The Royal Mortgage Protection Plan
An assurance effected to pay off any outstanding loan obtained in connection with house purchase, should death occur before such mortgage loan is totally liquidated. The sum assured decreases as the loan repayment is made.
Features
- Assured/ Beneficiary/Loss Payee: This is the party entitled to receive money under an insurance contract on the happening of a stated contingency (death/permanent disability).
- Life Assured: This is the person on the duration of whose life the assurance depends.
- The policy can be for two years or above.
- Death Benefits: In the event of death, the outstanding loan balance shall become payable to the named beneficiary (ies).
- Medical Examinations: Free medical examinations/Tests are required for sum assured over N 15,000,000.00.
- Death Benefits: In the event of death, the agreed death benefits at inception shall become payable to the named beneficiary (ies).