fund.
This plan is similar to the Thrift Plan, but the amount placed in the investment fund differs. 75% of the premium is place in the investment fund while 25% is placed in the life insurance.
This policy is designed to cover mortgage borrowing. It offers a decreasing death benefit over a fixed number of years. The premium payable is less than the benefit term.
Renewable - This is a not for profit policy offering coverage for a fixed period of five (5) years. At the end of the period, the policyholder may renew for a further five (5) years at the rate of his current age. There is no surrender value on this policy and the sum assured is paid out on the death of the insured.
Non - renewable - Terms are the same as the previous except that the period is fixed for a particular time and it is not renewable. Should the insured survive the term, the contract will expire.
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