You may contribute any premium, subject to a minimum amount determined by the company from time to time. You can select the amount of life insurance coverage required today and ensure that it maintains its value in real terms by choosing automatic inflation linking. If desired, you can increase the life insurance benefit by more than the rate of inflation or decrease it to suit any new circumstances in the future, subject to the minimum coverage allowed.
A percentage of each basic premium paid is invested each month on your behalf in the interest fund. A percentage of each additional premium, whether it is a regular additional premium or a lump sum premium is invested in the Sagicor Segregated Funds (excluding the interest fund). You may determine the proportion of these additional premiums to be allocated to each fund. The basic sum insured, the returns from the interest fund, and the rider benefits, if purchased, are guaranteed. The benefits payable under the investment funds are not guaranteed, but will fluctuate with the market values of the assets supporting the funds.
You may encash units from any of the Sagicor Segregated Funds at any time (with the exception of the interest fund), subject to a minimum encashment value and a transaction fee. The transaction fee and the minimum encashment value are determined by the company from time to time. No encashments are allowed from the interest fund, which is needed to maintain your basic sum insured.
You may surrender your plan at any time for its fund value, which equals the value of all the units allocated to the plan, less a transaction fee which is determined by the company from time to time.
Life Insurance Cover
You may choose the benefit payable on death to be either the total of the basic sum insured and the fund value or the greater of the basic sum insured and the fund value. Different premium rates apply for each option. The minimum amount paid on death is the basic sum insured applicable at the date of death.
Half of this benefit, subject to a maximum amount determined by the company from time to time, is applicable on diagnosis of a terminal illness, where you are not expected to live for more than six months.
You may add to your plan any of the following additional benefits (riders) for a small extra premium:
- Accidental death and dismemberment
- Total disability waiver of premiums
- Payer waiver of premiums
- Protectors/Personal Accident
- Supplemental Term