A-Plus Life Assurance Company Limited Homegoing Products
Exceed life Homegoing (Funeral Plan) is designed to enable families to meet funeral related expenditure of their close relatives.
The minimum entry age is 18years, maximum is 55years for main life and 70years for others’ lives.
Cover under the policy starts when the first premium is received by the company.
Benefit Distribution Structure
100% for the policy holder and Spouse. 50% for other dependents.
Premium payment ends when the policyholder turns sixty (60) years provided the policy was purchase before or on the policyholder’s fiftieth (50th) birthday. The Company therefore assume payment of premiums on behalf of the client after 60 years provided the policy was purchase before or on the policyholder’s fiftieth (50th) birth day.
Policyholders who purchase the policy after their fiftieth (50) birthday would pay premiums for ten (10) years.
Premiums are payable monthly, quarterly, semi-annual or annually in advance.
Twenty five percent (25%) of the total premiums paid for a period of five years less policy fess and other administrative fees would be payable to the policyholder as cash-back if there is no claim for this period.
Saving/Cash Bonus Benefit
If any other lives assured dies, the premium applicable to the deceased secondary life assured shall go into a savings account and this shall attract an interest of five percent (5%) per annum.
Option For Automatic Premium/Benefit Increase
The policyholder has the option to increase the contractual premium on an annual basis in order for the benefits to be inflation-linked.
Free Look/Right Of Cancellation
Right to examine and Return Policy within 15 days. If you returned it within the 15 days period, the policy will be void from the beginning. We will refund any contributions paid less policy fee.
Default And Lapse
When the policyholder fails to pay any premium on or before its due date, it shall constitute default under the policy and the assurance shall cease.
The policy would lapse when premiums are not received for three months and there is no sufficient funds in the savings component.
Maturity, Partial Withdrawal And Policy Loan
The policy does not pay maturity, partial withdrawal and policy loans.
The policy does not have a surrender vale and therefore pays no surrender.
The following would be required in handling death claims;
- Death certificate indicating cause of death
- Medical certificate indicating cause of death
- Certified copy of entry into the Register of death
- Policy document
- Valid national ID of claimant and the deceased
- Any other document or information that the company shall require
There would be a waiting period of three months for the Main life and six months for other lives during which no benefit would be paid.
There would be a waiting period of twelve months for extended family members who were above 60 years at the time of entry.
However, in the event of accident death of the main life occurring during the waiting period, the whole Sum Assured would be paid.