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Our Plans

Our Plans

Insurance plans that fit you and your family. When you’re looking for health insurance, it’s a good idea to take a look at all the angles. You want coverage that works with your lifestyle, helps you get the best care possible and fits with your financial picture. 

Annuity Plan

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Do you have exciting plans for your retirement? It may be years away or just around the corner, in either case, how you will spend your retirement depends on how well you plan.

An Annuity Plan from Royal Turst Insurance can help protect you against the possibility
of outliving your financial resources in retirement. In addition, the policy provides
a lump sum benefit in the event of the policyholder’s death.

Benefits include:

  • A guaranteed regular income after retirement
  • Flexible annuity plans ranging from immediate annuity plans to deferred annuity
     plans
  • Surrender values for deferred annuities after one year
  • A spousal annuity option of 75% of the original annuity after the death of
    the annuitant
  • Tax relief on contributions payable in order to reduce tax liability
  • You can choose your earning at retirement and fund it.
  • A multiple of 5 times of your earning as death benefit.

The types of annuity are:

 

Deferred Annuity:

This plan encourages self-discipline by saving for the rainy day. You can determine your
earning at retirement and fund it effectively. There is a death benefit of a multiple of 5
 times annual earnings when he becomes an annuitant.

Immediate Annuity

This can be taken if you have a bulk sum and want to receive your earnings
immediately. This forestalls the risk of frivolous spending and secures a source
of income when one is weak until death.

Immediate annuity includes option for spouse, where your spouse continues to
enjoy 75% of annuity benefit after the annuitant’s demise.

Also available is the multiple of 5 annual annuity as death benefit payable to
the beneficiary or estate of the annuitant at death.

Who purchases this cover?

Anyone planning for retirement. Also helpful for retirees wishing to supplement their pensions.

Cash Accumulation Plan

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Royal Trust offers a unique long term investment policy in the Cash Accumulation Plan. It is an investment policy that has been set to cater for your needs at urgent or stipulated periods. It is an investment policy that matures in a short time and it attracts bonuses with high interest rate. It is a long term product (terms range between 12 and 24 years) that combines life insurance with a unique accumulating investment option. 

Additional Benefits:

  • Level premiums throughout the duration of the policy.
  • Early partial maturity payments.
  • Full payment of the insured sum plus accrued bonuses in the event of the policyholder’s death.
  • Annual reversionary bonuses payable in addition to the face amount upon maturity or death (optional).
  • Allows for policy loan at concessionary rates.
  • Additional rider enabled for waiver of premium and accidental death.

Who purchases this cover?

Individuals with large expendable income interested in long term investments.
 

Corporate Savings Plan

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A unique savings plan that offers financial protection including life insurance coverage which is payable in the event of your death within the policy.

Benefits:

  • The policy has a minimum duration of 1 year.
  • Minumum savings contribution is £5,000.
  • Except for accidental death, you will have to wait for a period of 3 months from the inception date before you can enjoy the rights of this package.
  • Additional contribution allowed.
  • Risk cover may be chosen from a minimum of £100,000 to £2M payable annually.

Who purchases this cover?

Individuals with a targeted savings plan. Also beneficial for employees eager to save through a payroll deduction.
 

Credit Life Policy

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A loan protection plan that covers you against the unfortunate event of death during the loan repayment period.    

Benefits:

  • The policy covers any outstanding loan at the time of death of the borrower.
  • It is a reducing balance policy. This means that the cover reduces as the loans are repaid.
  • The duration of the policy is the same as the term of the loan.
  • The premium payable is very low when compared with other life policies.
  • The usefulness of this policy is that the beneficiaries of the deceased are saved the embarrassment of having to repay outstanding loans or forfeit the collateral.
  • Protection of the borrower’s estate and property in the event of death.
  • There is no survival benefit.

Who purchases this cover?

Borrowers who require collateral security for a loan. Also lenders and institutions requiring assurance that loan facility will be repaid.
 

Education

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Children Education Plan (CEP)

It is a savings plan that is designed to provide school fees at an earmarked educational milestone in the event of death or permanent disablement of the parent/guardian.

Features of CEP

  • This policy provides for payment of annual premiums for periods ranging from 10, 11, 12 to 25 years.
  • Provides for payment of a lump sum at maturity when the child enters University or Secondary School.
  • Also provides for return of premium in the event of death of the child before the maturity plan.
  • The funds may be transfered to the benefit of another child of the policy holder.

Education Legacy Assurance Plan (ELAP)

It is a savings plan targeted towards financing the future education of a named child in the event of death or permanent disability of parent/guardian.

Features of ELAP

  • Protects children/guardians from any disruption in their education arising from death, disability, and/or loss of employment.
  • Period of policy can range from minimum of 8 -25 years.
  • Maximum age at entry of parent/ sponsor 57 and at exit 65.
  • A cash withdrawal option of up to 20% from the legacy account to assist in the child’s education, provided the policy has been in place for a minimum period of 5 years.
  • Annual Maintenance Income of 25% of sum assured payable for 5 years.

Who purchases this plan?

