Group Life Assurance

Summary of Cover

This cover is desirable where the company provides furnished or partly furnished accommodation for certain key employees or where the company chooses to bear the responsibility of providing insurance protection on the personal effects of selected employees as additional fringe benefit.

This package combines four different covers as follows:

  • Fire and special perils
  • Burglary whether or not accompanied by violent entry or exit from the building (Larceny & Hold Up extension)
  • Accidental damage of household goods following theft or attempted theft
  • Public/Personal Liability

The interest covered would include such items as household furniture, furnishings, electronics, air conditioners, kitchen utensils, Jewelries, wearing apparels and such other personal effects of the employee and members of his family residing with him.

Requirements

  • Addresses of residence to be covered
  • Inventory of the household items and values
  • Step 1: Choose your policy premium
    Like any other plan that allows you to save for retirement, you decide the premium you want. This represents the regular contribution amount during the savings period. The premium amount can be paid monthly, quarterly, semi-annually, annually or one-off.
  • Step 2: Decide the Deferred / Savings period
    You also decide the deferred period. This is the period when your contributions will accumulate. It is the period when you make contributions towards building your retirement fund.
  • Step 3: Start growing your fund
    Your funds will grow at an annual interest rate which will be communicated to you quarterly.
  • Step 4: Earn additional bonus on your fund as you save
    The plan also promises you an additional amount referred to as the Retirement Bonus which is a defined percentage of your total fund, the sum of which is dependent on how long you save (deferred period). This is earned at the point of exit which is either at maturity or on termination (provided it is greater than five years).
  • Step 5: Convert to regular monthly income
    You have the option to convert your fund balance (allocated contribution plus interest plus bonus) to annuity or a lumpsum

The plan also offers the following benefits:
(i) Death Benefit (ii) Guaranteed Retirement Bonus Benefit

(i) Death Benefit
If the policyholder dies during the deferred period (contributory period), the plan will pay to the beneficiaries the higher of:

  • Guaranteed Death Benefit; or
  • Fund balance in the investment account as at the date of death.

The Guaranteed Death Benefit is calculated as the total premium payable during the plan contributory stage (deferred period). The Death Benefit shall always be determined as of the date we receive notification of the death of the Life Insured.

(ii) Guaranteed Retirement Bonus Benefit
The Guaranteed Retirement Bonus Benefit is an amount which will be added to the accrued fund value at the end of the savings period. The Retirement Bonus also applies to early termination provided the policy has been in force for at least five years.

In the event of the death of the policyholder, please take the following steps:

  • Lodge a formal request by walking into any of our outlets or by sending an email to insuranceinfo1@fbninsurance.com
  • Submit copies of the following documents:
    (i) Death certificate from National Population Commission (ii) Valid ID card of beneficiaries (iii) Policy Schedule or form (where applicable).
  • Additional documentation may be required

Maturity Benefits
At the maturity of the benefit, you can elect to convert your maturity proceed (balance in the investment account) plus bonus to immediate annuity that will pay the customer from the date of maturity.

Surrender Benefit
The surrender value payable is the balance in the investment account together with the applicable bonus, if any.

Eligibility Criteria
Minimum age: 18 years; Maximum age: 60 years

Minimum Premium
The contribution amount will be chosen by the client at inception subject to a minimum monthly premium of NGN10,000:00. However, customers may elect to increase the regular premium, with prior notification.
Term
This refers to the plan duration selected by the policyholder. This is subject to a minimum duration of five years.
However, the plan can only be converted to immediate annuity when the policyholder clocks 50 years.

Premium can be paid through the following channels:

  • Complete a direct debit form
  • Complete a standing instruction form with your bank
  • Electronic transfer from your account to our account
  • Deposit into our bank account

FBNInsurance Limited – Annuity Collection Account
FirstBank Account: 2027842845

  • Please include your name and policy number on all payments.

Other Product

Guaranteed Lifetime Retirement Income Plan
This plan seeks to help you maintain your desired lifestyle in retirement.

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