Endowment Assurance (with or without Profits)


The principal feature of an Endowment policy is that it matures for the full face amount on a particular date or on the date of the policyholder’s death should death occurs prior to the maturity date.


This is a valuable form of investment combined with Life Assurance cover. It provides payment of a sum assured at the end of a selected term if the policyholder is alive or if death occurs before the end of the selected term to the beneficiaries of the policyholder.

Who can take out this policy

Any Individual between the ages of 18 and 65.

Level of Benefit Available

Policyholders decide on the level of cover they want. Premium due depends on the age of the life to be assured, the amount to be assured and the duration (term) of the policy.

Increase of the Level of Benefit

This could be done to meet changing circumstances or inflationary trends at. Such an increase in the benefit attracts increase in premium.

With Profit Endowment

At the maturity of the policy, in addition to the guaranteed amount (Sum Assured) we will pay you bonus based on investment performance during the term of the policy.

Without Profit Endowment

Only the guaranteed amount shall be paid at the maturity of the policy.

Inception of Cover

The policy can start running after the payment of the first premium. 

Premium Payment Methods

Premium could be paid: Monthly, Quarterly, Half Yearly or Yearly.

The Policy’s Minimum Term

The minimum term the policy can be taken for is Five years.

Death Before the end of the selected policy term

If death occurs before the end of the selected term payment of the guaranteed amount will be paid to the beneficiaries of the policyholder. Even if the Policyholder dies soon after paying the first premium, we are obliged under the agreement to pay the full Sum Assured to the policyholder’s dependents.

When the policyholder lives to the maturity date of the policy

With Profits Endowment – Guaranteed Amount plus bonus shall be paid to the policyholder
Without Profit Endowment – Only guaranteed amount shall be paid to policyholder

Can i cash my Endowment policy before maturity?

Yes. you can cash in your Endowment policy two years after the inception of the policy. The policyholder will be entitled to the Surrender Value of the policy. The Surrender Value depends on how long the policy has been in force and the amount of premium that has been paid.

Can I change my Beneficiary?

Yes. You can change your beneficiary at any time by sending a written notice to us of such change.

Claim Procedures

All claims should be reported at the Life Department of the Company, Second Floor, Kissy House, 54, Siaka Stevens Street, Freetown. The documents required for:

Maturity claims:
  • The Policy Document
Death Claims:
  • Death certificate
  • Cause of Death Certificate
  • Policy Document

Policy Loan

The policy offers loan up to 90% of the Surrender Value of the policy. 

Non-Payment of Policy Proceeds

Benefits due under the policy shall not be paid in any of the following circumstances:
  • The information you provided on the Proposal or Application Form was not correct
  • Non-payment of premiums.
  • Death due to an Excluded cover