Mu­tual Ben­e­fit As­sur­ance

Business a.m. - - INSURANCE BUSINESS -

MU­TUAL BEN­E­FITS AS SURANCE PLC IS AN in­sur­ance com­pany that of­fers marine, mo­tor, travel. Fire, avi­a­tion and mu­tual term in­sur­ance. It is a con­glom­er­ate con­sist­ing of value-adding com­pa­nies. Th­ese com­pa­nies have di­verse in­ter­ests in var­i­ous sec­tors of the Nige­rian econ­omy through strate­gic al­liances, part­ner­ships and in­vest­ments. They be­gan oper­a­tions in 2003 un­der the busi­ness unit of Mu­tual Ben­e­fits As­sur­ance, and have three sub­sidiaries – Mu­tual Ben­e­fits Mi­cro­fi­nance Bank and two off­shore com­pa­nies – Mu­tual Ben­e­fits As­sur­ance Niger SA (MBA Niger) and Mu­tual Ben­e­fits As­sur­ance Com­pany, Liberia. The com­pany has a ro­bust team of highly trained pro­fes­sion­als, a re­spectable board and ac­cess to the In­ter­na­tional in­sur­ance mar­ket. Mu­tual Ben­e­fit As­sur­ance Prod­ucts 1. In­di­vid­ual Sav­ings & Pro­tec­tion Plan This in­come pro­tec­tion plan as­sists in­di­vid­u­als to cul­ti­vate the cul­ture of sav­ings while pro­vid­ing for their ben­e­fi­cia­ries at demise. The min­i­mum con­tri­bu­tion is N60,000 per an­num for five years. In­ter­est in con­tri­bu­tions is 7.5% although sub­ject to mar­ket re­al­i­ties.

2. An­tic­i­pated En­dow­ment Plan

This plan is a com­bi­na­tion of pro­tec­tion and ma­tu­rity ben­e­fit pol­icy that guar­an­tees pay­ment of your cer­tain sum, whether at ma­tu­rity or ear­lier demise. It pays the ben­e­fits of the amount as­sured in the ra­tio of 25%, 25%, and 50% at equal in­ter­vals of the pe­riod.

3.Mort­gage Pro­tec­tion

This pro­tec­tion pol­icy guar­an­tees the pay­ment of bal­ance out­stand­ing in re­spect of a mort­gage loan taken by an in­di­vid­ual un­der Life As­sur­ance should he die be­fore full re­pay­ment of the loan.

4. Mu­tual Term As­sur­ance

This is the cheap­est type of as­sur­ance pol­icy. It is purely life in­sur­ance with no in­vest­ment linked to it, and the pol­icy pays the amount as­sured in the event of the pol­i­cy­holder’s death. This pay­ment oc­curs dur­ing a spec­i­fied pe­riod abid­ing by the terms of the plan.

5. Mi­cro Pen­sion & In­vest­ment Plan

This plan is con­ve­nient, flex­i­ble and en­sures ad­e­quate pro­vi­sion for fu­ture fi­nan­cial needs, in­clud­ing re­tire­ment. With as lit­tle as N500 reg­u­lar sav­ings for a min­i­mum du­ra­tion of 2 years, you can pro­vide fi­nan­cial se­cu­rity for your­self and your fam­ily. 6. Whole Life Pol­icy This type of in­sur­ance pro­vides cov­er­age for the in­sured through­out his/her en­tire. It has no form of ma­tu­rity and pays only the agreed ben­e­fit to the ben­e­fi­ciary of an as­sured af­ter the as­sured demise.

7. Chil­dren Ed­u­ca­tion Plan

This in­sur­ance prod­uct pro­vides pay­ment of ac­cu­mu­lated ben­e­fits for a named ben­e­fi­ciary’s school fees in the event of demise. The min­i­mum con­tri­bu­tion is N60,000 an­nu­ally for a min­i­mum du­ra­tion of 5 years. In­ter­est on con­tri­bu­tion is 7.5% sub­ject to mar­ket con­di­tion. 8. Key­man In a com­pany, there is a key em­ployee whose death will have a mas­sive im­pact on the com­pany. Key­man pol­icy pro­vides cover against the fi­nan­cial loss a com­pany may suf­fer on the demise of a key em­ployee who is vi­tal to busi­ness con­ti­nu­ity.

9. Mu­tual Dig­nity Plan

This plan is an an­nu­ally re­new­able plan that pro­vides funds for fu­neral ex­penses. It cov­ers a max­i­mum of eight lives which in­cludes the In­sured, the spouse, par­ents and two other ex­tended fam­i­lies, in the event of their death. It also pro­vides N15,000 to cover air­time ex­penses as­so­ci­ated with fu­neral ar­range­ments.

9. Per­sonal Pen­sion & In­vest­ment Plan

This is a pure in­vest­ment pol­icy de­signed to help you pro­vide for your fu­ture needs within a short pe­riod while se­cur­ing your loved ones fi­nan­cially. How to Process a Claim on Mu­tual Ben­e­fit As­sur­ance To start a claim process on Mu­tual Ben­e­fit As­sur­ance, you have to send a mail with the re­quired doc­u­ments and rel­e­vant claim form to the of­fi­cial email on the web­site. You can also reach the claims team on th­ese num­bers 0905474444­4 or 0905464444­4, and they will at­tend to you. Their head of­fice is in Ilu­peju, La­gos but they also have re­gional and agency of­fices na­tion­wide. They also have in­ter­na­tional oper­a­tions in the Niger Repub­lic and Liberia.

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