With the Memorial Benefit Plan 360, the duration of cover lasts the lifetime of both the Single or Family cover option. 

Single Cover option: Only the policyholder will be covered under this option.

Family Cover option:The policyholder and selected family members (maximum of 5) will be covered under this option.

On the demise of the policyholder, the named beneficiary will be paid the defined sum assured and any other optional benefits stated at the inception of the policy. This amount(s) will help to defray the funeral expenses.

In the event of the demise of one or more of the nominees, the policyholder will receive the respective benefits of those individuals. This will help to defray the costs incurred by the policyholder in giving the deceased nominees a befitting funeral.

The features of Memorial Benefit Plan 360 are listed in the table below:

Entry Age

• Individual Plan: Maximum age of 55 years.
• Family Cover : Maximum age of 70 for additional lives

Lives Covered

These are stated based on the preferred plan:

• Single - Policyholder only
• Family Cover - Policyholder and a maximum of 5 additional persons (spouse, parents and parents in-law)

Duration of Cover

• Individual Plan: Policy covers whole of life (ceases at the demise of the policyholder)
• Option of Extension to Family: Policy covers whole of life (cover ceases at the demise of the lives assured)

Benefits Payable

• N250, 000, N500,000, N1,000,000 or N2, 000,000:00

Waiting Period

• 6 months for benefits of N250,000, N500,000 and  N1,000,000
• 12 months for Sum Assured of N2,000,000 and age 56 years at next birthday

Premium Payment

• Premium is based on selected duration of cover, age and proposed benefits payable
• Premium payment ceases on the demise of the policyholder
• Premium is based on maximum age of 70 years for both the Individual & Family Plans. From age 71, ARMLife will continue to pay the premium on behalf of the   policyholder till the demise of the last family member