General Information
The premium for these plans is not invested but is allocated solely for the insurance cover of the individual’s life. The capital of the Term Assurance Policy is only paid on the death of the life assured during the term of the Policy. A plan of this nature is offered either as a stand alone policy or as a rider to other Basic Plans and since it has no investment cover and, consequently no surrender value, it cannot be converted into a Paid Up policy. The purpose of these plans is the provision of insurance cover for the loss of life for a predefined duration of time. These plans cover all war risks other than those associated with military flights. In the event of the life assured committing suicide within the first 12 months from the inception of the Policy or its reinstatement, the Company’s liability is limited to the interest free return of the premiums paid for the basic life policy. Term assurances can be offered either as Convertible or Non Convertible.
Simple Convertible Term Assurance
In the event of the death of the Life Assured before the expiry of the Policy, the Company shall pay to the persons entitled thereto the sum assured. The Policy may during its validity and prior to its expiry date be converted to any type of life policy issued at the time by the Company other than any type of Term Assurance on payment of the regular premium charged at the time by the Company, without demanding any certificates of insurability, provided that all the following conditions are met:
Non Convertible Term Assurance
Reducing Capital Term Assurance
The sum assured shall be reduced at each policy anniversary in accordance with the table of reduced capital forming part of the Policy. The premium shall remain steady for the whole term
of the Policy.
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