Affordable Smart Target Insurance Cover

What do you hope for in life? A beautifully decorated bedroom? A new kitchen with a modern look and appliances? A better life for your kids? Will you want to invest in your retirement every month in order to have enough left over to make your house beautiful?

You've worked hard for the home you want but will your family be able to keep it after you die? Will you have to give up on the small luxuries so that your kids can go to university or technikon? And if you don't make a plan now, will you end up depending on your kids?

You would like to invest offshore, but will you still be able to go on your annual camping trips? And if you save for that promised family holiday overseas, does that mean you can't diversify your investments? Will a new car be replaced by a capital retention plan?

Is the size of your daughter's wedding going to be decided by the size of your collective investments? Can you still invest in your son-in-law's company? And would an endowment policy mean bye bye to a new bathroom? Is there a better way to preserve wealth for tomorrow? We're thinking ahead. Are you? The truth is, whatever you dream of, you have the power to make it come true. All it takes is a little willpower and commitment. There is an old saying, “All good things come to those who wait.” In the world of investments, this is very true. If you have a dream to own a bigger house, a modern kitchen or anything else that makes your life more comfortable, it's never out of reach if you are willing to lay the foundation month by month. With Vanguard Life's Smart Target Plan, you can start with what you hope for and plan ahead today.

Vanguard Life Smart Target Plan provides financial support at each stage of your life. The policy is an investment-linked life assurance plan providing both life cover and savings benefits. The Smart Target Plan assures you that your investment premium is secured and shall earn a guaranteed interest. The policy pays lump sum at maturity. However, you have the option to purchase annuity (monthly payments) for a defined period or for life.

With this plan, you’ll be paid out in a lump sum within 72 hours for valid claims on receipt of all required claims documents. Most importantly, it’s affordable investment-linked life insurance policy.

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The Smart Target Plan is an insurance policy which provides you with a financial support at each stage of your life. The policy is an investment linked life assurance. The Smart Target Plan assures you that your investment premium shall earn a guaranteed interest. The policy pays a lump sum at maturity. However you have the option to purchase annuity (monthly premium) for a defined period or for life.

The policy provides you the following as the main benefits as long as the policy is active.

Maturity Benefit

The policy matures at the maturity date on the policy schedule. The maturity benefit payable shall be the net cash value of the policy investment account paid as lump sum. The policyholder however has the option to use the maturity benefit to purchase annuity for life or for a guaranteed period

Partial Withdrawal Benefit

The policy allows partial withdrawal. The policyholder has the option to make partial withdrawal after the policy has been in force for thirty six (36) months from the cash value of the investment account of the policy. The policy allows up to 60% of the cash value as partial withdrawal each year. Each partial withdrawal claim shall attract an administrative fee of 1% as partial withdrawal fee.

When you make a partial withdrawal, the amount of (partial withdrawal) granted and the partial withdrawal fee shall be debited to your policy to reduce your cash value. The policyholder shall not be allowed partial withdrawal and policy loan in any period of twelve (12) months unless any outstanding policy loan is fully repaid.

Death Benefit

The death benefit of the policy shall be made up of the sum assured plus the net cash value of the policy at any point in time.

Guaranteed Interest Benefit

The investment premium credited to your investment account will be prudently invested in safe and secure investment instrument account by Vanguard Life to yield competitive returns. We guarantee 5% interest per annum as returns on your investment account. As a result, Vanguard Life bars the investment risk up the guaranteed interest.

The investment account balance at any time shall be the sum of investment premiums credited to the investment account, less (the policy fees, management fees, insurance premium and other expenses) plus interest on the invested account.

Your investment account shall earn additional variable interest based on the performance of the investments in the investments portfolio of Vanguard Life.

Interest shall be computed and credited to the investment account monthly. The computation of compound interest shall be done annually.

POLICY LOAN BENEFIT

The policyholder qualifies to apply for a policy loan any time the policyholder has made a minimum of twenty for (24) monthly premium payments from the issue date. The maximum amount of policy loan allowable is ninety percent (90%) of the surrender value. Policy loans are allowed to finance emergency expenses of the policyholder before the maturity date of the policy.
Policy loans shall attract interest and be repaid over a maximum period of twenty four (24) months in addition to monthly premium payments.

