Accidental Death Benefit:
Upon death of the policyholder resulting from accident, the sum assured together with the account balance as at the date of accidental death becomes payable.
The accidental death cover for this plan is defined as 200% of the total premium payable i.e. annual premium * term * 200% subject to a maximum of N5,000,000.
The policy also pays a funeral expense benefit within 48hrs of death notification and lodgment of the requisite documentation. The funeral expense benefit is calculated as 10% of the total premium payable subject to a minimum of N100,000.
The policy also allows policyholder to take loan from the company (FBN Life Assurance Limited) on application subject to the following conditions:
Optional Death Benefit
Policyholder can elect to purchase an optional life insurance cover. If this option is taken by the policyholder, the benefit under this cover becomes payable together with the account balance upon death of the policyholder not resulting from accident.
The death benefit is defined 10 * Annual Premium subject to a maximum of N5,000,000. However, policyholder can elect to buy cover higher than N5million, this will require medical examination, the cost of which will be borne by the company.
At maturity, the policyholder's account balance becomes payable.
The company will open an account for each policyholder to which contribution less cost of insurance and administrative expenses will be allocated.
Cost of Guarantees
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