The Guaranteed Lifetime Protection Plan protects you for whole of your life. Your dependents receive a tax free cash lump sum on your death. You pay premium for the rest of your life, or up to your 80th birthday.
It is nomally used to:
- provide a lump sum as financial security to dependents,
- to help meet funeral expenses
- to provide for potential inheritance tax liabilities (if written into trust).
The GLPP can be written on a single or joint life (first death or second death).
While your original GLPP is in force, you will have the option to increase your guaranteed sum assured, 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”.
Please read the KFD for more details.
The Guaranteed Lifetime Protection Plan at a glance:
|Minimum/Maximum age at entry||18 years/ 69 years|
|Maximum age at maturity||No maximum limit|
|Plan Options||Level Term basis only|
|Premium Modes||Monthly/ yearly|