MONEY PLUS

Afri Life Money Plus

Pursuing one’s dreams requires financial discipline. One needs to undertake goal based savings with definite timely returns - be it for the wedding of one’s child, that dream home or the fabulous vacation. One must also create a corpus for emergencies and at the same time one has to secure one’s loved ones financially.

With our Money Plus plan you can do all of the above and more in just a single plan. Investing in Afri Life Money Plus plan makes monitoring of your portfolio that much easy and less time consuming.

This is a non-linked, without profits, single premium payment plan which offers the policyholder a combination of protection and savings benefit. The product features of the plan are stated below:

Product Features

Type of Polic	Individual Non-Participating Product
Can be effected on	A Single life only
Frequency of Survival Benefit	Annually
Survival Benefits	An amount equal to 4% of single premium will be payable on survival up to the end of each policy year during the policy term
Policy Term Minimum single premium	5 Years
Eligible Age of Entry	Min 18 years (Last Birthday) - Max 99 years (Last Birthday)
Frequency of Premiums	Single Premium
Accidental death benefits	A capital equal to 100 times the current premium will be payable immediately provided there has been no prior TPD claim
Minimum Single Premiums	50,000
Maximum Single Premium	No Limit
Maturity Benefits	On survival of the policyholder to the end of the policy term, an amount equal to 100% of single premium will be paid to the policyholder in addition to the Annual Survival Benefit due.
Death Benefits	In case of death during first policy year the single premium will be returned to the nominee/ legal heir. In case of death after the completion of first policy year, an amount equal to the single premium accumulated at 4 % p.a simple interest for 5 years less any survival benefits paid before the date of death will be paid to the nominee/legal heir.
Policy Loan	Yes as per the policy conditions
Policy Fee	0.6% of the single premium +Rs 2500- over and above the single premium
FSC Fee	0.35% of the single premium- over and above the single premium and policy fee

Download Brochure FAQs

Faqs

1. What are Afri Life’s investment strategies with our fund?

This is a fixed single premium product which is backed up by a fixed income bond, Afri Life insurance investment manager is MCB capital market.

2. What is the minimum and maximum amount I can invest in the scheme?

The minimum is MUR50,000 and there is no limit on how much you can invest

3. What would be the maximum we can accept as cash payment?

MUR 500,000 subject to enhance due diligence

4. How much Bonus will I receive?

A simple fixed income Bonus of 4% will be paid each year on the anniversary of the commencement date of the policy.

5. How will the Bonus be calculated?

It is a simple interest calculation which will be paid out each year.

6. Can I retain my interest in the scheme after the five-year period?

7. What will happen in case of death of the insured?

Benefit on death during policy term due to any cause: in case of death during first policy year, the single premium will be returned to the nominee/legal heir. in case of death after the completion of first policy year, an amount equal to the single premium accumulated at 4% p.a. for 5 years less any survival benefits paid before the date of death, will be paid to the nominee/legal heir.

8. Why should I invest with you and not a bank?

Bank’s are currently providing an interest rate of less than 2% on your capital for the same five year period. we will provide a return of 4% of your investment each year and in case of death after the completion of first policy year, an amount equal to the single premium accumulated at 4% p.a. for 5 years less any survival benefits paid before the date of death, will be paid to the nominee/legal heir.

9. Can I pay for additional life insurance benefit cover such as total and permanent disability (tpd), critical illness etc.

No, not for this plan

10. Will a bonus payment be paid out at the maturity of the scheme?

Due to the already highly attractive rate provided regrettably we are unable to provide an additional bonus pay out.

11. Can my spouse and I have a joint investment policy?

No, policy is assigned to only one person per investment policy

12. Is the 4% guaranteed over the five year period?

Your principal and bonus are both assured during the investment period

13. If I have already invested in the Money Plus plan can I take out another Money Plus plan?

Yes

14. Can I take a policy loan and what is the eligibility criteria?

Yes, you can take up to 90% of your surrender value as a loan

15. Can I invest more during the duration of the policy as a top up?

No, you cannot top up your existing policy but you can take out another plan for the additional amount

16. Can the policy be pledged against my loan?

Yes, as per policy terms & conditions

17. Can I invest on behalf of someone else For e.g. an expatriate.?

No, in case of an individual. However a keyman insurance can be taken in case of a corporate

18. Is there any possibility of the bonus of 4% to decrease should it happen that the expectation ROI is not achieved?

Principal and bonus are assured

19. Can a Company invest in the Money Plus plan?

Companies can invest under a key man insurance plan

20. Will I be required to undergo a medical?

No, a medical is not required,

21. Is there an age limit to investing in the Money Plus plan?

Yes, the minimum age is 18 and the maximum age is 99

22. Are the policy fee and Financial Services Commission (FSC) fee deducted from my investment?

No, you will have to pay these fees separately over and above the intended investment amount

23. What if i need to access my money before it matures?

In case of early surrender, a percentage of the single premium will be paid as follows: 1st Policy Year : 75%, 2nd Policy Year : 80%, 3rd Policy Year : 85%, 4th Policy Year : 90% and 5th Policy Year : 95%