Lifetime Protection Plan
It is a life insurance policy which covers the assured for the whole of his/her life. Simply put, if the premiums have been duly paid as and when due then the sum assured is guaranteed to be paid regardless of when death occurs. It comes in two forms: ordinary whole life and limited premium payment whole life. For an ordinary whole life policy, the premiums are payable periodically till the death of the life assured; whereas for the limited premium payment option the premiums are payable till a defined age (such as 45, 50, 55, 60 or 65)
Features
- Premium payment pattern is flexible and can be structured according to the needs of the policyholder
- A policyholder is entitled to a refund on part of the premium paid in the event of a Surrender
- Flexible premium payment options (weekly, monthly, quarterly, semi-annual, annual etc.)
- Premiums and benefits are tax deductible
- Medical examination may be required (if sum assured exceeds a pre-defined amount)
Benefits
- Lump sum benefit to the family following the demise of the policyholder
- Sum assured is guaranteed to be paid provided premiums are not outstanding
- Cover can be terminated (or surrendered) and part of the accumulated premiums will be refunded
- The sum assured can be reviewed upwards according to changes in lifestyle
Claims Documentation
- Medical Certificate of cause of death
- Death Certificate
- Burial Certificate (if any)
- Coroner's report (if death is by mysterious circumstances)
- Police Report (if death is by road traffic accident)