Mutual Benefits Assurance PLC

Essentials of MBA Products and Services. GENERAL BUSINESS PRODUCTS
Insurance Property Fire and Special Perils Insurance Burglary and House Breaking Insurance Householder Insurance Comprehensive House-owner/Householders Marine Cargo Insurance Marine Hull Insurance Motor Insurance Goods-in-Transit All Risk Insurance Contractors All Risks Insurance Plant All Risks Machinery Breakdown Automedics	Liability/Bond Insurance Money Insurance Professional Indemnity Product Guarantee Fidelity Guarantee Public Liability Bonds Workmen’s Compensation Insurance of the Person Personal Accident Insurance Group Personal Accident Insurance
LIFE PRODUCTS
Mortgage Protection Assurance Term Assurance Key Person Policy Personal Pension & Investment Plan (PPIP) Group Life Assurance Individual Savings and Protection Plan (ISPP) Endowment InsurVisa
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GENERAL BUSINESS PRODUCTS Insurance Property Fire and Special Perils Insurance This cover ensures protection of fixed assets such as buildings and contents against physical loss or damage by fire and special perils like explosion, Lightning, impact, storm, riot, strike and civil commotion. Items like office contents, furniture and accessories are also covered here. Rate: 0.25% - 1% Burglary & Housebreaking Insurance This covers office premises or private residence against losses or damage by burglary and housebreaking arising out of forcible and violent entry or exit from the premises and/or damages from attempted theft. Rate: 0.35% - 0.75 Householder Insurance (For Occupant of the Building) Provides all risks covers i.e. (fire, burglary and accidental damage) to the contents of the building - Provides third party liability insurance to the insured - Compensation for the death of the insured Rate: 1% Comprehensive House-owners/Householders Insurance - Provides all risks covers i.e. (fire, burglary and accidental damage) to both building and contents - Alternative accommodation & loss of rent - Provides third party liability insurance to the insured - Compensation for the death of the insured Rate: Building: 0.25% - 0.75% Contents: 1% - 2%
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Marine Cargo Insurance It provides cover for losses or damage to cargo i.e. goods whilst in transit either by sea or air from the importing countries warehouse to the Insured’s warehouse in Nigeria. Covers: Clause ‘A’, all risks cover, 0.45% - 0.75% Clause ‘C’, limited cover, 0.25% - 0.40% Marine Hull Insurance Covers loss, damage, liability incurred in respect of the vessel i.e. ship Rate: 1.75% - 3.5% Motor Insurance This cover provides indemnity for loss or damage to vehicle arising from accidental collision, overturning, fire, theft and liability for property damage, death or bodily injury to third parties. Covers: a. Third Party Only Cover, Private Motor, N2,500.00 – N5,000.00 Comm. Vehicle N5,000.00 - N10,000.00 b. Third Party, Fire & Theft – 60% of Comprehensive tariff premium c. Comprehensive Private Motor - 10% of value Comm. Vehicle Own Goods - 11.5% of value Comm. Vehicle Bus - 12% of value Comm. Vehicle Gen. Cartage - 12% of value Motorcycle - 11.5% of value Discounts normally apply ranging from 5% to 50%
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Goods in Transit This policy provides indemnity for loss or damage to goods whilst in transit either by owned or hired vehicles anywhere in Nigeria. Rate: 0.4% of the Estimated Annual Carriage All Risks Insurance This cover is required to provide all risks insurance protection for valuable stationary and movable items like mobile phones and other communication equipment and electronic data equipment. Rate: 2% - 4% Contractors All Risks Insurance On ALL RISK of physical loss, damage or destruction to all Contract works whether temporary or permanent including materials for incorporation therein, erected or constructed in performance of the contract the property of the insured or for which they are responsible whilst at the contract site or any other location (including whilst in transit to warehouse from marine container and transit to various site from warehouse) so designated by the contractor. On Tools, Plant, Machinery & Equipment to be used, supplied and installed in connection with the contract all belonging to the insured or for which they are responsible. To indemnify the insured for their legal liability to pay compensation (including claimant’s costs and expenses) to members of the public excluding insured’s employees for death, bodily injury and/or damage to their property. Rate: Premium rates are calculated as follows: Contract Value - 0.1% - 0.5% Plant - 1% - 3%, Public Liability - 0.1% - 0.5%
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Plant All Risks Insurance This cover is required to provide all risks insurance protection for Plants and Equipment e.g. Generators The applicable premium rate is 1% - 3% of the value. Machinery Breakdown This cover is required to provide all risks insurance protection for Plants and Equipment for industrial machinery and equipment e.g. Boilers The applicable premium rate is 1% - 3% of the value. Automedics This is a new product of the company. It is a fusion of motor insurance with overseas evacuation, medical treatment and repatriation expenses cover. The policy has four sections of cover thus: Sec. 1 Damage to insured vehicle Sec. 2 Third Party Liability Sec. 3 Medical Expenses of Passengers Sec. 4 Overseas Evacuation, Medical Treatment & Repatriation Expenses Qualification for section 4 goes thus: Sum Insured Benefit N3m to less than N5m - $125,000 N5m to less than N7.5 - $200,000 N7.5m and above - $500,000 