MUTUAL TERM PLUS ASSURANCE

Features:

  • The entry age is 18 years while the maximum age is 65 years.
  • It is an annually Renewable Term Assurance Plan.
  • It has multiple Riders.

Benefits:

  • Death and Permanent Disability.
  • Mutual Term + policy is a term assurance with multiple riders embedded in it such as:
    • Accidental Medical expense
    • Hospital cash Benefits.
    • Spouse life cover - (50% of Original Sum Assured).

1. HOW DO I DETERMINE THE SUM ASSURED?

The sum assured is determined by the assured.

2. HOW MUCH WILL BE THE PREMIUM PAYABLE?

The premium payable is fixed on the Benefits Table below:

PREMIUM BENEFITS
Approx. Annual
Premium
(1+2+3+4+5)
Death Benefit
(1)
Permanent Disability
Benefit
(2)
Accidental Medical
Expenses Benefit
(3)
Hospital Cash Benefit
(4)
Life Cover for
Next of Kin
(5)
3,500 200,000 200,000 50,000 10,000 100,000
5,000 250,000 250,000 75,000 20,000 125,000
7,500 350,000 350,000 100,000 30,000 175,000
10,000 500,000 500,000 150,000 40,000 250,000
15,000 750,000 750,000 200,000 50,000 375,000
20,000 1,000,000 1,000,000 250,000 60,000 500,000
35,000 2,000,000 2,000,000 300,000 70,000 1,000,000
75,000 5,000,000 5,000,000 350,000 80,000 2,500,000
120,000 7,500,000 7,500,000 400,000 90,000 3,750,000
150,000 10,000,000 10,000,000 500,000 100,000 5,000,000

3. CAN I CHOOSE PAYMENT FREQUENCIES OTHER THAN ANNUAL?

No, you cannot choose payment frequencies other than annual.

4. IS THERE ANY AGE RESTRICTION?

The minimum entry age is 18 years while the maximum exit age is 65 years.

5. CAN THE POLICY BE EXTENDED TO COVER RISKS, OTHER THAN DEMISE?

Yes, the policy has multiple riders already embedded in it to cover permanent disability, accidental medical expenses, hospital cash benefits and spouse life cover.

6. DOES THE POLICY QUALIFY FOR TAX DEDUCTIBLE?

Yes, premium paid are tax deductible.

7. WILL I BE REQUIRED TO UNDERGO MEDICAL EXAMINATION?

No, the sum assured is within our free medical cover limit.

8. AM I ENTITLED TO ANY BENEFIT IF I TERMINATE THE POLICY OR SURVIVE THE PERIOD?

No, you are not entitled to any benefit if you terminate or survive the period of cover.

9. WHAT HAPPENS TO THE POLICY IN THE EVENT OF MY DEMISE?

At demise, the policy terminates automatically and the sum assured becomes payable to the named nominee/beneficiary (ies).

10. HOW CAN MY BENEFICIARIES MAKE CLAIM?

In the event of demise, the beneficiary or legal representative should notify us through any of the following channels:

  1. Call our customer care telephone numbers: +234(0)9054644444
  2. Send us a mail: info@mutualng.com
  3. Submit your notification letter to any of our branches nationwide
  4. Obtain, complete and return our claims form

The originals of the following substantial document will also be required for sighting:

  1. Medical certificate of cause of death
  2. Death or burial certificate
  3. Police report, if death is caused by accident.

Please refer to the policy document for more information