2. WHY MUST I BUY ANTICIPATED ENDOWNMENT POLICY?
The policy guarantees payment of the sum assured, irrespective of earlier instalment benefit payments before maturity! It also declares annual bonus which becomes payable at maturity or earlier demise
3. HOW DO I DETERMINE MY SUM ASSURED?
Your sum assured is determined by your ability to pay the corresponding premiums as and when due
4. HOW MUCH PREMIUM WILL I PAY?
The applicable premium payable is determined by your age, the sum assured and duration of the policy
5. CAN I CHOOSE PAYMENT FREQUENCIES OTHER THAN ANNUAL?
Yes; other options are half-yearly, quarterly or monthly
6. WHAT IS THE MINIMUM ENTRY AGE?
The minimum age at entry is 18 years, while the maximum terminal age is 60 years
7. WILL I BE REQUIRED TO UNDERGO MEDICAL EXAMINATION:
Not necessarily. Medical examination is subject to the amount of sum assured
8. WHAT HAPPENS IF I TERMINATE THE POLICY?
The policy has a built-in savings element which qualifies you for a cash or surrender value after two years of full premium payment. However, we advise that you do not terminate the policy before the stated maturity date; doing otherwise reduces the value on your investment
9. WHAT HAPPENS IF THERE IS DEMISE AFTER PAYMENT OF THE FIRST AND SECOND INSTALMENT BENEFITS?
Where demise occurs any time before maturity, the sum assured becomes payable notwithstanding payment of earlier instalment benefit(s)
10. WHAT HAPPENS IF I COULD NO LONGER PAY MY PREMIUMS?
Where you elect to surrender the policy for whatever reason, cash or surrender value can only accrue after two years of full payment of premiums due. We however encourage you to pay your premiums as and when due till maturity.
11. DOES THIS POLICY QUALIFY FOR TAX DEDUCTIBLE?
Yes, premium paid are tax deductible. The premium is applied toward reducing your taxable amount
12. HOW CAN MY BENEFICIARIES MAKE CLAIM?
In the event of demise, your beneficiaries or legal representative should notify us through any of the following channels:
- Call our customer care telephone numbers: +234 905 464 4444
- Send us a mail at firstname.lastname@example.org
- Submit a notification letter to any of our branches nationwide
- Obtain, complete and return our Claims Form
The originals of the following substantiating document will also be required for sighting:
- Medical certificate of cause of death
- Death or burial certificate
- Police report, if death is by accident
13. WHAT ARE THE PREMIUM PAYMENT OPTIONS AVAILABLE?
The options of paying your premium can either be annually, half-yearly, quarterly or monthly.
14. WHAT ARE THE CHANNELS AVAILABLE FOR PREMIUM PAYMENT?
The following channels are available for payment of your premium:
|Cheque ||Issue your cheque in favour of Mutual Benefits Life Assurance Limited |
|Direct Debit ||Obtain and complete a direct debit mandate form Mutual Benefits |
|Quickteller ||Visit www.quickteller.com and type Mutual Benefits as beneficiary |
|Paydirect ||Make payment at any bank nationwide. Your Policy Number is required |
|Webpay ||Visit www.mbaplc.com. Your Policy Number is required |
|NIBSS e.billspay ||Log on to your system and make necessary transfer through your banking application |
|Standing Order ||Issue an instruction to your bank to debit your account and credit Mutual Benefits Life Assurance Limited's designated account |