PRODUCT TRAINING FOR

FBNI SMART PROTECTION

PLAN
 OUTLINE

1 INTRODUCTION

VALUE PROPOSITION AND SCOPE

2 What value does the product offer to customers?

3 PLAN FEATURES
Product description, premium, benefits and other features

2
 1 INTRODUCTION

Life can be unpredictable. It can surprise everyone once in a while. We may not be able to predict the future, but we can plan in time
and secure the future of our loved ones.

RIP

FBNI SMART PROTRECTION PLAN is a pure
protection plan that also promises to pay back the
premiums that you have paid during the policy
duration. This means that when the policy gets
expired, you will get 70% of your money back.
This plan is best suited to individuals who have
• Dependents (Children, parents, spouse).
• Looking for a considerable sum of protection
against the uncertainties of life (death, critical
illness).
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 2 VALUE PROPOSITION

₦ Critical illness benefits –

comprehensive protection against
critical illnesses, including kidney
Flexible premium payment
options as per your budget
failure, heart attack and cancer

Policy provides 70% of total

premium paid as
reimbursement at the end of
the plan duration, therefore,
the insured does not lose the
Additional accidental death Tax benefit as premiums paid
entire premium paid during
cover should death result from is exempted from tax
the coverage period.
accident computation

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 3 PLAN FEATURES

Comprehensive Protection - Death Return of Premium on Critical Illness (CI) Benefit

and TPD (with in-built Accidental
Death Benefits)
RIP
▪ The Sum Assured becomes payable when
policyholder dies or becomes permanently
disabled within the policy term
▪ Guaranteed
▪ Additional 50% of the base Sum Assured payable
to named beneficiaries where death resulted from
accident (i.e. 150% of the Sum Assured)
Survival
return of 70% of the total
premiums paid in the event of survival of
the life insured at the end of the plan
duration
▪ Sum Assured amount becomes payable
when the life is diagnosed of any of the
critical illnesses listed by the company.
▪ The CI benefits is 100% of the SA and the
policy terminates after the payment.

Premium Payment Surrender Benefit Waiting Period

Frequency

▪ Notification must be after 3 months of

▪ This is a pure protection plan and do not purchasing policy (waiting period).
attract surrender value. There is no refund of
▪ Premium payment can be made Quarterly, premium paid under this plan when plan is
▪ If death occurs by accident and natural cause
within the first 3 months, the premium paid
half-yearly, yearly and one-off (single) terminated earlier than the plan expiry date.
will be refunded and the policy cancelled.

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 3 PREMIUM, POLICY AND AGE LIMIT

Minimum Maximum

Premium ₦10,000 n/a

(Monthly)

Policy
Duration 3 years 25 years

Age 18 years 62 years

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 3 COMMISSION RATE

Policy Year % of Premium (Contribution)

1 25%

2 15%

3 & Above 7.5%

Single Premium 12.5%

NB:
▪ The proposed commissions above include overrides payable to the managers.
▪ We have proposed a commission rate of 7.5% of premiums paid from year 3 to the end of the plan duration.
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 3 HOW DOES IT WORK

1 2 3 4

Choose your life Decide your Arrive at the Complete the

cover amount cover duration annual premium proposal form and
amount commence plan
Decide your life cover
Choose your required
amount (depending on Arrive at the regular Protect yourself and
policy duration subject
your need). Kindly note premium amount using family by completing
to a minimum of 3 years
that cover amount your age, life cover the proposal forms,
beyond our retention amount chosen and the pay the first premium
may require plan duration and commence your
underwriting before we FBNI SMART
accept to cover you PROTECTION PLAN

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THANK YOU