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Stanbic IBTC Sunset Benefit Plan

Annuity Product

The economic conditions of the country should not deter us from giving a befitting and memorable celebration to our loved ones when they pass to the beyond. We should be able to celebrate in all the ways we would have when our loved ones pass away. We need to make plans that are sufficient at the time of their funeral celebration. Funerals are opportunities to show the love we have for our loved ones. When people pass, the nature of funerals they get would tell of how they lived. Funds should not be a barrier to this, our Stanbic IBTC Sunset Benefit Plan is the solution needed.

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
  • It is a whole of life plan.
  • You as the policyholder or your spouse are covered to a minimum sum of N0.5m and the maximum sum assured is N10m. For other enrollees, the minimum sum assured is N0.5m while the maximum sum assured is N5m.
  • The death benefit is the sum assured. You also have access to other benefits such as the internment, catering, grocery, cash back (applicable to payment plan to age 70 years) and childcare benefit at an additional premium.
  • The policy has a waiting period of 6 months for the policyholder while other enrollees have a waiting period of 9 months for claims arising through natural death.
  • You and your spouse can enter the plan at a minimum age of 18 and at a maximum age of 65 (for policyholder). However, the maximum age at entry for parents and parents in law is 75.
  • The policy is a lifetime plan with 5-year limited premium payment or premium payment limited to age 70 of the policyholders.
  • There is a waiver of premium benefit option if the policyholder dies before age of 70 years and will cover the full policy premiums for a period of 12 months for other lives on the policy
Benefits
  • Family protection- It provides benefit for one’s dependents in case of death.
  • It provides support against expenses on funeral for loved ones.
  • It qualifies for income tax relief benefits
  • Cheap and affordable life assurance product.
How to get started

The following will be required before the inception of the Sunset Benefit Plan.

  • Completed Proposal Form
  • Required KYC documents-
  1. Passport Photograph of the policyholder
  2. Valid and acceptable means of identification e.g., National Identity card, international passport, Drivers’ license of the policyholder
  3. Evidence of residence e.g., Utility bills, tenancy agreement, bank statement of the policyholder
  4. Valid and acceptable means of identification e.g., National Identity card, international passport, Drivers’ license of the enrollees (other lives).
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
  • It is a whole of life plan.
  • You as the policyholder or your spouse are covered to a minimum sum of N0.5m and the maximum sum assured is N10m. For other enrollees, the minimum sum assured is N0.5m while the maximum sum assured is N5m.
  • The death benefit is the sum assured. You also have access to other benefits such as the internment, catering, grocery, cash back (applicable to payment plan to age 70 years) and childcare benefit at an additional premium.
  • The policy has a waiting period of 6 months for the policyholder while other enrollees have a waiting period of 9 months for claims arising through natural death.
  • You and your spouse can enter the plan at a minimum age of 18 and at a maximum age of 65 (for policyholder). However, the maximum age at entry for parents and parents in law is 75.
  • The policy is a lifetime plan with 5-year limited premium payment or premium payment limited to age 70 of the policyholders.
  • There is a waiver of premium benefit option if the policyholder dies before age of 70 years and will cover the full policy premiums for a period of 12 months for other lives on the policy
  • Family protection- It provides benefit for one’s dependents in case of death.
  • It provides support against expenses on funeral for loved ones.
  • It qualifies for income tax relief benefits
  • Cheap and affordable life assurance product.

The following will be required before the inception of the Sunset Benefit Plan.

  • Completed Proposal Form
  • Required KYC documents-
  1. Passport Photograph of the policyholder
  2. Valid and acceptable means of identification e.g., National Identity card, international passport, Drivers’ license of the policyholder
  3. Evidence of residence e.g., Utility bills, tenancy agreement, bank statement of the policyholder
  4. Valid and acceptable means of identification e.g., National Identity card, international passport, Drivers’ license of the enrollees (other lives).

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.