Mutual Benefits Assurance promotes plan for financial security
Mutual Benefits Assurance Plc
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Mutual Benefits Assurance Plc has highlighted the benefits of its Anticipated Endowment Plan, describing it as a unique life insurance product designed to provide policyholders with periodic financial support while ensuring their beneficiaries receive the full sum assured in the event of death.
The company said the plan offers a dual advantage by allowing customers to make intermittent withdrawals during the policy term without reducing the overall sum assured payable to beneficiaries should the insured die before maturity.
According to the insurer, the Anticipated Endowment Plan guarantees payment of the full sum assured at maturity or upon the death of the policyholder, irrespective of any instalment benefits already received. In addition, the policy attracts annual bonuses, which are payable either at maturity or upon the earlier demise of the insured.
Mutual Benefits Assurance explained that the sum assured under the policy is determined by the customer’s premium-paying capacity, while the premium itself depends on the policyholder’s age, the chosen sum assured and the duration of the policy.
To provide greater flexibility, the company said customers can pay premiums annually, half-yearly, quarterly or monthly.
The insurer noted that the policy is open to individuals from the age of 18 years, with a maximum terminal age of 60 years.
On policy discontinuation, Mutual Benefits Assurance stated that the product has a built-in savings component that qualifies policyholders for a cash or surrender value after two years of full premium payments. However, it advised customers to maintain the policy until maturity to maximise its value.
The company also reassured policyholders that where death occurs after the payment of the first or second instalment benefit but before maturity, the full sum assured remains payable to the beneficiaries, regardless of the earlier benefits already received.
In situations where a policyholder can no longer continue premium payments and decides to surrender the policy, the insurer said cash or surrender value would only be available after two years of complete premium payments, while encouraging customers to continue paying premiums until maturity to enjoy the full benefits.
Mutual Benefits Assurance added that beneficiaries or legal representatives should promptly notify the company in the event of the policyholder’s death to facilitate claims processing.
The insurer said the Anticipated Endowment Plan reflects its commitment to helping individuals build long-term financial security while providing comprehensive protection for their loved ones.
