The FBNInsurance Family Shield is a low cost annual renewable plan aimed at providing financial support in the event of the death or permanent disability of the policyholder. The plan pays the chosen cover amount to the beneficiary of the policyholder to meet immediate financial needs.
- The plan is sold on a unit basis. The value of 1 unit is NGN250, 000. This is the minimum annual sum assured Policyholders are free to choose the number of units required subject to a maximum of 4 units (NGN1million). Premium charged are on an annual basis.
- No medicals required
- Minimum annual premium of N2, 000
- Maximum age at maturity: 65 years
- Premium payment mode: Single annual payment
Life cover for the life assured in case of death or permanent disability
- Minimum age at entry: 18 years
- Maximum age at entry: 60 years
In case of the policyholder’s demise, a claim can be made on the policy provided the company has accepted the application, received the premium and had confirmed this information to you either via email or text message. However, there is a waiting period on this policy.
A waiting period of 3 months is applicable on this policy. Within this period, no claims can be made on any death resulting from natural causes. This will only apply in the first policy year. Where policyholders renew automatically, there will be no waiting period from the first and subsequent renewals. This will also only apply if policyholder continuously renews.
There is no provision for cancellation or return of premium under this plan.
There is no Surrender/Maturity benefit payment on the plan.