This Product can be used as a guarantee for a Loan and Loan outstanding can be recovered under this plan. This product targets customers who borrow personal loans (Short Term Loans) from financial institutions. At the time of death of the Life Assured during the term of the policy, the Sum Assured will be paid to nominees after deducting outstanding loan amount. This comes under the same Universal Life Platform, providing accumulated funds at the end of the policy term.
Minimum Policy Term is 5 Years and Maximum Term equals to 10 years.
Top-up Premiums Allowed after 03 years (Max 2 Times per Year Minimum top-up premium LKR 25,000)
In the event of the death of the Life Assured, Nominee will receive the sum assured or investment account value whichever is higher as a Death Benefit.
The Accumulated Fund Value will be paid to the policyholder as Maturity Value at the end of the policy term.
There’s an inbuilt waiver of premium benefit on Accident and Sickness at the time of Total and Permanent Disability.