List of Mutual Benefits Assurance Products

Mutual Benefits Assurance  has evolved into a conglomerate consisting of value-adding companies with diverse interests in various sectors of the Nigerian economy through investments, strategic alliances, and partnerships. Mutual Benefits Assurance is one of the leading brand in the Nigerian Insurance industry, with over 3,000 staff and marketing executives in its employment.

The obvious and most important tips about Mutual Benefits Assurance is the fast payment of losses. Mutual Benefits Assurance policy is a contract used to indemnify individuals and organizations for covered losses. The insurance company manage cash flow uncertainty and provides payment for covered losses when they occur. To carry out these function Mutual Benefits Assurance has various products and policies.

1. Fire & Special Perils Insurance

It always seems like a fire incidence does not concern you until it happens to you. The Fire & Special Perils Insurance Policy gets you covered. Damage to insured Property as a result of:

  • Fire, Lightning, and/or Explosion
  • Allied Perils such as aircraft/aerial devices dropped; riot/strike/locked out workers; Malicious damage; Earthquake/ Volcanic eruption; Storm/Tempest/Flood; Escape of water from Tank/Pipe; Impact by any road vehicle/Animal

What is not insured?

  • Loss of earnings/Consequential Loss
  • Acts of terrorism
  • War, Invasion or warlike operations
  • Ionising radiation or contamination by radioactivity
  • Nuclear weapons
  • Short-circuiting/Self heating, leakage or electricity
  • Precious goods held in trust or on commission by the Insured/family members
2. Motor Vehicle

Motor Vehicle insurance is one of the popular Mutual Benefits Assurance Products that give your vehicle an umbrella cover round the year. The MUTUAL BENEFITS Comprehensive Insurance policy enable you to enjoy peace of mind. It include:

​​​​​​1. Third Party Only

2. Third Party, Fire & Theft

  • Cover provided by 1 above plus damage to the insured vehicle as a result of fire and theft/attempted theft.

3. Comprehensive

  • Cover provided by 2 above plus accidental damage to the insured vehicle as a result of collision, overturning or malicious damage
  • Options available for comprehensive insurance are Silver, Gold and Diamond.
3. Travel Health Insurance

The Mutual Benefits Assurance Products also include Travel health Insurance. Travel health Insurance gives you peace of mind as you enjoy worldwide access to emergency medical care, reimbursement of medical expenses and cover for accidental death.

This Policy provides cover for Accidental Death, Medical expenses incurred and Repatriation Costs of persons whilst on international journey. What is not insured?

  • Accident arising out of Mountaineering/Sports/Competitions
  • Persons traveling contrary to medical advice
  • Persons traveling solely to receive medical treatment/check up; Cosmetic/Plastic surgery
  • Pre-existing Conditions
  • Suicide/attempted Suicide, intentional self-injury, insanity, allergy, nervous or mental disorders
  • Veneral disease or expenses incured in respect of A.I.D.S or ARC
  • Pregnancy, childbirth, miscarriage or any disorder of the reproductive system
  • Children below 3months of age
4. Children Education Plan

The joy of every parent is to raise children that will be better than them. MUTUAL Children Education Plan ensures THE FULFILMENT OF YOUR ASPIRATIONS

There is no better way to make provisions for one’s ward that will guarantee peace of mind even after the demise.  The product provides for payment of accumulated benefit to you at maturity or named beneficiary’s school fees in the event of demise

The minimum annual contribution is N60,000 for a minimum duration of 5 years.  This could be paid annually, half-yearly, quarterly, monthly

The interest on contribution is 5% per annum.  This may be reviewed subject to prevailing market realities. The primary risk covered is demise.  However, there are optional covers (permanent disability, critical illness and accidental medical expenses) that may be included at additional premium.

5. Mutual Individual Savings and Protection Plan

The journey of a thousand mile starts with the first step. How convenient is it for you to take that step towards your financial goals. Start a savings plan today that provides Life insurance benefits while your funds yield interest.

There is no better way to make provisions for one’s loved ones that will guarantee peace of mind even after the demise.  The product provides for payment of the accumulated benefit to you at maturity or in the event of demise, to named beneficiaries

The minimum annual contribution is N60,000 for a minimum duration of 5 years.  This could be paid annually, half-yearly, quarterly, monthly

The interest on contribution is 5% per annum.  This may be reviewed subject to prevailing market realities. The primary risk covered is demise.  However, there are optional covers (permanent disability, critical illness and accidental medical expenses) that may be included at additional premium.

6. Whole Life

If you are thinking of leaving a fortune for your family when the unthinkable occurs, then the Whole Life Policy is for you. The Policy offers you the opportunity to save towards guaranteeing an estate for your loved ones to take care of things when you are no longer there.

Buying a Mutual Whole Life policy is a means of transferring the associated financial risk to Mutual Benefits, thereby mitigating an adverse economic loss.  Most insurance policies grant cover within a specified period; however, Mutual Whole Life policy grants you cover as long as you live. The policy acquires a surrender value after two years and automatic paid up value after three years.  The policy gives you the option of limiting your premium payment to a specified period while the cover granted will still continue for life

Primarily, the scope of cover is demise of the Policyholder.  However, the policy could be extended, at an additional premium, to cover other associated risks such as Critical Illness, Total Permanent Disability and/or Medical expenses

Your sum assured, which is the benefit payable to your beneficiaries in the event of demise, is usually recommended to be not less than five times your annual emolument.  This would however be a function of your ability to pay the corresponding premiums as and when due

7. Mutual Multilife Shield

Mutual Multilife Shield policy is specially designed to offer even more robust and highly enriched life insurance cover which will not only pay lump sum benefit at the death of the policyholder but offers several mouthwatering benefits to the assured while he/she is still living. It is a very cheap insurance policy, yet it has a combination of several other enhanced benefits.

The entry age is 18 years while the maximum age is 65 years. It is an annually Renewable Term Assurance Plan. It has multiple Riders. The benefits include:

  • Death and Permanent Disability.
  • Mutual Multilife Shield with multiple riders embedded in it such as:
    • Accidental Medical expense
    • Hospital cash Benefits.
    • Spouse life cover – (50% of Original Sum Assured).

The sum assured is determined by the assured.

8. Mutual School Fees Guarantee Plan

Among the Mutual Benefits Assurance Products is the Mutual School Fees Guarantee Plan, Mutual School Fees Guarantee provides a platform for ease of school fees payment.

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! The minimum sum assured is N500,000 and additional cover can be purchased in multiples of N500,000.

9. Mutual Term Assurance

The grief of losing a loved one can be devastating but having a Mutual Term Assurance helps to cushion the effect of the anguish on your loved ones by securing their financial future.

With Mutual Term Assurance, the sum assured is payable only in the event of death during the period of the assurance. Premium payable is dependent on the sum assured and the age of the assured at entry. Provisions regarding surrender, paid-up and policy loan are not applicable. The benefits include:

  • Lower premium is used to buy a large sum assured
  • Term assurance could be used as collateral security while borrowing.
  • Create estate for the offspring of the deceased and makes life more enduring and comfortable.

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