Term Assurance

This is a form of life assurance that offers a basic guaranteed sum assured payable on the death of the policy holder within a fixed number of years (specified term). The sum assured is made payable to the beneficiaries as a lump sum to help protect the beneficiaries against financial hardship that may occur as a result of the death of the policyholder.

Product Feature

  • This policy pays a specified Sum Assured if the policyholder dies within a specified term.
  • Policyholders can also opt for critical illness cover.
  • It is sold on individual basis only.
  • The policyholder has the option to add an additional benefit whereby 50% of premiums paid will be repaid should the policyholder survive to the end of the term.
  • There are no surrender or lapse benefits under this policy.
  • No loan is available under this policy.

 

  • The minimum Sum Assured is N1,000,000.00 while the maximum Sum Assured is N10,000,000.00
  • Flexibility in premium payment monthly, quarterly, half yearly or annually.
  • The policy term will be selected at outset and will be within minimum of 5 years and a maximum of 10 years.
  • The minimum age at entry is 20 years while the maximum entry age is 60 years
  • The maximum age at maturity is 65 years.

Benefits

  • It could serve as additional security to secure loan.
  • It gives peace of mind to the life assured.
  • Affordable and cheap form of insurance for every member of the family.
  • 24 hours life assurance protection for policyholder.
  • To relieve the family of financial commitments associated critical illnesses and death.
  • Prompt disbursement of benefits.
  • To help protect the beneficiaries against financial hardship.