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Questions and Answers.
May I change my mind and cancel my policy?
Yes, you may. You have 30 days from the date of issue of your policy documents to write and ask us to cancel your policy. This is called the cool-off period. If you decide to cancel your policy within the cool-off period we will refund any Premiums you might have already paid. If you decide to cancel your policy after the cooloff period, we will not refund any Premiums that you may have paid (except Premiums paid more than one month in advance). Your cover will continue until the due date of your next Premium after which it will stop. If payment is by bank mandate or salary deduction we will instruct your payment channel to stop making Premium deductions. Any Premiums deducted after you have cancelled your policy will be paid back to you. You may cancel your policy before receiving any documents by contacting us.
How do I make a claim?
You may make a claim at any Old Mutual Branch. The person making the claim should notify us as soon as possible in the event of the death of the Life Assured. In the event of a claim under this policy we may require a Cause of Death certificate and, in the event of death due to an accident or unnatural cause, a police report.
When will the policy not pay out the cover amount?
This section outlines the main policy exclusions. For full details of all the reasons why we may not pay a claim, please refer to the policy terms and conditions. If we apply any additional exclusion(s) to your policy, we will tell you before your policy starts and show them in your Certificate of Policy Commencement. We may not pay a claim and will cancel all cover in the following circumstances:
- If you have previously made a fraudulent claim from Old Mutual.
- You did not provide to us all the information we asked for when you applied for your policy, or when you made a claim.
- You have not made all the Premium payments as per the policy terms and conditions.
- Your claim arises from death caused by intentional selfinflicted injury, suicide, attempted suicide, hazardous activities or willful exposure to danger.
- Your claim arises from sickness or injury that first appeared, happened or was diagnosed before your cover started, increased or was last reinstated (unless disclosed to and accepted by us as part of the application or reinstatement process).
- Your claim arises directly or indirectly as a result of the Life Assured’s involvement in war or war like operations, terrorism, or a criminal act.
- You did not provide us with honest and full information about the following, when you applied for your policy:
- personal health
- family medical history
- alcohol consumption
- smoking habits
- use of recreational drugs or drugs not prescribed for you.
What about taxation?
The tax treatment of any benefits taken from this policy will depend on the personal circumstances of the claimant, including their country of residence. Please consult your relevant
financial professional if you are in any doubt as to the extent to which you may be liable to any tax under this policy. If the policy is held in trust, then different taxation rules may apply. Old Mutual is unable to provide individual tax guidance and recommends that you always seek professional tax advice.
Can I transfer ownership of my policy?
Yes, Outright assignment will be allowed on the policy. Outright assignment involves transferring all rights and title to the Assignee (i.e. to the person to whom the policy is assigned to). This normally occurs when the Policyholder is not the same as the Life Assured.A security cession transfers the rights to the proceeds of the policy to a third party, normally a bank, should the insured event happen. The Policyholder or Beneficiaries of proceeds will be entitled to any balance of the benefit remaining after the secured debt has been satisfied. No loans will be issued/granted by Old Mutual Nigeria under this policy.
What charges apply to the Plan?
Charges as at 1 August 2018
LONG TERM POCKET
SHORT TERM POCKET
* Year 1 starts on the first premium due date. All charges are reviewable.
NUMBER OF MONTHS FROM POLICY START DATE
% OF FUND VALUE/PART WITHDRAWAL ON 5-YEAR TERM
% OF FUND VALUE/PART WITHDRAWAL VALUE ON 10-YEAR TERM
Less than 6
6 or more but less than 12
12 or more but less than 24
24 or more but less than 36
36 and more
The percentage of Fund Value applies in the case of a surrender, and the percentage of a Part Withdrawal Value applies in the case of a part withdrawal. The charge applies only to part withdrawals and surrenders from the Long Term Pocket and does not apply upon death of the policyholder. Please note that the percentage charge will only apply in the first 2 years of the 5-year plan and first 3 years of the 10-year plan, respectively.
All charges are reviewable.