MUTUAL SCHOOL FEES GUARANTEE PLAN
Life can be difficult when parents find it hard to meet their children\'s educational obligations. Mutual School Fees Guarantee provides a platform for ease of school fees payment.
WHY MUST I BUY MUTUAL SCHOOL FEES GUARANTEE PLAN?
As a parent, your demise could have adverse effect and untold financial challenge on the family, which could mar your desire to provide uninterrupted quality education for that child. Mutual School Fees Guarantee Plan ensures this desire becomes a reality, even after demise. That is rest-of-mind guaranteed!
HOW DO I DETERMINE MY SUM ASSURED AND PREMIUM PAYABLE?
The minimum sum assured is N500,000 and additional cover can be purchased in multiples of N500,000. The applicable premium has been simplified in a tabular form depending on your age (see below)
|Age Band||Sum Assured||Quarterly Premium||Half-Yearly Premium||Annual Premium||Single Premium for 10 Years|
|Up to 30||500,000||1,090||2,175||4,325||34,600|
|31 - 40||500,000||1,330||2,650||5,265||42,120|
|41 - 50||500,000||2,135||4,255||8,450||67,600|
|51 - 60||500,000||7,030||13,985||27,665||221,320|
WHAT IS THE MINIMUM AND MAXIMUM ENTRY AGE?
The minimum and maximum age at entry is 18 years and 60 years respectively
DO I NEED TO PAY FOR THE EXTENDED COVERS?
No, the extensions (riders) are embedded as part of the benefit
WHAT IS THE BENEFIT PAYABLE UNDER THE EXTENDED COVERS?
The limit of the benefit payable is the sum assured purchased and specified in the policy
AT WHAT POINT CAN I MAKE A CLAIM UNDER THE CRITICAL ILLNESS COVER?
Claims under the critical illness cover is admissible after 3-month waiting period
WILL I BE REQUIRED TO UNDERGO MEDICAL EXAMINATION?
Not necessarily. Medical examination is subject to the amount of sum assured
AM I ENTITTLED TO ANY BENEFIT IF I TERMINATE THE POLICY OR SURVIVE THE PERIOD?
No, the sum assured becomes payable only in the event of demise or any of the extended covers
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 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 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