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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                                                                                                                                                                                                                  

 

 
Aims:
  • To provide potential policyholders with a product that maximizes medium or long term savings and a tax-free lumpsum at the end of the selected policy duration of the plan.
  • It pays an accidental death benefit plus funeral expense to your designated beneficiary upon the death of the life covered


Plan Benefits

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.


Funeral Expense benefit (Death):

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.


Policy Loan (Death):

The policy also allows policyholder to take loan from the company (FBN Life Assurance Limited) on application subject to the following conditions:

  • The policy must have been inforce for a minimum of two (2) years and all premium due must have been paid.
  • Policy loan is a maximum of 60% of their account balance and a minimum N50,000.

 

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.


Maturity Benefit

At maturity, the policyholder's account balance becomes payable.


How the plan works?

The company will open an account for each policyholder to which contribution less cost of insurance and administrative expenses will be allocated.


Premium Payable

  • The premium amount payable is flexible and subject to a minimum monthly premium of N5,000.
  • Premium payment can be made monthly, quarterly, half yearly, and annually.

 

Policy Term

  • The policy duration is flexible and will be chosen by the policyholder at inception subject to a minimum policy duration of 5 years.

 

Eligibility

  • The minimum and maximum ages at entry are 18 and 60years next birthday respectively.

 

Cost of Guarantees
The cost of the guaranteed benefits (Accidental Death & Funeral Expense) will be borne by the policyholder. This will be deducted from the contribution made by the policyholder and the balance will be credited investment account that will be set up for each policyholder.

Interest Credit Guaranteed

Interest credit to policyholder will be guaranteed but reviewable quarterly in advance. The interest will be based on the prevailing monetary policy rate (MPR) – 2%.
 

 

 

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