The Enhanced GLICO Life Savings Plan is an endowment plan aimed at helping the life assured set financial ambitions with a guaranteed lump sum at the end of the specified term.
This policy pays a lump sum benefit to the Policyholder when he/she becomes permanently disabled or the beneficiary(ies) when the Policyholder passes away and also pays the lump sum at end of the policy term to the named beneficiary(ies) on the policy.
The policy is taken for a minimum period of 10 years and a maximum of 20 years.
The unique savings feature of the Plan assures to provide a guaranteed lump sum whether the Life Assured survives to the maturity of the policy or not.
50% of the guaranteed sum assured shall be paid as death benefit to the beneficiary(ies).
A lump sum of up to 100% of the Death Benefit, depending on the severity of the disability as determined by the medical doctor shall be paid when the Policyholder becomes totally and permanently disabled as a result of accident or illness. The amount payable is determined by the degree of disability.
The Plan pays 5% of the Death Benefit sum assured every 5 years while the policy is active and waiting period has been satisfied less any outstanding premiums.
The Policyholder can at any time make a lump sum payment onto the Policy. Such lump sum payments shall be invested and the Policyholder will receive investment returns.
Upon death or total permanent disability of the Policyholder, he/she shall no longer pay premiums and the policy shall remain active until policy maturity.
The policy shall never lapse.
The policyholder shall be entitled to a one-month premium holiday over the policy period.
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