Guaranteed Protection Plan – Benefit at glance
Benefits at a glance:
- The beneficiary gets a cash lump sum on death of the life assured.
- A pure term plan, where you get sizeable life cover for a comparatively lower premium, provided you maintain your premium until the full term.
- Your premium is fixed at the outset and guaranteed not to increase.
- Under the Guaranteed Insurabilty Option you can increase guaranteed sum assured up to a limit, without undergoing further underwriting requirements or medical evidence.
- The GPPP is normally free of all restrictions as to travel, residence and occupation.
- Based on the current foreign exchange rules the plans can be transferred to India.
- Can be assigned to a trust.
- Death Benefits payable are free of both income and capital gains tax.
- Unless subject to a trust the proceeds form part of the deceased’s estate for Inheritance Tax purposes.