My Family Protection Plan
My Family Protection Plan provides peace of mind to you and your loved ones by paying a lump sum on the death of the policyholder or any other family members you have chosen to protect.
- In addition to the main policyholder the following people may also be covered on payment of an additional premium: Spouse (multiple spouses allowed), Siblings (aged over 18 years) and Parents and Parents-in-law (up to age 74)
- This policy lasts for as long as the policyholder is alive.
- The Premiums are based on the age of the people covered.
- The premium is payable until death of policyholder or reaching age of 70.
- Please ask for a premium quotation from one of our Financial Services Executives or Agents.
- The Policyholder will be allowed to make monthly, quarterly, semi-annual or annual premium payments.
- If the premium is not received before the premium due date, the policy will enter a grace period. The duration of this period will be 30 days. The policyholder's life cover will remain effective during this period.
- If the premium is not received after the 30 days grace period, the policy will enter a reinstatement period. This period will last for an additional 6 months. During this period, there will be no life cover but it will be possible for the policyholder to pay a premium to restart the policy and the life coverage. Premiums missed during this period will not be clawed back. It will be possible to have a maximum of 3 reinstatement periods in the period prior to the start of the never lapse period.
- The policy will lapse if no premium is received during the reinstatement period (7 missed payments) or the policy has entered into more than 3 reinstatement periods in the first 5 years. Once the policy has lapsed it will not be possible to accept premiums into this policy and the policyholder will have to take out a new policy if cover is required.
- There will be a 6 month waiting period for non-accidental death at the start of the policy.
- Maturity Benefit
- The maturity benefit is the accumulated fund value paid at the end of the chosen term.
- Death Benefit
- The amount paid in the event of death is the sum assured plus the Premium Waiver.
- Permanent Disability and Critical Illness
- Your plan will pay out 50% of the sum assured in event of permanent disability or critical illness.
- Alternatively, the premium waiver could be activated and premiums will be paid into the Fund by Prudential Zenith Life until the maturity date.
- Premium Waiver
- This benefit will pay the premiums into the Fund in the event of death or if selected for permanent disability and critical illness.
- The amount of premium waiver paid e a c h m o n t h will be in the ratio of premiums paid to premiums due over the prior 12 month period times the regular monthly premium.