BASSETERRE, St. Kitts – SAGICOR, the leading indigenous insurance provider within the Federation, has provided another avenue through which its customers can benefit from its services with the recent launch of its 175 Endowment Plan.
The Plan, which was released as part of the commemoration of the company’s 175 Anniversary, has the incentive of receiving a cash payment after a 25-year period.
Chief Operations Officer for Sagicor Life (Eastern Caribbean) Inc. Trevor Vigo explained that the plan provides two levels of benefits.
“The Sagicor 175 Endowment Plan provides policy holders with a benefit payment after 25 years. Simply put, the Plan not only provides life insurance coverage, but it also pays a lump sum at the end of the policy. The Plan accumulates cash values which may be used as security for future cash requirements such as liquidating a mortgage, financial education costs or even to provide retirement income.
“For those who may not be familiar, an Endowment Plan provides a benefit payment to you once you live for a specified period of time, or to beneficiaries should you die before the policy matures. Therefore, this type of plan not only provides life insurance coverage, but it also provides a lump sum at the end of the policy’s life.”
He said this plan is historic as nothing of this nature has ever been offered.
“For example, if you purchased a Sagicor 175 Plan with a sum assured of $100,000, after 25 years when the plan matures you will receive a total of $175,000. A plan like this – with a 75 percent bonus option – has never been offered before in this market. This is another first for Sagicor! Our new plan responds to the needs of our customers who are looking for financial plans that meet their current needs and also facilitate long-term financial planning.”
In encouraging the populace of St. Kitts and Nevis to become part of the Endowment Plan, Sagicor’s Agency Manager Denrick Connor said the Plan has the potential of injecting more than EC$100M into the local community.
“This Plan has the potential of injecting into our local community in St. Kitts and Nevis over EC$100M, and that’s a low calculation. And we want each and every one of you to be a part of this grand payout in 2040 and 2041 when all of the policy owners of this plan will be happy with their significant payout.
“So be a part of this. Encourage your families, your friends, your coworkers. We want put this Plan in the hands of every Kittitian and Nevisian, and so whilst you would have bought into your Plan, encourage each and every person who is dear to you to ensure that they have the Sagicor 175 Endowment Plan to benefit from when they mature…”
Also to commemorate Sagicor’s 175th Anniversary, the new St. Kitts office was officially opened late last week.
