Citadel can offer you a wide choice of life assurance and investment products that are flexible enough to suit your ever-changing needs throughout your lifetime. Backed by a fully dedicated life team and a world leading reinsurer, we offer high quality life assurance and investment products, exceptional service standards together with a friendly and personal service for probably the best products in the market.

What is life assurance?

Life assurance guarantees a payment of a sum of money (known as the “sum assured’) in the event of your death (the “insured”).

There are two types of life assurances:

Term life assurance – which covers the life of the insured and pays the sum assured in the event of death of the insured. This type of assurance has no cash value and once the term of the plan is over, the plan will expire

Endowment life assurance – provides cover as explained above with the added benefit of having part of the premium being invested. There are two types of endowment plans namely:


• “With-profit” plans – having the invested portion of the premium earning a bonus declared annually by the company and
• “Unit-linked” plans – having the invested portion of the premium being invested in a selection of investment funds.

Term Life Assurance

Term life assurance is a basic and least expensive type of life assurance. This type of assurance can provide you with cover for an number of years (for example 5, 10, 20 or 30 years). If you die before the term of the plan, the sum assured is paid as stated in your policy document. The policy expires if there will be no claim within the term of the life assurance. Term life assurance can also have the option of extending your coverage, subject to certain restrictions and limitations.

Term Life Assurance Advantages:

• Provides provisional life assurance protection,
• Provides life assurance protection with least expenses,
• May allow you to convert your term policy into a permanent one
• Can provide supplemental coverage to a permanent policy

If you have a home loan or another type of bank loan, you may also have a life assurance policy protecting this loan. Before renewing your existing life assurance policy ensure that you are not paying too much and get a quotation from us. You can benefit from our advantageous premium rates on our term assurances plans and may get the same service at a lower cost. You may exchange your existing life assurance policy and opt for ours at no extra costs.

Loan Protection Assurance (Decreasing term Assurance)

This is the cheapest form of life assurance where the sum assured of a loan protection assurance decreases every year over the term of the plan. It is specifically designed to cover outstanding loan amounts for home loans or business loans.

The premiums will remain fixed throughout the term of the plan however, the premiums will be cheaper than any other form of life assurance. Our premium rates for loan protection assurance are amongst the cheapest in the market and start form as little as Lm30 / €69.88 annually.

Level Term Assurance

You choose the amount of cover you need and the length of the plan. This type of assurance is designed to protect your family’s future lifestyle or pays any outstanding loan balances. This assurance has no cash value at any time.

Group Life Assurance – Protecting your employees

Group Life cover provides the peace of mind to your employees with the knowledge that financial support will be provided to their families in the case of their death.

The benefits provided under a group life assurance cover are expressed either as a multiple of basic salary or a fixed sum assured. Apart from the life cover, a group life policy could also provide additional covers including accidental death and permanent total disability benefits protecting your employees.

The administration involved in arranging and handling group life assurance cover is usually kept to a minimum and in most cases the employees will not have to complete a medical questionnaire or examination.

All our life assurance plans (with the exception of the Loan Protection Plan) can be extended to cover additional benefits.

All our life plans (with the exception of the Loan Protection Plan) can be extended to cover-

Accidental Death Benefit

We will pay up to double the death benefit if death occurs as a direct result of an accident.

We will pay the benefit and in the event that the Insured, as a result of injury, disease, sickness or illness, is totally and permanently disabled from performing his or her usual occupation. We will also waive premiums due, from the date of the claim. This will not affect any amount payable under the Policy. This benefit is an advancement of the sum insured under the main benefit payable in 5 equal yearly installments.

We will pay this benefit on the death or dismemberment of the Insured if it was caused solely by accidental, violent, external and visible means and occurred within 12 months of the accident.

You can benefit from a wide choice of investment opportunities to secure your future and that of your family.
Take advantage of the following discounts

Once you purchase any of our Perla Plans (namely the Perla Retirement; Perla Savings and Perla Junior) you will benefit from:

• A discount on the Home4Loans buildings insurance policy, if this is bought together with any of the above Life Insurance Plans.
• A discount upon buying a Home Insurance or Monalisa Home Policy.