This is purely a term or temporary protection plan that is designed to pay the insurance amount (sum assured) to the beneficiary, in the event of the life assured’s death within the term of the policy.
The premium is comparatively cheap and the policy has the advantage of being converted to any other product of the company while the policy is still in force.
- Can be arranged on Level or Decreasing Term basis
- Flexibility in policy term
- Premium frequency can be single, annual, half-yearly, quarterly or monthly
- Minimum Sum assured is N500,000
- Pays the Sum Assured to the beneficiary on death of the life assured during the policy term
- Secures family standard of living
- Provides coverage for short business trips abroad
- Premiums and benefits are tax-free
- Provides fund to cover payments of debts, creation of endowment, philanthropic activities
The following benefits can be added on payment of additional premiums
- Waiver of premium
- Accidental Death Benefit
- Critical Illness cover.