Frequently Asked Questions
Select one of the above questions to find out it's answer.
Yes, you need a life assurance policy as:
- Risk Cover - Life today is full of uncertainties; in this scenario Life Insurance ensures that your loved ones continue to enjoy a good quality of life against any unforeseen event.
- Planning for life needs in Safe and profitable long-term investment - Life Insurance not only provides for financial support in the event of untimely death but also acts as a long term investment. You can meet your goals, be it your children's education, their marriage, building your dream home or planning a relaxed retired life, according to your life stage and risk appetite. Traditional life insurance policies i.e. traditional endowment plans, offer in-built guarantees and defined maturity benefits through variety of product options such as Money Back, Guaranteed Cash Values, Guaranteed Maturity Values.
- Builds the habit of saving - Life Insurance is a long-term contract where as policyholder, you have to pay a fixed amount at a defined periodicity. This builds the habit of long-term savings. Regular savings over a long period ensures that a decent corpus is built to meet financial needs at various life stages..
- Assured income through annuities - Life assurance is one of the best instruments for retirement planning. The money saved during the earning life span is utilized to provide a steady source of income during the retired phase of life.
- Protection plus savings over a long term - These policies help the policyholders meet the dual need of protection and long term wealth creation efficiently.
- Growth through dividends - The investment policies is distributed among the policyholders through annual announcement of dividends/bonus.
- Facility of loans without affecting the policy benefits - Policyholders have the option of taking loan against the policy. This helps you meet your unplanned life stage needs without adversely affecting the benefits of the policy they have bought.
- Tax Benefits - Insurance plans provide attractive tax-benefits for both at the time of entry and exit under most of the plans.
- Mortgage Redemption - Insurance acts as an effective tool to cover mortgages and loans taken by the policyholders so that, in case of any unforeseen event, the burden of repayment does not fall on the bereaved family.
"Term life" policies, remain the best choice for most people, as it is the lowest-cost way to get the most coverage for a shorter period, and it is easy to walk away from a policy if you find a better deal or your needs change.
I have a complaint – who do I contact?
Clients can walk in all our branches to lodge complaints.
If you are not sure to whom to refer your complaint, or feel it is inappropriate to address the complaint to a member of the concerned department, contact the following:
The Compliance Officer
NICO Life Insurance Company
NICO House, 3 Stewart Street
P.O. Box 3044
Tel: +265 1 822 699
Fax:+265 1 821189
Tips when making a complaint
When making a complaint we encourage you to provide the following information:
- Name, position and contact details
- Relationship with NICO Life (i.e. the nature of your dealings with NICO Life)
- Usual contact person within NICO Life
- The nature of the complaint (including when the conduct giving rise to the complaint occurred)
- Details of the NICO Life employee involved (if applicable)
- Copies of any documentation supporting the complaint.
Generally NICO Life will acknowledge and resolve customer complaints within two working days. However, in some cases, particularly if it is a complex or technical matter it may take longer.