First Bank Nigeria FlexiSave insurance policy is a way to go

The post is about First Bank Nigeria FlexiSave insurance policy. The First Bank of Nigeria insurance policy called FlexiSave is one the best insurance policy in Nigeria right now. The policy enables the policy holder to save certain amount of money for a chosen years. The FlexiSave encourages people to imbibe saving culture.

FlexiSave provides potential policyholders with a product that maximizes medium or long term savings and a tax-free lumpsum at the end of the selected policy duration of the plan. It pays an accidental death benefit plus funeral expense to your designated beneficiary upon the death of the life covered. Let’s see the benefits of First Bank Nigeria FlexiSave insurance policy.

First Bank Nigeria FlexiSave insurance policy

Benefits of FlexiSave insurance policy.

  1. Accidental Death Benefit:

Upon death of the policyholder resulting from accident, the sum assured together with the account balance as at the date of accidental death becomes payable.The accidental death cover for this plan is defined as 200% of the total premium payable i.e. annual premium * term * 200% subject to a maximum of N5,000,000.

2. Funeral Expense benefit (Death):

The policy also pays a funeral expense benefit within 48hrs of death notification and lodgment of the requisite documentation. The funeral expense benefit is calculated as 10% of the total premium payable subject to a minimum of N100,000.

3. Policy Loan (Death):

The policy also allows policyholder to take loan from the company (FBN Life Assurance Limited) on application subject to the following conditions:

  • The policy must have been inforce for a minimum of two (2) years and all premium due must have been paid.
  • Policy loan is a maximum of 60% of their account balance and a minimum N50,000.

2. Maturity Benefit

At maturity, the policyholder’s account balance becomes payable.

First Bank Nigeria FlexiSave insurance policy

How FlexiSave works?

The company will open an account for each policyholder to which contribution less cost of insurance and administrative expenses will be allocated.

Premium Payable

  • The premium amount payable is flexible and subject to a minimum monthly premium of N5,000.
  • Premium payment can be made monthly, quarterly, half yearly, and annually.

 Policy Term

The policy duration is flexible and will be chosen by the policyholder at inception subject to a minimum policy duration of 5 years.

Eligibility

The minimum and maximum ages at entry are 18 and 60years next birthday respectively

Cost of Guarantees
The cost of the guaranteed benefits (Accidental Death & Funeral Expense) will be borne by the policyholder. This will be deducted from the contribution made by the policyholder and the balance will be credited investment account that will be set up for each policyholder.
 

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Omotimehin Nelson is a chief editor of mystatenews.com. He is a chairman of nestec group who powered the news media mystatenews.com. He studied computer science in Yaba college of Technology. He is a passionate blogger, an SEO expert.