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By taking up the Old Mutual Family Plan, you can provide your family with financial security in case you are no longer there. This life assurance policy allows you to pay premiums from as little as NGN750 monthly to get cover of NGN300,000 whilst a premium of NGN12,500 monthly will give you cover of NGN5,000,000. In the event of death of the policyholder or their spouse(s), the policy provides a lump sum.
- The minimum entry age of the policyholder or spouse(s) is 18.
- The maximum entry age of policyholder or spouse(s) is 65.
- The minimum premium is NGN750.
- The minimum and maximum benefit per life covered is NGN300,000 and NGN5,000,000 respectively.
- The policyholder has up to six (6) months from the application date to start paying the monthly premiums.
- Accidental death cover starts upon receipt of the first premium while Non-Accidental death cover starts at the end of the waiting period of six (6) months.
- Termination of the policy occurs upon the death of the policyholder; if the policyholder fails to pay premiums (before the expiry of the waiting period); after the third (3rd) Reinstatement Period; or if cancelled by the policyholder.
- There is a premium payment flexibility of 45 days called the “Grace Period” and the Reinstatement Period is 6 months.