The GLICO Premium Funeral Insurance Plan covers you and other family members as per the ages stated on the table below:
|Life Assured||Maximum Lives||Minimum Age||Maximum Age|
|Main Life||18 years||59 years|
|Spouse||2||18 years||59 years|
|Parents and Parents in-law||4||35 years||80 years|
|Extended Family Members||2||35 years||80 years|
Main Benefits/Features Of The Plan
1. Death Benefit
In the unfortunate event of your death, while the policy is active and the waiting period has elapsed, the sum assured shall be paid to your beneficiaries. The table below shows benefits payable in respect of the death of a life assured:
|Life Assured||Minimum Sum Assured||Maximum Sum Assured|
|Parents and Parents in-law||25,000||100,000|
|Extended Family Members||25,000||100,000|
2. Accidental Death Benefit
Should you or your spouse pass away through an accident, the total sum assured plus a lump sum of 50% of the sum assured shall be paid to the beneficiaries.
3. Total Permanent Disability Benefit
A lump sum benefit of up to 100% of the sum assured, shall be paid depending on the severity of the disability when any of the lives assured becomes totally and permanently disabled as a result of an accident or illness. The percentage sum assured for each Life Assured is stated in the table below:
|Life Assured||Maximum Sum Assured|
|You (Main Life)||100%|
|Parents and Parents in-law||50%|
|Extended Family Members||50%|
4. Replacement of Deceased Life
You can at any time during the term of the policy swap one of the Life Assured with an uncovered life when the death of an existing life assured occurs.
5. Cover for Other Lives Assured
The cover for your children shall cease when any of the children attain age 30. The premiums for the child(ren) and other insured deceased family members will be credited to an accumulated fund and can be accessed by Main Life annually, or used to reduce outstanding premiums.
6. Premium Holiday
You shall be entitled to a one-month premium holiday over the policy term.
7. Loyalty Benefit
You shall also be entitled to a 5% cashback on all premiums paid after every 5 years.
8. One Week Celebration and One Year Memorial
In the event of your death, 5% of the sum assured shall be paid towards the One Week and One Year Memorial respectively.
9. Memorial Project
5% of the Death Benefit Sum Assured shall be used to undertake a memorial project to preserve your memory and legacy if you pass away.
10. Family Upkeep
In the event of your unfortunate death, 5% of the Death Benefit sum assured shall be paid to your named beneficiaries to cater to the cost of living.
11. Family Holiday
If you pass away, an amount equal to 15% of the Death Benefit sum assured shall be paid to your named beneficiaries to fund the cost of their next holiday.
1. Waiver of Premium
Upon your death or permanent disability, no premium payment shall be required and the policy shall remain active until each life assured attains age 100.
2. Never Lapse
The policy shall never lapse.
3. Benefit Escalator
The benefits payable under this policy shall be escalated at a mandatory rate of 5% with an upward premium adjustment of 10%. You may also select a rate between 5% & 15% and the respective premium adjusted at a rate equal to 30% of the selected rate.
4. Modal Premium
This enables premium rates to be converted to different periods i.e., premiums are discounted per the table below:
When Will My Cover Commence?
Cover will start when your application is accepted by GLICO LIFE, you pay your first premium and the Policy is issued to you.
Who Qualifies For This Policy?
This Policy is designed for any individual between the ages of 18 to 59 years and can make the required monthly premium payments.
How Do I Join The Plan?
Our experienced Customer Service Executives are ever ready to complete a short digital proposal form (M-Proposal) on their mobile devices for you. Your policy would be issued when the first premium is received by GLICO LIFE through our numerous premium payment services.