FBN Life has partnered with Airtel to make it easy for customers to pay for Life Insurance. They have both come together to create a new product called Padi4Life.
Padi4Life is an affordable airtime-based insurance.
It is a simple and convenient way to access affordable life protection plan with your phone for registered Airtel subscribers at N20/daily with a benefit plan of N500, 000 upon death or total permanent disability.
This secures the Life Assured cover in the event of death and ‘total permanent disability’ (when the Life Assured becomes totally and permanently unable to work in any occupation which the Life Assured is reasonably able to do, given his knowledge, experience, education, training or ability, because of an injury or illness).
The benefit is payable on ‘total permanent disability’ or death from both natural and accidental causes of the Life Assured (Airtel subscriber) subject to the conditions and exclusions noted below.
Note: No medical examination is required
Enrolment Requirements
The following details will be collected for enrolment
- Name
- Name of beneficiary
- Airtel Mobile number of the beneficiary
Note: A scheme member can change a named beneficiary
Commencement
Each subscriber will be covered once they have registered for the cover and paid the first premium.
Entry Age and Cover Limits
- Minimum entry age is 18
- Maximum age to enjoy death and total permanent disability’ benefit shall be 70 years; thereafter a member shall only be insured for death benefit. (This simply means that after a member attains the age of 70, he cannot enjoy the benefit of total permanent disability
- The life and disability benefit is N500, 000 and each subscriber is allowed to register a maximum of two Airtel lines. Thus, the maximum benefit per individual is N1million.
Premiums
The daily premium payable is N20 for N500, 000 benefit per Airtel line (maximum of 2 lines) per individual.
For more information, click here…