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Call: 234-905-464-4444
 

WHAT IS MUTUAL SCHOOL FEES GUARANTEE PLAN?

Mutual Benefits School Fees Guarantee Scheme is an insurance plan designed to provide funds for the continuation of your child’s education in the event of your demise. The plan is also extended to cover risks associated with critical illness or permanent disability. It is an annually renewable policy

WHY MUST I BUY MUTUAL SCHOOL FEES GUARANTEE PLAN?

As a parent, your demise could have adverse effect and untold financial challenge on the family, which could mar your desire to provide uninterrupted quality education for that child.  Mutual School Fees Guarantee Plan ensures this desire becomes a reality, even after demise. That is rest-of-mind guaranteed!

HOW DO I DETERMINE MY SUM ASSURED AND PREMIUM PAYABLE?

The minimum sum assured is N500,000 and additional cover can be purchased in multiples of N500,000.  The applicable premium has been simplified in a tabular form depending on your age (see below)

Age Band Sum Assured Quarterly Premium Half-Yearly Premium Annual Premium Single Premium for 10 Years
Up to 30 500,000 1,090 2,175 4,325 34,600
31 - 40 500,000 1,330 2,650 5,265 42,120
41 - 50 500,000 2,135 4,255 8,450 67,600
51 - 60 500,000 7,030 13,985 27,665 221,320

WHAT IS THE MINIMUM AND MAXIMUM ENTRY AGE?  

The minimum and maximum age at entry is 18 years and 60 years respectively

DO I NEED TO PAY FOR THE EXTENDED COVERS?

No, the extensions (riders) are embedded as part of the benefit

WHAT IS THE BENEFIT PAYABLE UNDER THE EXTENDED COVERS?

The limit of the benefit payable is the sum assured purchased and specified in the policy

AT WHAT POINT CAN I MAKE A CLAIM UNDER THE CRITICAL ILLNESS COVER?

Claims under the critical illness cover is admissible after 3-month waiting period

WILL I BE REQUIRED TO UNDERGO MEDICAL EXAMINATION?

Not necessarily.  Medical examination is subject to the amount of sum assured

AM I ENTITTLED TO ANY BENEFIT IF I TERMINATE THE POLICY OR SURVIVE THE PERIOD?

No, the sum assured becomes payable only in the event of demise or any of the extended covers

DOES THIS POLICY QUALIFY FOR TAX DEDUCTIBLE?

Yes; premiums paid are tax deductible

CLAIMS INFORMATION:

HOW CAN MY BENEFICIARIES MAKE CLAIM?

In the event of demise, the beneficiaries or legal representative should notify us through any of the following channels:

  • Call our customer care telephone numbers: +234 905 464 4444

  • Send us a mail at info@mutuallifeng.com

  • Submit a notification letter to any of our branches nationwide

  • Obtain, complete and return our claims form

The originals of the following substantiating documents will also be require for sighting:

  • Medical certificate of cause of death

  • Death or burial certificate

  • Police report, if death is caused by accident

 

PAYMENT INFORMATION:

WHAT ARE THE CHANNELS AVAILABLE FOR PREMIUM PAYMENT?

The following channels are available for payment of your premium:

Cheque

Issue your cheque in favour of Mutual Benefits Life Assurance Limited

Direct Debit

Obtain and complete a direct debit mandate form Mutual Benefits

Quickteller

Visit www.quickteller.com and type Mutual Benefits as beneficiary

Paydirect

Make payment at any bank nationwide.  Your Policy Number is required

Webpay

Visit www.mbaplc.com.  Your Policy Number is required

NIBSS e.billspay

Log on to your system and make necessary transfer through your banking application

Standing Order

Issue an instruction to your bank to debit your account and credit Mutual Benefits Life Assurance Limited’s designated account