This product is designed to provide financial cushion to the family should the unforeseen happens to the breadwinner of the family.
What is FBN Insurance Family Income Protection Plan?
The FBN Insurance Family Income Protection Plan is a term assurance policy that provides a reliable and affordable way to help you protect your family’s financial future. As the policyholder, you choose the coverage that meets your needs, works for you and your budget. The premium payable depends on the age of the policyholder at the commencement of the policy.
The Family Income Protection Plan is designed to provide a cash payout to meet the needs of a family in the event of the policyholder dying, having become permanently disabled or, if selected, having being diagnosed with a critical illness as specified in the policy wordings.
The product comes with four (4) options:
The plan will pay the full sum assured upon death of the policyholder during the policy duration.
The policy pays a lumpsum which equal the sum assured in the event that the policyholder dies or becomes permanently disabled.
The policy pays a lumpsum which equal the sum assured in the event that the policyholder dies or is diagnosed with a named critical illness.
The plan will pay the sum assured in the event that the policyholder dies, is diagnosed with a named critical illness or becomes permanently disabled.
The premiums payable per the covered life is based on age, option chosen and the sum assured required. This premium is payable monthly, quarterly, bi-annually, annually or single (one off) subject to minimum of NGN2,000 per month
To protect the maturity value against inflation, the policyholder can elect to choose the premium increase option. This will result in an increase in the sum assured.
Sum Assured increase will be simple while the premium increase will be compound. The increase rates allowed under this plan are 0%, 5% and 10%.
There is a minimum cover of
There is no surrender benefit payable under this product and the policy has no paid-up value.
The policy has no maturity value.
No loan is available under this policy.
Who can buy the Product?
The product does not have a minimum nor maximum policy duration (it can be bought on an annual renewable basis). The maximum term available for each life will be defined by the maximum age at maturity (65years)
A medical examination may be required for applicant’s aged 50 years and older or for anyone where cover is greater than
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