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Premium Saver

The Sagicor Premium Saver Plan is an interest-sensitive insurance plan available to anyone up to the age of 80, which offers a flexible approach to your personal financial planning needs whilst providing life coverage. You may contribute any premium, subject to both a minimum amount and a maximum amount determined by the Company from time to time.


You may pay premiums monthly, quarterly, half-yearly or yearly.

Allocation to Funds

100% of each Basic Premium paid is allocated to purchase units at the offer price in the Interest Fund each policy year. This assumes premium taxes at the rate of 3% of each premium and the Company reserves the right to amend the allocation amount at any time that this tax rate changes in the future to correctly take into account the new tax rate. Each month, units are cancelled from the Interest Fund to pay the Cost of Insurance.


You may encash units from the Interest Fund, subject to a minimum encashment value and a transaction fee. The transaction fee and the minimum encashment value are determined by the Company from time to time.

Cash Value

You may surrender your plan at any time for its Cash Value, which equals the value of all the units allocated to the plan, less a transaction fee which is determined by the Company from time to time.

Life Insurance Cover

Your Sum Insured is a fixed amount of life insurance coverage which varies by the age at issue. The benefit payable on death is the greater of the Sum Insured and the Cash Value. The minimum amount paid on death is the Sum Insured applicable at the date of death.

Non-Payment of Premiums

Thirty days of grace are allowed for the payment of any premium from its due date. In the event that premiums are not received within this period, the Sum Insured remains payable provided that the value of the units in the Interest Fund is sufficient to cover the monthly charges. If the value of the units in the Interest Fund is insufficient to cover the monthly deductions, your plan will lapse.

Interest Fund

The Interest Fund is a fund operated and administered by the Company. The constituent investments and the proportions in which they are maintained may be varied by the Company from time to time. The rate of growth of this Fund will be set monthly in advance and guaranteed for a period of one month (or such other period as the Company may determine from time to time). Consequently, the offer and bid prices of the Units in the Interest Fund are not likely to decrease in value. However, with respect to calculation of surrender proceeds, the Company reserves the right to use a lower unit price than that published.


Within 30 days of each anniversary, the Company will provide you with a certificate showing:

  • The amount allocated to purchase Units in the Interest Fund during the preceding policy year;
  • The number of Units in the Interest Fund allocated to the policy, together with the value, calculated at the bid price on that day.
  • The Cash Value of the policy on that date.

Current Charges and Limits Applicable to Sagicor Premium Saver Policies

  • Transaction Fee - Applicable to Partial Withdrawals or a Full Surrender. For Partial Withdrawals, the Transaction Fee is the relevant percentage of the amount withdrawn. For Full Surrenders, the Transaction Fee is the relevant percentage of the cash value.
  • Partial Withdrawals - The minimum amount to be withdrawn is $3,000.
  • Premium Limits - The minimum basic premium is $6,000 per annum ($500 per month). The maximum basic premium is $60,000 per annum ($5,000 per month).
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