PERSONAL PROVIDENT PLAN (P.P.P.)
This plan is designed to encourage individuals to save towards retirement, build up funds for specific projects or other future needs in a flexible way.
HOW THE PLAN OPERATES
The mimimum duration for the plan is three years. Contributions into the plan will form part of the plan’s pool of funds, which will attract a competitive yield. The contribution can be a fixed amount or a percentage of annual salary. The minimum contribution per month is N2,000.00. Payment into the plan can either be monthly. quarterly, half – yearly or yearly depending on whichever arrangement is convenient to the participant.
PAYMENT/FUND SECURITY
Payment which can be in cash or cheque can be made at our head office or branch offices nation wide or through our bankers (Intercontinental Bank Plc, Guaranty Trust Bank Plc, United Bank For Africa Access Bank and FCMB).
WHO CAN BE A MEMBER OF THIS PLAN?
- Public/Civil Servants
- Professionals/Partners in a partnership firm
- Private Company Employees
- Self Employed Persons
- Co-Operatives Societies
- Social-Clubs
- Technicians
- Others: students, trainees, unemployed persons etc.
NATURE OF BENEFITS UNDER THIS PLAN
Contributors will be entitled to the following benefits as a member of P.P.P.
MATURITY/RETIREMENT
- Participants will recieve total contributions plus the accrued fund yield.
- The accrued benefits at retirement can be used to purchase an annuity depending on the choice of Participants.
WITHDRAWAL
Participants can withdraw contributions plus accrued interest after 3 years
LUMP SUM DEATH BENEFIT
If a contributor dies as a member of this plan, and have taken the Term Assurance option, the beneficiaries will be entitilesd to lump sum death benefit as defined in the terms of the contract in addition to a refund of contributions with the accrued interest.
INCENTIVES
- Contributors with a minimum balance of N500, 000.00 will be entitled to additional incentives such as free life assurance cover and yearly bonus payment depending on minimum balance in their account.
- A group of contributors with a minimum balance of N10,000,000.00 could have a segregated account
STATEMENT OF ACCOUNT
Statement of Account shall be provided periodically to contributors.
ADVANTAGES OF P.P.P.
- It provides an easy and flexible way of planning for your future
- Built-in-life cover in the event of death
- Contributors have an option to convert lump sum contributions into annuity at retirement.
|
