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Staco Personal Protection Plan (PPP)

Customised Products Staco Personal Protection Plan

Accidents Do Happen

Today's pace of living, the political turmoil, the road and air disasters and our increasingly congested environment are combining to make accidents and Dreaded Diseases a very real threat to our lives.

Accidents happen everywhere - at home, whilst travelling, during business or recreation. So also people get paralyzed unexpectedly and in every strange circumstance.

The families of accident victims and Dreaded Diseases are being denied their breadwinner often at time when debts are high and savings low. Accidents generally leave severe financial problems for the survivors. Because they occur suddenly, few families are prepared to meet the continued cost of household maintenance, children education, hospital bills and other financial commitments.

Accidents also lead to additional financial pressures. Special nursing care or diet may be needed, house conversion may be necessary to cope with the results of an accident. It is indeed a statement of fact that "disability is more expensive than dying".

Protection for you and your family from the consequences of accidental death, serious injury or hospitalization following an accident is available from as little as N500.00 per month for a single person.

In addition to providing for accidental death, permanent disability or hospitalization, this plan also pays benefits should you suffer from paralyses consequent upon identified dreaded diseases.

The lump sum and/or hospital benefit could provide a very useful income, during convalescence (recovery) or meet the everyday cost of living.

Special Terms Applying To Personal Protection Plan (PPP)

Age

Cover terminates at age 70. This policy cannot be written on blanket basis hence we require the names, home or office address and age of all members to be covered.


Premium Loading

The premium quoted is deposit and there will be 15% loading on total premium where cover is to be extended to:

  • Hazardous occupation or pass time
  • Advanced Age
  • Existing Deformity
  • Riot, Strike and civil unrest.
  • Old Age Loading (for group only and on request)
  • 70-79 Years ANB* (* Age Next Birthday)
  • 25% Loading Subject to max Limit of Benefit.

Increase In Benefit

The scope of Benefits can be reduced or increased to suit the requirements of members with the proportionate premium paid.

New Members

New members can join the scheme anytime during the period of cover with payment of the appropriate pro rata premium.

Uniformity of Benefits

Increase/decrease in the level of benefits selected has to be in uniform percentage to the figures indicated under one unit of benefit. The Level of benefits selected under Accidental death and permanent disability have to be equal and the number of lines selected under any heading cannot be more than the Maximum number indicated against the heading.

Special Package

Equal levels of benefits have to be selected for all members of a group.

Maintenance Of Death Cover After Paralysis

The entire cover ceases automatically on being diagnosed for any of the Dreaded Disease stated under the cover, unless the insured shows evidence of ability to continue payment of full premium. However, the sum insured under death will still be paid (less the amount already paid under Maintenance Benefit) should death occur within the period of paying the Maintenance Benefits. The death cover terminates at the expiration of the maintenance period.

Days of Grace

The insured is advised to pay all premiums on the first day of the period of insurance. However, 90 days of grace shall be granted with effect from the due date. Where premium remains un-paid three months after the days of grace and the insured has not indicated his intention (in writing) to surrender the policy, the policy will lapse automatically.

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