Life Insurance Agreement Template for Nigeria

The Life Insurance Agreement serves as the foundational contract between an insurance company and an individual seeking life insurance coverage in Nigeria. This document is essential when establishing a legally binding insurance relationship, typically used when an individual wishes to secure financial protection for their beneficiaries in the event of their death. The agreement must comply with the Insurance Act 2003, NAICOM regulations, and other relevant Nigerian legislation. It contains crucial information about premium payments, coverage terms, beneficiary rights, claim procedures, and policy exclusions. The document is designed to protect both the insurer's and policyholder's interests while ensuring transparency and regulatory compliance in the Nigerian insurance market.

1. Parties: Identifies the insurance company (insurer) and the policyholder (insured), including their full legal names and addresses

2. Background: Establishes the context of the agreement and the intention of the parties to enter into a life insurance contract

3. Definitions: Defines key terms used throughout the agreement including 'sum assured', 'premium', 'beneficiary', 'policy term', and other relevant terminology

4. Coverage: Details the scope of life insurance coverage, including the sum assured and circumstances under which the benefit becomes payable

5. Premium Payment: Specifies premium amount, payment frequency, grace periods, and consequences of non-payment

6. Beneficiary Designation: Procedures for naming, changing, and paying benefits to beneficiaries

7. Claims Procedure: Process for filing claims, required documentation, and timeline for claim settlement

8. Exclusions: Lists circumstances under which the policy will not pay out benefits

9. Policy Term and Renewal: Duration of the policy, conditions for renewal, and termination provisions

10. General Provisions: Standard contractual clauses including governing law, notices, and entire agreement provisions