Stanbic IBTC Mortgage Protection Assurance
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
You can report a claim by:
- Call 02 01 270 6801
- Send an email to [email protected]
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 |
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|
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 |
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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 |
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Other Riders |
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N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria. |
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*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents. |
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-
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.
You can report a claim by:
- Call 02 01 270 6801
- Send an email to [email protected]
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. |
||||