Protection-Plans

Introduction

Critical Illness Plan will pay a guaranteed lump sum if you are diagnosed with a specified critical illness or terminal illness or die during the period covered by the plan.

The plan is suitable for people looking for a guaranteed amount of cover payable on death or earlier diagnosis of a specified critical or terminal illness.

It can be used:

  • to provide a lump sum to repay loans e.g. outstanding mortgages, to provide financial security for dependents;
  • to cater for expenses incurred and changes in lifestyle following a specified illness e.g. medical fees, costs of recuperation etc.

The cover is reviewable every five years.

It can be taken on single life only.

While your original CIP is in force, you will be able to effect a new CIPP, on achievement of certain events in life, e.g., your marriage, house purchase or improvements, birth or adoption of a child, subject to certain conditions. This is known as the “Guaranteed Insurability Option”.

The plan does not have any cash in value at any time. If you survive the plan term, you do not get back anything.

The plan cannot be transferred to India. You can retain the plan in the UK if you move to India.

Please read the KFD for more details.

Critical Illness Plan at a glance

Minimum/Maximum age at entry 18 years/ 64 years
 Minimum/Maximum term  5 years/ 40 years
 Maximum age at maturity  74 years
 Plan Options Level TermDecreasing Term
 Minimum Premium  £15 per month or £180 per annum
 Minimum/ Maximum Sum Assured  £500,000
 Premium Modes  Monthly/ yearly