Parents, relatives and other guardians who wish to preserve the education of their loved ones.
 

Flexible Endowment Plan

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An endowment plan that combines protection and investment. It provides for guaranteed payouts at regular intervals in three installments.

Benefits:

  • Provides for full payment of the face amount in the event of death of the policy holder during the period of insurance.
  • Period of insurance ranges from 6, 9, 12, and 15 years.
  • Provides for annual reversionary bonus payable in addition to the face amount or earlier death at the rate of 4% or £40.00 per thousand.
  • Provides for cash values on the basic policy and the declared reversionary bonus.
  • Provides for 70% of Cash Value as loanable value after three years of running the policy.
  • Provides for policy surrender after two years of payment and maintenance of policy.

Who purchases this cover?

Everyone who is desirous of putting in place adequate protection for himself and family
 

Group Education Plan

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The Group Education Policy/Scheme is to ensure that the education of a child is not disrupted should the Sponsor/Parent/Guardian die or suffer permanent disability.

Benefits:

Benefit is paid to the institution (of the named student)  to ensure continuity of education after the death of the Parent/Guardian.
It is a yearly renewable assurance and it covers the named Sponsor/Parent/Guardian

Who purchases this cover?

Group Education plan is purchased by anyone wishing to safeguard the education of their child and/or guardian.

Speak with your employer or your HR representative to find out what your group life scheme covers.
 

Group Life Insurance Plan

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Group life cover is long termed insurance, also known as death in service benefit, which an employer provides to their staff. It is set up by your employer to cover you while you are employed within their organisation.

How it works:

If you die, death in service benefit pays out a lump sum to your family or next of kin as required by law (Pensions Act of 2004). 
For your family to receive death in service benefit, you must be employed with your organisation at the time of your death. This type of life cover usually runs until your normal retirement age. If you take time out from your career or leave the company for any reason you will no longer be covered.

Who purchases this cover?

Groupl life is purchased by your employer. The organization pays the premium and agrees the level of cover with the insurance company. 
Death in benefit schemes is mandated to be purchased for organizations hiring over 5 employees. 

Speak with your employer or your HR representative to find out what your group life scheme covers.
 

New Income Investment Plan

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Income Investment Plan is a long term investment linked policy that is arranged to take care of immediate and future needs of a customer.

Benefits Includes:

  • Policy suitable for financial planning which combines investment, savings and insurance protection.
  • It is suitable for short and long term financial planning.
  • Provides for life insurance cover chosen and separately paid for at policy inception.
  • Provides for payment of minimum regular monthly contribution of £5,000. Also provides for payment of additional contribution (target savings).  
  • Duration of policy are: 10, 12, 15 and 20
  • Policy available to anyone up to age 55.
  • Policy provides for individual account (policy holder’s account) where allocated premiums and interest will be credited.
  • Provides for loans to customers up to 70% of account balance after maintaining policy for three years.                                                                                                 
  • Provides for payment of sum assured, investment account balance and savings account balance (if any) to the beneficiary on the demise of the policyholder.
  • Provides for payment of investment account balance and total savings on maturity date of the policy.

Who purchases this cover?

Everyone who is desirous of providing future and immediate savings for himself.

Mortgage Protection Plan

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A loan protection plan that covers you against the unfortunate event of death during the loan repayment period.   

Benefits include:

  • Provides cover for any outstanding loan in case of death of a customer within the period of repayment of a mortgage loan. Reduced
  • Full sum assured or reduced sum assured payable on death depending on outstanding loan.
  • No survival benefit.
  • The frequency of premium payment is either Annual or Single.

Who purchases this cover?

Borrowers who require collateral security for a loan. Also lenders and institutions requiring assurance that loan facility will be repaid.
 

Life Celebration Plan

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Our Life Celebration is designed to take care of financial expenses in the event of death of a loved one or self. The plan provides financial assistance upon loss to the family member or named beneficiary.

Other benefits include:

  • Cover can be extended to more than one family member and extended family.
  • Premium payment ceases at death of policyholder
  • Maximum age at entry of policy holder is 60 and maximum age of parents is 75
  • Premium ceases at age 65

Who purchases this cover?

Anyone wishing to plan for their funeral and/or those of their loved ones.
 

Term Assurance

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This is a  risk based plan that covers basically death of the Insured within the policy duration

Benefits:

  • The policy covers the risk of death only.
  • It pays to the beneficiary the sum assured in the event of death of the policy holder during the policy duration.
  • There is no survival benefit.
  • The frequency of premium payment is either Annual or Single.

Who purchases this cover?

Everyone who is desirous of providing financial protection for his family and loved ones.
 

Three Payment Plan

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Three Payment Plan or 3PP is an endownment plan that combines investment with life protection.

How it works:

Policy enables you to make three installment payments in a period of 15 years and provides for the payment of the actual amount in three installments.
Additionally, it provides for: 
(1.) full payment of the face amount plus bonuses (in the event of death); 
(2.) cash values on the basic policy and the declared revisionary bonus.

Who purchases this cover?

Individuals wishing to make long term investments who also require life protection.