Why do I need the Protection Benefit Plan?

The Protection Benefit Plan guarantees that your loved ones can live a life of comfort and peace when you can no longer provide their needs as a result of demise. It provides financial security for the family to carry on with life without the breadwinner.

When will I make payment?

Your payment is made once at the inception of your plan. However, you can negotiate instalmental payments which can be made monthly, quarterly, yearly or half yearly.

What is the tenor of the plan?

The tenor of the Plan is determined by the policyholder. The minimum duration of this Plan is 1 year and it can last for as long as 40 years.

Are there any exclusions to paying on this Plan?

Yes there are a few exclusions to paying benefits to the Beneficiary.

This plan does not cover for suicide, execution of judicial sentence of death, declaration of war, engaging in harmful activities or sports such as parachuting, hunting, mountaineering or diving and the use of harmful substances.

The Benefit will not be paid to the beneficiary when the death of policyholder is as a result of any of the exclusions listed above.

What happens if I miss a payment?

You should not miss your payments.

However, if you do, we allow a grace period of 30 days only. If premium isn’t paid after 30 days, your policy becomes inactive and the benefits will not be paid to the named beneficiary should death occur after the grace period.

To revive your policy, all outstanding premiums with interest must be paid. This should occur within 1 calendar year and subjects your policy to an extra 6 months waiting period from the date the policy is activated.

Can Protection Plan be taken as a group?

Yes, it can be taken as a group. The entire members of the group will enjoy discounts with this Plan.