LifeLong
What is LifeLong?
LifeLong is an insurance plan that gives you the opportunity to pick the ideal blend of protection and savings for you and your family. For the same premium, you can opt for a higher life cover and lower savings or lower life cover and higher savings. The choice of protection-savings mix is yours, and the decision can be based on your own priorities. You can also cover your spouse under the same policy through the joint life facility (first death basis).
What are the key features of LifeLong?
- Entry Age: 19 – 60 years (age at next birthday).
- Choice of riders: Accidental death benefit, Critical illness benefit and Hospital income benefit. All riders will cease at age 65.
- If critical illness rider is opted for, the maximum entry age will be 50.
- Policy Term: It is a whole life plan with a maximum premium payment term up to 85 years.
- Annual Premium: Minimum Rs.10,000.
- Minimum sum assured:
0.5 x (70 - Entry Age) x Basic Annual Premium
- Maximum sum assured:
Basic Annual Premium x Cover Level (CL)
- Ability to withdraw up to 25% of total premium paid from the 4th year onwards.
What does LifeLong give you?
LifeLong offers 3 Unit-Linked investment fund options. This gives you the flexibility of choosing how your money should be invested in terms of the risk and the security of the return on investment. You can choose one or a combination of funds based on the risk and return mix you would like to opt for.
You have the following options:
- Investing 100% in Secure, Balanced or Growth Fund.
- nvesting in a combination of any or all of the Unit-Linked Funds.
A minimum of 10% should be invested in each selected fund. - Changing the allocation proportion of premiums to different funds at any time without a charge.This is allowed twice a year.
- Switching from one fund to another (either partly or fully) is allowed. This facility is provided to you free of charge up to one switch in a policy year. In case of a part switch, the minimum amount switched and minimum balance in the fund after the switch should be Rs. 20,000.
How does your money grow?
If you are 30 years old and have paid your premium for 15 or 30 years, these are your projected cash surrender values available for withdrawal. The following illustration is for a policy without any riders and when the minimum sum assured is opted for.
**The projected cash surrender values in the above table are calculated by using gross investment returns of 6% and 10 % and applying the relevant charges.
The fund value shown under Secure, Balanced and Growth has been calculated assuming the same unit growth rate for illustration purposes. The actual fund value will depend on both the investment performance and the charges applicable in respect of each fund.
These assumed rates of return are not guaranteed and are not the upper or lower limits of what you might get back.
If required you can cash in your policy at any time after the completion of the first 3 years subject to a charge. However after 30 years you may cash in your policy without any charge.
Partial withdrawals
If required you can make partial withdrawals (minimum Rs. 10,000) from the fourth year, provided that the immediate fund value after withdrawal is not less than Rs. 50,000. The withdrawal amount of the two preceeding years will be reduced from your life cover.
Should the unforeseen happen?
In the unfortunate event of your death or if jointly assured the prior death of your spouse, the following payments would be made.
- Higher of sum assured or fund value will be paid.
- The sum assured will be reduced by all partial withdrawals made in the two preceeding years.
What are the riders I can opt for?
Apart from the life cover, LifeLong offers extra protection through the following optional riders.
- Accidental death benefit: Doubles the original life cover providing high family security in the event of accidental death.
- Critical illness cover: Financial assistance for you in the case of a critical illness. You could choose your cover up to a maximum of Rs. 1.5 million.
- Hospital income benefit: Provides a daily cash payment of Rs. 5000 from the first day onwards if you are hospitalized for over three days. This sum is doubled if admitted to the intensive care unit.
These riders need to be opted for at the inception of the policy and will cease at 65 years of age.
What is a joint life policy?
A joint life policy can be obtained for you and your spouse. In the event of the death of either party the policy will cease and the surviving policyholder will receive the sum assured or fund value - whichever is higher.
What happens if the plan lapses?
If you don't pay your premiums during the first 3 years, the plan will lapse.
However, if you have paid for 3 years or more you can cash-in your plan at the respective unit prices subject to a charge.
Alternatively, you can let your fund grow without the benefit of a life cover or exercise the option to continue the policy with the full sum assured. In such a case the policy will continue till the fund value is insufficient to meet the cost of the life cover and other expenses.
For full product details please refer the policy document.
Two forces combine to give you a unique product
Standard Chartered Bank and Eagle Insurance have joined forces to give you an investment option with the added benefit of life insurance. With both organizations at the fore-front of their respective industries you can rest assured that you and your loved ones are in safe hands.
Eagle Insurance
Eagle is a company that has been built and strengthened by a solid foundation of core values ensuring professionalism, prudence, good governance, transparency and social responsibility in everything we do. Eagle is proud to be a member of the AVIVA group. Aviva is the world's oldest insurance group, with a history dating back 300 years to 1696. Today it is the world's fifth-largest insurance group and the biggest in the UK. The Group has 58,000 employees serving 35 million customers in over 25 countries with more than Sterling Pounds 332 billion assets under management.
