Jim “Lucky” Moore, an insurance salesman, comes up with a novel policy for his friend, Steve: a ‘love insurance policy’, that will pay out $1-million if Steve does not marry his fiancée, Cynthia. The upcoming marriage is jeopardized by Steve’s ex-girlfriend, Mickey, and Cynthia’s disapproving Aunt Kitty. The policy is underwritten by a nightclub owner, Roscoe, who sends two enforcers – Abbott and Costello – to ensure that the wedding occurs as planned.

A couple of young, out-of-work archaeologists in Egypt discover evidence of the burial place of the ancient Egyptian princess Ananka. After receiving funding from an eccentric magician and his beautiful daughter, they set out into the desert only to be terrorized by a sinister high priest and the living mummy Kharis who are the guardians of Ananka’s tomb.