What does it cover?
It a funeral cover to help families deal with the burden of meeting the last respect expenses on the death of a family member.
Who can be covered?
The principle member and five members of his/her nuclear family i.e. spouse and four children or five children for single parents.
An extra dependant (child) and parents can be covered at an additional premium depending on the preferred benefit level.
What are the joining ages?
Children are covered up to the age of 18 or up to age 24 if they are still under parents care and in school/college. The minimum age at entry for children is 3 months.
The upper age limit for the principal member, spouse and parents is 75 years at entry and Maximum exit age at 85 years subject to continuous cover renewal.
What are the benefits?
There are two types of cover:
i) Single Claim: The cover will pay the amount of cover chosen, upon the first death of an insured family member within 12 months of policy commencement or renewal.
ii) Multiple Claims: The cover will pay the amount of cover chosen, upon the death of an insured family member within 12 months of policy commencement or renewal, up to a maximum of three (3) claims in a year.
What is the level of coverage?
The policy provides six options of cover as below.
Benefit Amount: 50,000; 75,000; 100,000; 150,000; 250,000; 500,000
Amounts payable vary depending on the number of members to be covered.
When does the cover start?
Cover commences once the application form is duly filled and premium paid in full.
Are there any waiting periods?
There is a waiting period of 3 months from the date of commencement of the policy and subject to payment of full premium. In case of natural death within the waiting period no benefit is payable. There is no waiting period for accidental death.
How long will I wait before I receive amount claimed?
Within 48 hours of claim reporting and full documentation.
Does the policy lapse after making a claim?
In the case of the single claim cover, the policy lapses on making one claim, however one can renew the cover immediately for the remaining members of his/her family.
In the case of the multiple claim cover, the cover will lapse after 3 claims are made within 12 months of policy commencement or renewal.
Key exclusions:
• Suicide or attempted suicide within the first 6 months of the policy.
• Act committed by any life insured that is a violation of the law or any criminal activities.