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FBNInsurance sensitizes retirees on annuity                                                                                                                                                                                                                   FBNInsurance wins Insurance Company of the Year Award. …Val Ojumah is Insurance Man of the Year                                                                                                                                                                                                                                                                                                                                                                                                                                      FBN General Insurance appoints Opadokun as Managing Director.                                                                                                                                                                                                                   FBNInsurance sponsors free Breast and Cervical screening for women.                                                                                                                                                                                                                   FBNInsurance Rewards Outstanding Financial Advisors With Brand New Hyundai Accent                                                                                                                                                                                                                   FBNInsurance widens her retail network with four new offices                                                                                                                                                                                                                   RIMSON inducts Ojumah as Fellow                                                                                                                                                                                                                   FBNInsurance holds 5th Annual General Meeting, declares 19k per share dividend                                                                                                                                                                                                                   FBNInsurance Deploys 3i Infotech’s End to End Premia Suite                                                                                                                                                                                                                   FBNInsurance Launches Experiential Auto Insurance Campaign                                                                                                                                                                                                                   FBNInsurance's Profit Grows On Strong Premium Income                                                                                                                                                                                                                   FBNInsurance gets ‘A+’ (Agusto) rating …up from ‘A‘ in 2015.                                                                                                                                                                                                                   FBNInsurance Wins Global Accolade Yet Again.                                                                                                                                                                                                                   NAIPCO gets N14.5m FBNInsurance Group Family Shield cover                                                                                                                                                                                                                   FBNInsurance Group donates to Down Syndrome Foundation                                                                                                                                                                                                                   FBNInsurance commits to improved service delivery                                                                                                                                                                                                                  

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:
 
  • Bronze                   -           Death only
  • Silver                      -           Death and Permanent disability
  • Platinum                -           Death and Critical Illness
  • Gold                         -          Death, Permanent disability and critical illness
 
Plan Benefit
 
Bronze
 
The plan will pay the full sum assured upon death of the policyholder during the policy duration.
 
Silver
 
The policy pays a lumpsum which equal the sum assured in the event that the policyholder dies or becomes permanently disabled.
 
Platinum
 
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.
Gold
 
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.
 
Premiums Payable:
   
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
 
Inflation Protection
 
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%.
 
Cover Levels:
   
There is a minimum cover of N1,000,000 but no maximum cover. However, policies requiring more than N10,000,000 will be subject to medical underwriting.
   
Surrender Value:
   
There is no surrender benefit payable under this product and the policy has no paid-up value.
 
Maturity Benefit:
 
The policy has no maturity value.
 
Policy Loan
 
No loan is available under this policy.
 
Who can buy the Product?
  • Minimum age at entry:               18years
  • Maximum age at entry:               60years
  • Maximum age at maturity:          65years
 
Policy Term:
 
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)
 
Medical Examination
A medical examination may be required for applicant’s aged 50 years and older or for anyone where cover is greater than N10.0million.
 

 

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