The Flexible Term Life Series Plans consists of five distinct products which provide insurance cover in the event of loss of life. These products are addressed to people who need a specific insurance coverage for a predetermined period. They are not offered for savings or investment. In the event of death within the predetermined period, the Sum Assured is paid. Each product is described in detail below:
Level Term:
Offers insurance cover in the event of loss of life, with a fixed Sum Insured and premium throughout the Policy’s duration. The plan is offered for ages 18 to 75 years old and the duration is selected by the Policyholder.
Decreasing Term
Offers insurance cover in the event of loss of life which decreases at each Policy Anniversary, so that at the Expiry Date of the Policy there remains no Sum Insured. The premium remains fixed throughout the duration of the Policy. The plan is offered for ages 18 to 75 years old and the duration is selected by the Policyholder.
Level Term Plus
Offers insurance cover in the event of loss of life, with a fixed Sum Insured and premium throughout the Policy’s duration, while giving the Policyholder the option, upon expiry of the Policy, to purchase another life insurance policy from the Company, without the need to assess the Insured’s insurability, under the conditions stated in the Policy. The plan is offered for ages 18 to 69 years old and the duration is selected by the Policyholder.
Level Up Term
Offers insurance cover in the event of loss of life. Cover is equal to the selected Sum Insured. The premium rate gradually increases throughout the duration of the Policy in accordance with the attained Age of the Insured, thus allowing for lower premiums at the inception of the Policy. The plan is offered for ages 18 to 70 years old and expires automatically at age 80.
Level Up Decreasing Term
Offers insurance cover in the event of loss of life. The Sum Insured decreases at each Policy Anniversary, at a predetermined rate in accordance with the duration of the Policy, so that at the Expiry Date of the Policy there remains no Sum Insured. The premium rate gradually increases throughout the duration of the Policy in accordance with the attained Age of the Insured, thus allowing for lower premiums at the inception of the Policy. The plan is offered for ages 18 to 70 years old and the duration is selected by the Policyholder.
The plans may be enriched with the following Additional Benefits: