My Family Protection Plan - Premier

My Family Protection Plan pays a lump sum on the death of the policyholder or any other lives covered. It is a whole of life product.

Product Feature

  • In addition to the main policyholder the following people may also be covered on payment of an additional premium: Spouse (multiple spouses allowed), Siblings (aged over 18 years) and Parents and Parents-in-law (up to age 74)
  • This policy lasts for as long as the policyholder is alive.
  • Premium increases and decreases are allowed.
  • Premium is payable until death of the policyholder or reaching age 70.
  • The Policyholder will be allowed to make monthly, quarterly, semi-annual or annual premium payments.
  • If the premium is not received before the premium due date, the policy will enter a grace period. The duration of this period will be 30 days. The policyholder's life cover will remain effective during this period.


  • If the premium is not received after the 30 days grace period, the policy will enter a reinstatement period. This period will last for an additional 6 months. During this period, there will be no life cover but it will be possible for the policyholder to pay a premium to restart the policy and the life coverage. Premiums missed during this period will not be clawed back. It will be possible to have a maximum of 3 reinstatement periods in the period prior to the start of the never lapse period.
  • The policy will lapse if no premium is received during the reinstatement period (7 missed payments) or the policy has entered into more than 3 reinstatement periods in the first 5 years. Once the policy has lapsed it will not be possible to accept premiums into this policy and the policyholder will have to take out a new policy if cover is required.
  • There will be a 6 months waiting period for non-accidental death at the start of the policy.


  • Death Benefit
    • The amount paid in the event of death is the sum assured plus the Premium Waiver.
  • Accident Death Benefit
    • If the policyholder passes away due to an accident twice the sum assured is payable.
  • Return of Premium (Waiting Period)
    • The policy will pay out a refund of all premiums paid in case of natural death during the waiting period, in case of death due to an accident full benefit will be paid out during the waiting period.
  • Loyalty Cashback
    • A sum of 5% of all premium paid over the last 2 years is refunded after every 2 years as long as the policy is active and no claim has been made. The cashback will effectively be paid at the start of the 3rd, 5th, 7th year etc. anniversary of the policy.
  • No Lapse Period
    • If the policy is being in- force for at least 5 years the policy will not lapse but the benefit will be prorated in line with the number of premiums paid.
  • Additional Benefits
    • A grocery benefit of N50,000 is on death of policy holder.
    • Monthly family support of N50,000 for 3 months only upon the death of the policy holder.