MoreCover Endowment Plan
The MoreCover Endowment Plan is a combination of life assurance and savings that provides for the payment of a lump sum of money at maturity or on death before the maturity date. The lump sum on death is payable to your estate, nominated beneficiary or cessionary.
Major Benefits
- Replaces lost income for the family when the breadwinner or insured dies.
- Pays the life assured's final expenses such as outstanding debts and loans.
- Provides savings for future use, such as paying education fees for your children or starting an income-generating project.
- Creates an inheritance for heirs or dependents.
- Protects accumulated wealth through the payment of estate duty obligations.
- Can provide security for a bank or mortgage loan if the lender finds it acceptable.
Terms and Conditions
- One can choose a policy term of between 10 and 20 years that best suits one’s protection and savings objectives.
- The Policy has a waiting period of six (6) months which is not applicable on accidental death.
- During the first two years from the commencement date, the Policy will lapse if a premium is not paid within the grace period of one calendar month. However, the Policy can be reinstated within six months from the date of lapse, subject to terms and conditions.
- The Policy can be converted to a paid-up option after two years of premium payments.
- The Policy can also be surrendered after two years of premium payments.
- After a period of five (5) years, the Policy allows for partial cash withdrawals to meet unexpected living expenses.
- Optional benefits such as Accident Cover and Waiver of Premiums on Disability can be added to enhance the basic cover.
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