Types of Claims

There are various types of claims you can make.

PARTIAL WITHDRAWAL

  • You may make part withdrawals on a Savings Plan of up to 100% of the available Fund Value as frequently as you like on the Short or the Long Term Pocket or both. The minimum Part Withdrawal Value on the Long Term Pocket is currently N4 500 and there is no minimum Part Withdrawal Value on the Short Term Pocket. Part withdrawals are subject to a Part Withdrawal Administration Charge. The Policy will not be cancelled and you will be required to continue paying premiums. You may not request a part withdrawal before the previous part withdrawal request has been processed and paid.
  • There is a fixed withdrawal charge of N1 500 for part/full withdrawals from the Long term pocket and N1 500 for 3rd and subsequent withdrawals from the Short term pocket in a calendar year. The charge is applied once per transaction. If a part withdrawal is made on both pockets at the same time, then there is no charge against the short term pocket and it does not count towards the number of free part withdrawals in the year.
  • There is also a percentage of fund charge for part withdrawals before the end of the 2nd year in a 5 year plan or the end of the 4th year in a 10 year plan. The percentage charge is in line with the surrender and withdrawal charge table.
  • A part withdrawal is not a loan and we do not allow you to pay it back.

POLICY SURRENDERS

Surrender is the sum of money Old Mutual would pay you in the event you voluntarily terminate your policy before its maturity or the insured event occurs.

Please note that there is always a fixed charge on surrender, however the percentage charge will only apply in the first 2 years of the 5 year plan and first 4 years of the 10 year plan.

MATURITY CLAIMS

You can apply for the cash value of your Savings Plan when the policy reaches its maturity date.

To process this claim, please submit a fully completed end of term claim form, proof of the policyholder’s identity, proof of the address of policyholder and proof of policyholder’s bank details.

DEATH CLAIMS

Death claims may arise under the Savings Plan and Family Plan. The following are required to process this claim:

  • A fully completed claim form;
  • Proof of identity of the Insured Person and the person making the claim;
  • Proof of claimant’s bank details;
  • Proof of address of the Insured Person;
  • A final death certificate (original); and
  • If the death of the Insured Person is due to an Accident before the Cover Start Date, a police report.
  • In addition to the above requirements, we may also request for a Letter of Administration where appropriate.

Claims are payable in 72 hours on receipt of an Executable Discharge Voucher (EDV).