Benefit at Glance
- The beneficiary gets a cash lump sum on death of the life assured. Provided you have maintained your premiums, the survivors certainly get a death benefit.
- You get a fixed life cover throughout your life, provided you maintain your premium.
- Your premium is fixed at the outset and guaranteed not to increase.
- The GLPP is normally free of all restrictions as to travel, residence and occupation.
- Based on the current foreign exchange rules the plan can be transferred to India.
- Can be assigned to a trust.
Tax implications
- 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.
