Children Education Plan
As far as the future of a child is concerned, quality education is non-negotiable. However, as much as it is the desire of many parents/guardians to sponsor their children/wards through school, income is not always stable and life itself is uncertain.
WHY MUST I BUY MUTUAL CHILDREN EDUCATION PLAN?
There is no better way to make provisions for one’s ward that will guarantee peace of mind even after the demise. The product provides for payment of accumulated benefit to you at maturity or named beneficiary’s school fees in the event of demise
HOW MUCH CONTRIBUTION DO I MAKE?
The minimum annual contribution is N60,000 for a minimum duration of 5 years. This could be paid annually, half-yearly, quarterly, monthly
DOES THE CONTRIBUTION ATTRACT INTEREST?
Yes. Interest on contribution is 7.5% per annum. This may be reviewed subject to prevailing market realities
WHAT IS THE SCOPE OF COVER?
The primary risk covered is demise. However, there are optional covers (permanent disability, critical illness and accidental medical expenses) that may be included at additional premium
HOW DO I DETERMINE MY SUM ASSURED?
The sum assured is determined by multiplying your annual contribution by the duration
HOW MUCH PREMIUM WILL I PAY FOR THE LIFE COVER?
The premium payable is deducted from your contribution, taking in to cognizance the duration. The following applies:
5-Year duration: 10% of contribution in Year 1-3, 5% thereafter
6- & 7-Year duration: 10% of contribution in Year 1-4, 5% thereafter
8- & 9-Year duration: 10% of contribution in Year 1-5, 5% thereafter
10 Years & above: 10% of contribution in Year 1-6, 5% thereafter
WHAT IS THE MINIMUM ENTRY AGE?
The minimum age at entry is 18 years, while the maximum is 60 years
WILL I BE REQUIRED TO UNDERGO MEDICAL EXAMINATION?
Not necessarily. Medical examination is subject to the amount of the sum assured
WHAT HAPPENS IF I TERMINATE THE POLICY?
We encourage you to keep the policy in force till maturity in order to achieve the purpose for which it was purchased in the first instance. Termination attracts various levels of deductions from your account balance which reduces the value of your investment
AM I ALLOWED TO MAKE A PARTIAL WITHDRAWAL?
Yes. The policy allows for a partial withdrawal of an amount not exceeding fifty percent (50%) of the account balance, provided that the policy has been actively in force for not less than two (2) years
DOES THIS POLICY QUALIFY FOR TAX DEDUCTIBLE?
Yes, premiums paid are tax deductible
HOW CAN MY BENEFICIARIES MAKE CLAIM?
In the event of demise, the 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 email@example.com
Submit a notification letter to any of our branches nationwide
Obtain, complete and return our claims form
The originals of the following substantiating documents will also be require for sighting:
Medical certificate of cause of death
Death or burial certificate
Police report, if death is caused by accident
WHAT ARE THE CHANNELS AVAILABLE FOR PREMIUM PAYMENT?
The following channels are available for payment of your premium:
Issue your cheque in favour of Mutual Benefits Life Assurance Limited
Obtain and complete a direct debit mandate form Mutual Benefits
Visit www.quickteller.com and type Mutual Benefits as beneficiary
Make payment at any bank nationwide. Your Policy Number is required
Visit www.mbaplc.com. Your Policy Number is required
Log on to your system and make necessary transfer through your banking application
Issue an instruction to your bank to debit your account and credit Mutual Benefits Life Assurance Limited’s designated account