Mortgage Protection Plan

A loan protection plan that covers you against the unfortunate event of death during the loan repayment period.   

The Product:

  • A protection plan that covers the risk of death of a mortgagor within the period of repayment of a mortgage loan.
  • Sum Assured decreases as loan is repaid.

Benefit:

  • Full sum assured or reduced sum assured payable on death depending on outstanding loan.
  • No survival benefit.

Premium:

  • Calculated by applying rates based on the age next birthday, sum assured and term of the policy.

Frequency of payment:

  • Annual or Single Premium allowed.

The advantages of this policy to the government are that it:
  1. Helps to repay all loans outstanding at the point of death of the mortgagor.
  2. Helps in the realization of government goals and objectives as it relates to home ownership.

The advantages of this product to the staff are that:
  1. It serves as confidence booster to obtain the facility.
  2. Protects the interest of his dependants at his demise.

The advantages of this product to the family members of the mortgagor are that:
  1. It secures the property of the breadwinner after his demise.
  2. Alleviates sufferings that may be encountered should the property be taken over after the demise of the mortgagor.

Who purchases this cover?

Borrowers who require collateral security for a loan. Also lenders and institutions requiring assurance that loan facility will be repaid.

About Us

AIICO Insurance Plc., is the leading life insurer in Nigeria.

Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.