NICO Life has introduced a new savings product that comes with life cover embedded.

A first of its kind on the market, the new product dubbed “Zonse Savings”, has no underwriting requirement, providing customers with the mechanism to save for a future event while providing the holder with life cover.

Speaking during the launch NICO Life Chief Executive Officer, Eric Chapola, said the company is continuously looking to cater to the ever evolving market needs.

“This product has been designed to make it easier for our customers to plan out their lives and those of their loved ones hence the name Zonse to encapsulate the fact the policy provides multiple benefits in one”, Chapola said.

He added that the potential yield is among the most competitive on the market and is available to regular income earners.

“The amount payable at the end of the investment is dependent on, among other things, the savings premium payments and the performance of the invested underlying assets which remain among the most competitive on the market. In the event of the death of the policyholder, the full value of the policy is paid out together with a life cover benefit to the respective holders’ beneficiaries”, he added.

This policy can run for a minimum of 5 years and a maximum of 20 years whereby the minimum age at entry is 18 and the maximum age at entry is 60.