MUTUAL TERM ASSURANCE
- The sum assured is payable only in the event of death during the period of the assurance
- Premium payable is dependent on the sum assured and the age of the assured at entry.
- Provisions regarding surrender, paid-up and policy loan are not applicable.
- Lower premium is used to buy a large sum assured
- Term assurance could be used as collateral security while borrowing.
- Create estate for the offspring of the deceased and makes life more enduring and comfortable.
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 applicable premium payable is determined by the age of the assured and the sum assured at entry.
|AGE RANGE ||PREMIUM (N) ||SUM ASSURED (N) |
|20-40 ||N 2,500.00 ||N 500,000.00 |
|41-50 ||N 3,750.00 ||N 500,000.00 |
|51-60 ||N 7,500.00 ||N 500,000.00 |
3. CAN I CHOOSE PAYMENT FREQUENCIES OTHER THAN ANNUAL?
Yes, you could make a single premium payment.
4. IS THERE ANY AGE RESTRICTION?
The minimum entry age is 18 years while the terminal age is 65 years.
5. CAN THE POLICY BE EXTENDED TO COVER RISKS, OTHER THAN DEMISE?
Yes, the policy can be extended to cover permanent disability, critical illness and medical expenses.
6. DOES THE POLICY QUALIFY FOR TAX DEDUCTIBLE?
Yes, premium paid are tax deductible.
7. WILL I BE REQUIRED TO UNDERGO MEDICAL EXAMINATION?
Yes, if the sum assured exceeds 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:
- Call our customer care telephone numbers: +234(0)9054644444
- Send us a mail: email@example.com
- Submit your notification letter to any of our branches nationwide
- Obtain, complete and return our claims form
The originals of the following substantial document will also be required for sighting:
- Medical certificate of cause of death
- Death or burial certificate
- Police report, if death is caused by accident.
11. 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.mutualng.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 designated account |
Please refer to the policy document for more information