On Survival till maturity, total premiums paid till date are returned to the Life Assured
and the policy terminates.
An optional term life rider with sum assured up to RM300,000 per life assured
is also available with no underwriting or medical check-up.
The plan has an in-built premium waiver benefit which would waive all the future premiums in case the life assured
is diagnosed with any of the covered 'major stage critical illnesses'.
She will probably have to complete a health questionnaire as the life assured
- but there are some that accept no evidence.
Term assurance is a type of life insurance which will pay out a cash lump sum on death of the life assured
during the term of the policy.
I regularly see examples of a life assurance being arranged where the plan owner is also the life assured
and on their death, the cheque is paid to them.
Richard explains that this works by paying out the whole sum assured if the life assured
is diagnosed with less than 12 months to live.
Life cover is designed to pay out a lump sum on the death of the life assured
The products were single-premium life assurance contracts, under which a lump sum was invested for the customer until the bond was either cashed in or until the death of the last life assured
These policies have no cash values on cancellation and typically increase in premium each year, as the life assured
A Relevant Life Policy must provide only for a lump sum benefit payable on the death of the life assured
before age 75 It must not be capable of having a surrender value and the benefit must be payable to an individual or charity (either direct or via a trust) The main purpose of the policy must be the provision of life assurance protection, not tax avoidance.
e who is the life assured
and who is the proposer, one can actually deduct any endowment policy's premiums for tax purposes arguing that such policy's premiums are tax deductible because the policy will be used for a child's tertiary education.