Life Insurance (Endowment with Profit)

Print | Hits: 13259

This life insurance policy is designed to pay a sum assured after a specified term (on its maturity) or when the life insured dies within the specified period.

Scope of cover: This policy covers the death by accident and illness.

BENEFITS:

  • Personal saving for Future Plans (Education/Home/Business)
  • Security of Financial obligations,
  • Extra earnings – Bonus/reduction of tax obligations.

EXCLUSIONS:

  • Suicide case
  • Pre-existing illness

Requirements:

  • SIGN Proposal Form
  • PROVIDE Life Assured Date of Birth
  • Salary automatic deduction form
  • Verbal Agreement for Self Pay
  • Agreement on the minimum premium $5.00 PER fortnight/ $5.00 twice PER MONTH.

Terms and Premium:

  • 1. Different terms
    - 10 years
    - 15 years
    - 20 years
    - 25 years
    - Up to retirement age (50 & 55 ages).
    Current age plus 5 greater than the retirement age – not entitled.
  • 2. Minimum Premium - $5.00 per fortnight or $5.00 twice per month.

 Types of claims:

  • Maturity Claim (Sum Assured plus Bonus),
  • Death Claim (Sum Assured),
  • Surrender Claim:-Adult Surrender;Minor Surrender
  • Refund