Stanbic IBTC Sunset Benefit Plan
The Stanbic IBTC Sunset Benefit Plan is a financial planning tool providing more than just financial coverage. It offers peace of mind and emotional security when life happens. You receive an additional layer of financial protection against the burden of funeral expenses which allows you focus on healing when you sign up for this policy. With this product, you are not just buying insurance; you are investing in your family's well-being and prioritizing their care so you can give them the farewell they deserve. The Stanbic IBTC Sunset Benefit Plan provides cover for you and your loved ones (enrollees) and you receive the benefits upon the death of any of the covered lives while your plan is active. In addition to the policyowner, the other enrollees whose lives may be covered at additional premiums are: • spouse(s) • parents and parents-in-law (aged up to 75 years at entry).
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-
- Passport Photograph of the policyholder
- Valid and acceptable means of identification e.g., National Identity card, international passport, Drivers’ license of the policyholder
- Evidence of residence e.g., Utility bills, tenancy agreement, bank statement of the policyholder
- 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
You can report a claim by:
- Call 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. |
||||
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-
- Passport Photograph of the policyholder
- Valid and acceptable means of identification e.g., National Identity card, international passport, Drivers’ license of the policyholder
- Evidence of residence e.g., Utility bills, tenancy agreement, bank statement of the policyholder
- Valid and acceptable means of identification e.g., National Identity card, international passport, Drivers’ license of the enrollees (other lives).
You can report a claim by:
- Call 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. |
||||
- 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.