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Stanbic IBTC Mortgage Protection Assurance

Annuity Product

Stanbic IBTC Mortgage Protection Assurance is a life assurance plan that provides cover to both borrowers/lenders against the default of mortgage repayment due of Death, Accidental Total Permanent Disability and Critical Illness. It provides benefit payment of outstanding mortgage balance as at date of occurrence of the insured event.

Some of the benefits

Security

Stanbic IBTC Life Insurance is backed by strong and reputable financial institutions

Flexibility

Simplified policy update process ensures your policy remains updated

Track Record

The Stanbic IBTC Group has been managing funds for companies and individuals for over 2 decades

Professional Service

Our team of expert advisors are available to help you make the most of your money
Features
  • Minimum and Maximum age at entry of 18 and 65 years respectively
  • Minimum duration of 1 year and Maximum of 25 years
  • Maximum exit age is 70
  • Premium can be paid Annually or Lump sum (Single premium)
  • Covers outstanding mortgage loans
  • Policy duration is equal to the term of the loan taken.
  • Guaranteed benefit (sum assured) is the original loan taken from the mortgage institution
  • Cover against Death from any source, Total permanent Disability, Critical Illness
Benefits
  • It reduces non-performing loan ratio of the lender
  • It saves the lender of the cumbersome process of recovery of loan when death or disability happens to the borrower
  • It increases the ability of the lender to increase the Loan portfolio
  • Peace of mind to borrower
  • It protects the beneficiaries against loss of Assets and Burden of Debt on the demise of the borrower.
  • It qualifies for tax advantage
How to get started

The following will be required before the inception of the Mortgage Protection Assurance Cover.

  • Completed Proposal Form.
  • Loan agreement
  • Required KYC documents- Passport Photograph, valid and acceptable means of identification and evidence of residence.
How do I make a Claim

Claim Turnaround Timelines

CLAIMS TYPE

EVENT

TIMELINE

REMARK

 

ALL CLAIMS

Acknowledgement of claim

Within 24 hours of receipt of notice

Count from noon of the working day of receipt of claim notification

 

Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims

 

CLAIMS TYPE

CLAIM EVENT

PAYMENT TIMELINE

REMARK

 

 

Maturity

Payment on the due date

Count from noon of the working day of receipt of executed voucher

 

SAVINGS and ENDOWMENT

Surrender and Termination

72hrs after receipt of the request

 

 

 

 

 

GROUP LIFE, CREDIT LIFE, MORTGAGE PROTECTION,TERM ASSURANCE AND SUNSET BENEFIT PLAN

Death

48hrs - 72hrs after receipt of executed discharge voucher

Count from noon of the working day of receipt of executed voucher

 

 

Other Riders

 

 

 

 

N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria.

 

*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents.

 
 

 

Frequently Asked Questions
  • What does tax-deferred mean?
    Annuities are tax-deferred income. This means taxes are not charged on them until they are withdrawn.
  • What is the difference between deferred and immediate annuity?
    An Immediate annuity payment pays out of income right after the initial purchase. While the deferred annuity payment pays out income at an agreed later time.
  • Can I sell my annuity?
    You are unable to sell your annuity. 
  • Features
  • Benefits
  • How to get started
  • How do I make a Claim
  • Frequently Asked Questions
  • Minimum and Maximum age at entry of 18 and 65 years respectively
  • Minimum duration of 1 year and Maximum of 25 years
  • Maximum exit age is 70
  • Premium can be paid Annually or Lump sum (Single premium)
  • Covers outstanding mortgage loans
  • Policy duration is equal to the term of the loan taken.
  • Guaranteed benefit (sum assured) is the original loan taken from the mortgage institution
  • Cover against Death from any source, Total permanent Disability, Critical Illness
  • It reduces non-performing loan ratio of the lender
  • It saves the lender of the cumbersome process of recovery of loan when death or disability happens to the borrower
  • It increases the ability of the lender to increase the Loan portfolio
  • Peace of mind to borrower
  • It protects the beneficiaries against loss of Assets and Burden of Debt on the demise of the borrower.
  • It qualifies for tax advantage

The following will be required before the inception of the Mortgage Protection Assurance Cover.

  • Completed Proposal Form.
  • Loan agreement
  • Required KYC documents- Passport Photograph, valid and acceptable means of identification and evidence of residence.

Claim Turnaround Timelines

CLAIMS TYPE

EVENT

TIMELINE

REMARK

 

ALL CLAIMS

Acknowledgement of claim

Within 24 hours of receipt of notice

Count from noon of the working day of receipt of claim notification

 

Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims

 

CLAIMS TYPE

CLAIM EVENT

PAYMENT TIMELINE

REMARK

 

 

Maturity

Payment on the due date

Count from noon of the working day of receipt of executed voucher

 

SAVINGS and ENDOWMENT

Surrender and Termination

72hrs after receipt of the request

 

 

 

 

 

GROUP LIFE, CREDIT LIFE, MORTGAGE PROTECTION,TERM ASSURANCE AND SUNSET BENEFIT PLAN

Death

48hrs - 72hrs after receipt of executed discharge voucher

Count from noon of the working day of receipt of executed voucher

 

 

Other Riders

 

 

 

 

N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria.

 

*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents.

 
 

 

  • What does tax-deferred mean?
    Annuities are tax-deferred income. This means taxes are not charged on them until they are withdrawn.
  • What is the difference between deferred and immediate annuity?
    An Immediate annuity payment pays out of income right after the initial purchase. While the deferred annuity payment pays out income at an agreed later time.
  • Can I sell my annuity?
    You are unable to sell your annuity.