Family Income Protection Plan

In many homes in Nigeria, the death, permanent disability or critical illness of the breadwinner brings about a total decline in the living standard of the dependants. This policy will pay the agreed sum assured or an inflation adjusted benefit (if selected) in the event of the death of the breadwinner during the duration of the policy.

Plan Options:

There are four different plan options:

Bronze

This pays the full sum assured in the event of the death (only) of the policyholder during the policy duration

Silver

This plan pays the sum assured in the event of the death or permanent disability of the policyholder during the policy duration

Platinum

This pays full sum assured in the event of the death or critical illness of the policyholder during the policy duration

Gold

This plan pays full sum assured in the event of the death, permanent disability or critical illness of the policyholder during the policy duration

  • Minimum Duration: One year
  • Optional Inflation Protector benefit of either 5% or 10% for additional premium
  • Premium payment mode: Monthly/Quarterly/Half Yearly/Annually/Single premium
  • Minimum monthly premium is N2,000
  • Minimum sum assured of N1,000,000
  • Grace Period: There is a grace period of 30 days for payment of premium

Eligibility Criteria:

  • Minimum age at entry: 18 years
  • Maximum age at entry: 60 years

Benefits:

The beneficiary gets a lump sum benefit in the event of the occurrence of any of the insured events.

Permanent Disability:

This benefit is payable when the Life Assured becomes totally and permanently unable to work in any occupation which the life assured is reasonably able to do given his knowledge, experience, education, training or ability, because of injury or illness.

Deferred Period:

  • A deferred period of three months from the date of disablement of the life assured will apply before benefit is payable.
  • Deferment is necessary in order to determine if the disability is permanent.

Critical Illness:

If the Life Assured suffers any of the listed critical illnesses, the plan pays a lump sum equal to the total sum assured on the policy.

The following critical illness conditions are covered:

  • Stroke
  • Heart attack
  • Cancer
  • Major organ Failure and transplant

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. This will only apply in the first policy year

Where policyholders renew automatically, there will be no waiting period from the first and subsequent renewals. This will also only apply if policyholder continuously renews

Surrender/Maturity Benefits:

There is no Surrender/Maturity benefit payment on the 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.

  • 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.

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