In the event of default in repaying policy loans, monthly premiums shall be used to pay the loan (principal and interest) or deducted from the policy benefits before claims under the policy shall be paid. Policy loans are not applicable when the policy matures.

AUTOMATIC ANNUAL BENEFIT INCREASE

This option enables the policyholder to increase the benefit lever of his cover himself and secondary lives annually to preserve the value of the benefit from the effect of inflation to the extent of the annual automatic increase options selected.

The annual premium increase and the corresponding annual benefit increase options are as stated in the table below.

Automatic Annual Premium Increase 10.00 % 15.00 % 20.00 % 25.00 % 30.00 %
Automatic Annual Benefit Increase 7.50 % 11.25 % 15.00 % 18.00 % 22.00 %

If you selected any of the option on the application form, your monthly premium payment will automatically be increased based on the option selected at each anniversary of the policy issue date. Once selected, the policy holder cannot during the life time of the policy changed to a higher benefit increase update but can change to a lower benefit update option. The policyholder, however, have the option to cancel automatic benefit update on the policy at any time in writing to us.

Please note that all life assured has an automatic benefit increase of 3.75% of their life cover for a corresponding increase of 5% premium

Do you need to claim?

Follow the easy steps below to get your claim fast and efficiently.

Notify us

Please notify us of your intent to claim within 24-hours of the event. If this isn’t possible, please call us as soon as possible on the below numbers.

Contact our Customer Service Department:

Monday to Friday

Walk in centre hours: 08:00 to 16:30
Call centre hours: 8:00 to 17:00 - Monday to Thursday

Fridays - : 8:00 to 16:30
Telephone numbers: 0302 235437 - 5, 028 9533900
Email: info@vanguarglife.com

2. Required documents

You’ll need to send us relevant Final Dignity Assurance Plan documentation. Download the necessary forms by clicking on the links in the lists below.

Natural Death

In the event of a natural death, Vanguard Life requires the following documents to process the final dignity assurance policy payout:

  1. Completed Claim form by the claimant
  2. Original policy documents
  3. Original or Certified true copy of medical certificate of the cause of death
  4. Certified copy of death certificate
  5. Certified copy of identity document of both the insured and beneficiary or trustee
  6. Certified documentary proof of marriage (if applicable)
  7. Prove of age of deceased life if age is not admitted.
  8. Any other documents deem necessary by the insurer.

Unnatural Death

In the event of an unnatural death, Vanguard Life requires the following documents to process the funeral policy payout:
  1. Completed Claim form by the claimant
  2. Original policy documents
  3. Original or Certified true copy of medical certificate of the cause of death
  4. Certified copy of death certificate
  5. Certified copy of identity document of both the insured and beneficiary or trustee
  6. Certified documentary proof of marriage (if applicable)
  7. Prove of age of deceased life if age is not admitted.
  8. Any other documents deem necessary by the insurer.

Permanent Disability

In the event of permanent total disability, Vanguard Life requires the following documents to process the family welfare assurance policy payout:
  1. Completed Claim form by the claimant
  2. Original policy documents
  3. Original or Certified true copy of medical certificate of the cause of death
  4. Certified copy of death certificate
  5. Certified copy of identity document of both the insured and beneficiary or trustee
  6. Certified documentary proof of marriage (if applicable)
  7. Prove of age of deceased life if age is not admitted.
  8. Any other documents deem necessary by the insurer.

Cash Back/Loyalty Benefit

  1. A completed application or written request for cash back or total return of premium benefit by policyholder.
  2. Payment will be made to the bank account of the policyholder used to pay premiums or the policyholder will provide a bank account to enable the payment if the mode of premium payment is employer deduction.

3. We’ll keep you posted on the status of your claim

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We value your concerns, comments and compliments. If you are not satisfied with anything concerning our services, or if you have any enquiries, complaints or you wish to make changes to your policy etc.,

Kindly contact our customer clinic on 0302 235437 - 5, 028 9533900 or www.vanguardlife.com or contact any of our branches and sales offices nationwide.

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