There are additional benefits under section 4 including N2.5m Accidental death Benefit Economy Class air ticket for 2 minors left unattended Access to screened blood from Blood Care Foundation Liability/Bond Insurance Money Insurance The money policy guarantees that losses of money in transit, safe, damage to safe and money in personal custody of directors will be compensated by the Insurer. The cash in transit involves transit of money from the insured’s premises to the bank and vice versa anywhere in Nigeria. Rate CIT: 0.075% - 0.1% CIS: 0.5% CIPC: 1.5% - 2.0% On counter: 0.75% Professional Indemnity Covers claim made as a result of neglect, omission, misadvise or error committed by professionals in the conduct of their business. Rate: 1% - 3% Product Guarantee Covers failure of the product to meet the required specification e.g. efficacy risks Rate: 1%
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Fidelity Guarantee Covers fraud, embezzlement or dishonesty of employees resulting in loss of goods or/and money Rate: 1% - 3% Public Liability This insurance protects the insured against liability to pay claims for costs of accidental injury to persons and damage to third party property in connection with the insured’s business. Rate: 0.1% Bonds This is a form of guarantee issued by insurance companies to provide protection for a principal, employer or creditor who has put down or parted with fund to another called contractor or borrower for the award of contract. Rate: Advance payment – 1% Performance – 1% Retention – 1% Bid – 1% Custom – 1% Letter of indemnity – 1% Credit – 3% - 5% Workmen Compensation It provides compensation for death or injuries arising in the ordinary course of employment. Rate: It is usually tariff rated. Insurance of the Person Personal Accident/Group Personal Accident This provides benefits for death or bodily injury resulting from accidents caused by violent and visible outward means resulting into death and partial or permanent disablement of employees in an Organisation. This cover is on 24hrs and it is worldwide. For premium rating purposes, the Employees are grouped into 3 major classes based on their occupation and level of benefits proposed. Death 0.1% Permanent Disability: 0.1% Temporary Total Disability: 20% (weekly benefits) Medical Expenses: 1% of medical benefits. LIFE PRODUCTS Mortgage Protection Assurance Mortgage Protection Assurance is a reducing Term Assurance policy which guarantees the payment of balance outstanding in respect of the loan given by a financial institution (Mortgagee) to a Life Assured (Mortgagor) should he die before the loan is fully repaid provided of course, the repayments under the loan are not in arrears. The Policy covers death only. That is, if the Life Assured survives the chosen period, no benefit will be paid. The premium is determined by the amount of loan, Age of the Assured, Duration or term of the policy and the interest charged. The premium could be paid annually or in one single sum. Features: The policy covers death only No payment is made if the assured survives the period or as a result of abscondment, or non fulfilment of promise as to mode of repayment Interest rate determines the premium and the reducing sum assured
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Benefits The policy guarantee a sum assured which should be sufficient to repay the outstanding loan at any time during the currency of the policy. Protects ones estate and property Saves the family from embarrassment of the deceased’s property being impounded by the lender. Term Assurance Under Term Assurance policy, the sum assured is only paid if death occurs before the expiry date. If the life assured survives the chosen period, no benefit will be paid. It is the cheapest form of life cover, in that a large sum assured can be secured for relatively small premium. Features The sum assured is payable only in the event of death during the period of the assurance. In case the assured survives the duration, no benefits are payable. The premiums are payable for the specified terms or till death if earlier Provisions regarding surrender, paid-up and policy loan are not applicable. Benefit Lower premium is used to buy a large sum assured. Lower than other products Could be used as collateral security while borrowing Create estate for the offspring of the deceased and makes life more enduring and comfortable. Key Person Policy This provides cover against the loss of profits or financial loss a company may suffer on the death of a key employee that is critical to the continued existence of the company. The policy is designed to cover the following risks. Death by Accident, or Death by any cause, or Death by any cause with an extension of critical illness including but not limited to stroke, kidney failure e.t.c. The following are typical situations that could require a key person policy. A controlling person upon whose existence the repayment of a credit facility extended to a company may depend. In this case a bank will often insist on life cover as a condition for the loan. An engineer, who is vital to a particular project because of his detailed knowledge. The loss of this knowledge might necessitate the cancellation of the project. A top executive who has been recruited as a result of an expensive ‘head hunting’ operation. If he was expensive and difficult to recruit, then finding a worthwhile successor will also be expensive and difficult. Features: As under Term assurance above Benefits: Lower premium is used to buy a large sum assured. Save the company the embarrassment of early exit of an important figure or personnel. Provision for combining heath insurance option.
