Premium Refund Policy

An insurance premium refund is when all or part of an insurance payment is returned to the individual who made the payment.

There are two situations when a received premium is refundable:

30 Day Grace Period:

Mlife – Diaspora Funeral Cash Plan believes in treating customers fairly and accepts that everyone has the right to change their mind. Every client has 30 days from the receipt of their first premium to decide if their policy suits their needs. If the client wishes to cancel and get a refund, they may do so with no penalty during this 30 day period.

Non-Accidental Death Within First 6 Months

If a life on risk suffers death due to natural causes in the first 12 months of the cover starting, as per Plan Terms And Conditions, Mlife – Diaspora Funeral Cash Plan will refund all the premiums received less administrative expenses instead of paying out the full benefit amount. This is because the Plan does not do any medicals and therefore comes with a qualifying period of 6 months for natural illness deaths.