GLICO Ideal Funeral Insurance Plan

GLICO Ideal Funeral Insurance Plan

The GLICO Ideal Funeral Insurance Plan is designed to provide lump sum to cover the cost of funerals. The cash is paid to you, the Policyholder, or named family members when death of a loved one occurs.

Policy Features
This Plan is a whole life policy that covers:

Life AssuredMaximum LivesMinimum AgeMaximum Age
Main Life118 years59 years
Spouse218 years59 years
ChildrenUnlimited024 years
Parents and Parents in-law435 years75 years
Extended Family Members235 years75 years

What Are The Main Benefits/Features Of The Policy?

1. Death Benefit
In the unfortunate event of your death as the Policyholder, while the policy is active and waiting period elapsed, the sum assured shall be paid to your named beneficiaries. Below is a table of benefits for each life assured:

Life AssuredMinimum Sum AssuredMaximumSum Assured
Main Life (Policyholder)10,00050,000
Spouse10,00050,000
Children5,00025,000
Parents and Parents in-law5,00025,000
Extended Family Members5,00025,000

2. Accidental Death Benefit
Should death of the Main Life (you) or Spouse occur by accident, the total sum assured plus a lump sum of 50% of the sum assured shall be paid to the named beneficiaries.

3. Total Permanent Disability Benefit
A lump sum benefit of up to 100% of the sum assured depending on the severity of the disability shall be paid when the Main Life or Spouse becomes totally and permanently disabled as a result of accident or illness.

4. Replacement of Deceased Life
You may at any time during the life of the policy swap one of the Life Assured with an uncovered life when death occurs.

 

5. Cover for Other Lives Assured
The insurance cover for your insured children shall terminate when they attain age 30. The premiums for the children and other insured deceased family members will be credited to an accumulated fund and can be accessed by you annually, or used to reduce outstanding premiums.

6. Premium Holiday
You shall be entitled to one-month premium holiday over the policy term.

7. Loyalty Benefit
You shall be entitled to a 5% cash back on all premiums paid after every 5 years.

8. One Week and One Year Anniversary/Memorial
Upon the death of a Life Assured, 5% of the Life Assured’s Sum Assured shall be paid as benefit to assist the family organize a befitting One Week and One Year Anniversary/Memorial.

Additional Features

1. Waiver of Premium
Upon your death or permanent disability, no premium payment shall be required and all Lives Assured shall still enjoy cover until each 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%.
Policyholders can 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. premium are discounted per the table below:

Premium ModeAnnualSemi-AnnualQuarterlyMonthly
Modal Loading90%95%100%100%

When Will My Cover Commence?
Cover will start when the first premium is received by GLICO LIFE, application accepted by GLICO LIFE and the Policy is issued to you.

Who Qualifies For This Policy?
This Policy is designed for any individual within the ages of 18 to 59 years.

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.

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