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Personal Pension & Investment Plan (PPIP) Application Form MBA Individual pensions and Investment plan is a savings plan designed for people not catered for by the Pension Reform Act 2004. Provision of income in retirement. 1. Making adequate provision for Children Education 2. Provision of capital to start up in business 3. Investment in Real Estate 4. Savings to meet wedding or other major expenses 5. Any other capital intensive project. The Features & Benefits of PPIP Minimum annual investment of N24,000.00 and may be paid monthly, quarterly, half-year or annually. Plan holders are at liberty to choose their plan duration. However, the minimum duration is five years Minimum entry age is 18 years while the maximum is 60 years. Generous compound interest of 10% but adjustable on annual basis. Provision for surrender and paid-up Benefits: Sum assured is guaranteed at death or survival Provides capital for setting up a business Could the purpose of children Group Life Assurance Group Life Assurance is usually a supplemental benefit to a retirement benefit scheme. It is a Death-In-Service benefit payable upon the death of an employee to his or her beneficiary or dependants. The lump sum payment, usually a multiple of salary, creates an immediate estate for the dependants of the deceased. It is a yearly renewable Term Assurance Plan. The contract is usually between the employer and a Life Assurance Company. It is the cheapest form of insurance available to the employees of an organisation and also found to be cost effective i.e. minimum cost and maximum protection even cheaper than benefits covered under individual assurance plans. Features It covers death of an employee while in the service of an employer Premium is paid solely by the employer No benefit if an employee survives the retirement age of if he withdraws from the service Benefits The premium is minimal and very cheap The lump sum payment, usually a multiple of salary, creates an immediate estate for the dependants of the deceased employee. Shows appreciation on the part of employer for selfless service rendered by thee employees The financial environment. You are allowed to change your contribution at anytime to conform to your economic power. 500% of your investment in the event of death or permanent disability resulting from an accident. Up to 50% of accumulated contribution could be cashed as loan after third year On the death of Plan holder the accumulated deposit and interest will be paid to the deceased’s named beneficiary. Individual Savings and Protection Plan (ISPP) This policy provides savings and protection against loss occasioned by death to the effect that the amount in the account of the client plus interest (account holder’s balance) and a guaranteed (agreed) sum assured shall become payable upon the death of the policyholder, while the account holder’s balance becomes payable at the attainment of maturity date. The policy could also be used for the education of a child whereby the policy is issued on the life of the father or the mother of a named child with the intention of using the sum assured payable at prescribed intervals commencing at the date the child is anticipated to enter into a secondary school or a university.
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The features & Benefits of ISPP Minimum annual investment of N120,000.00 and may be paid monthly, quarterly, half-yearly or annually. Plan holders are at liberty to choose their plan duration. However, the minimum duration is five years. Minimum entry age is 18 years while the maximum age at entry is 60 years Generous compound interest of 10% but adjustable on annual basis depending on government financial regulation. You are allowed to change your contribution at anytime to conform to your economic power. Guaranteed interest not subject to withholding tax. Agreed sum assured is payable on the death of the policy holder , whether the death is accidental or natural. A policy loan could also be taken only if the policy has acquired surrender value and in such case, 90% of account holder’s balance becomes loanable. On the death of Plan Holder the accumulated deposit and interest plus agreed sum assured will be paid to the deceased’s named beneficiary. Endowment The sum assured plus accrued bonus under this policy becomes payable at the death or at maturity date of the policy. It should be noted that bonuses are not guaranteed and can only apply where the life fund performance is positive. Features The sum assured is payable at maturity or at death whichever comes first. Bonuses are added on annual basis. Could be with profit or not.
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		Personal Pension and Investment Plan Provision of income in retirement.

		Automedics Fusion of motor insurance with overseas evacuation, medical treatment

		Individual Savings and Protection Plan

		The Green Shield. N100,000 life insurance for as little as N100 a month