Life Assurance
Life Assurance products are designed foremost to protect you and your loved ones against the uncertainties that may lie ahead, such as accident and death. In addition to this, some products can be regarded as a means of savings for you and your family in your old days.This is done by appropriately organizing contributions to a common fund, and making payments from that fund.
myFuneral Plan
myFuneral Plan is a new policy we’ve introduced to cover funeral expenses for families or individuals. The plan aims to ease the financial burden on loved ones and secure the funeral you would like ahead of time.
Single Funeral Plan provides cover for individuals from 18 yrs.
- Choose between sums assured of SCR30,000 and SCR100,000.
- Policyholder has the flexibility to add a child or their parents to the policy later on, and change it to family plan; premium contributed will be transferred to the new policy.
- Individuals can add a -contingent beneficiary to process their death claim.
Family Funeral Plan covers two parents, unlimited biological/ adopted children and up to four grandparents.
- Choose between sum assured of SCR30,000 and SCR100,000 for each member of the plan. Children are covered from 1 years old until the age of 25 yrs; to cover children still living at home or at university.
- If the policyholder dies, the beneficiary will become the policyholder and the policy will remain active as long as premiums are paid.
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PREMIUM
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Premium will be monthly or annually based on the age of insureds until the age of 78. Last age to qualify for the policy is 68 years of age. After 78 years the cover will continue free of charge. In case of any cancelation or delay in payments, new premium rate based on age will apply to reinstate the policy.
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Both funeral plans will cover death by natural causes or illness (including death from a pandemic illness) and accidents.
- No medicals will be required to take the insurance but proposers will need to complete a health declaration form.
- During the first 12 months of the policy funeral expenses will be paid only in the event of an accident.
- In case of death as a result of an illness in the first 12 months, HSI will refund the premium for that member only.
- Total permanent disability cover is excluded. If the policyholder is declared TPD, the policy will remain active as long as premiums are paid.
- The plan is not a life insurance policy hence it won’t pay any benefits other than the death claim.