Extended Family Support Plan

With the extended family system in Nigeria, the death of a loved one often places financial strain on the surviving family members. Our Extended Family Support Plan provides financial support on the death of the policyholder or named co-life assured.

  • Provides financial support in the event of the death of any covered family member
  • No medicals required and it is a whole life policy
  • Cover can continue for other family members even if the main life dies
  • Optional Inflation Protector benefit of either 5% or 10% for additional premium.
  • Premium payment mode: Monthly/Quarterly/Half Yearly/Annually/Single Premium
  • Grace Period: There is a grace period of 30 days for payment of premium
  • Premium payable is determined by the number of units chosen

 

Main Benefits:

  • You get a lump sum in case of the death of any of the covered members
  • We give back one full year premium for every five years that there has been no claim on the policy. This benefit applies to each family member named in the policy schedule

 

Optional Add-on-benefits:

No more premium after age 65 i.e the main life assured ceases paying premium after age 65

At the death of the policyholder, FBNInsurance takes over all future premiums for the rest of the lives assured provided the “No More Premium Benefit after death” option is chosen.

Who could be covered?

The Extended Family Support Plan (EFSP) is a funeral support cover for:

  • You
  • Your spouse
  • Parents & Parents-in-law
  • Wider family
  • Uncles
  • Aunts
  • Step parents

 

Cancellation/Surrender/Maturity Benefit:

  • There is no provision for cancellation or return of premium on this plan
  • There is no surrender or maturity benefit payment on this plan

 

Money Back Guarantee:

The policy holder has the right to cancel the policy within 30 days of commencement and receive all premiums paid provided that no benefit has been paid or claimed.

 

Eligibility Criteria:

The minimum and maximum entry age limits are as shown below:

Waiting Period:

  • A waiting period of 6 months is applicable on this policy. Within this period, no claims can be made on any death resulting from natural causes.
  • The waiting period for the other covered members (parents and parents-in-laws and the wider family) is one year, if death occurs by natural causes.
  • There is no waiting period applicable if death is by accident.
  • Premium can be paid through the following channels:
  • Complete a direct debit form
  • Complete a standing instruction form with your bank
  • Electronic transfer from your account to our account
  • Deposit into our bank account
  • Please include your name and policy number on all payments.
    Please do not pay cash to/through our Financial Advisor or staff.

Related Product

Family Income Protection Plan
This policy will pay the agreed sum assured or an inflation adjusted benefit…

FlexiEdu

Family Sheild
The plan pays the chosen cover amount to the beneficiary of the policyholder to meet immediate financial needs…

Press like to get our latest offers on Facebook