Benefit at Glance
- The beneficiary gets a cash lump sum on death of the life assured during the plan term, or earlier diagnosis of listed critical or terminal illnesses, provided you maintain premium payments.
- Under the Guaranteed Insurabilty Option you have the option to effect a new CIP for guaranteed sum assured up to a limit, without undergoing further underwriting requirements or medical evidence.
- The CIP is normally free of all restrictions as to travel, residence and occupation.
- Can be assigned to a trust.
- Death and Critical Illness 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.