DECREASING TERM ASSURANCE

The untimely death of an individual puts financial burden on the family of the deceased. The burden multiplies if the deceased had also taken a mortgage or loan to build a house, invest in property, purchase a car or create an asset for the family. The grieved family then find themselves in a very drastic situation as not only have they to manage their personal expenses in the absence of the bread earner but also have to settle the unpaid loan.

Jubilee Life offers the Decreasing Term Assurance Plan to offset the troubled family's financial burden.

  • In the event of death of the Insured, at low premium cost a sum assured is paid to beneficiaries to enable them to settle unpaid loans & mortgages and use the remaining amount to meet immediate expenses.
  • As the outstanding loan amount decreases so does the sum assured on a yearly basis during the term of the policy.
  • Premium payments can be made as below:
    • Single Premium Payment - payable just once at the inception of the policy;
    • Regular Premium Payments as
      • Monthly
      • Quarterly
      • Half-yearly or
      • On Annual basis
  • The regular premium payment term is proportionately lesser than the coverage term i.e. premiums are payable for a lesser number of years whereas coverage is available for a greater number of years.
  • Policy term may be selected in accordance with the loan amount and the loan repayment schedule. On death of the Insured the reduced sum assured is paid to the beneficiaries and cover ceases.

For plan description, definitions and terms please refer to the brochure and standard policy conditions.


OPTIONAL BENEFITS

Waiver of Premium (WOP):
Your premium from the next premium due date will be paid by Jubilee Life till the end of policy term should you suffer a disability and are not able to follow your own occupation or any other occupation due to this disability. An additional premium will be charged. Terms & conditions apply.

PREMIUM PAYMENT OPTIONS

The premium payment options are:

  • Single Installment -- payable just once at the inception of the policy;
  • Regular Premium -- payment tendered in monthly, quarterly, half yearly or annual installments.

The regular premium payment term is proportionately lesser than the coverage term i.e. premiums are payable for a lesser number of years whereas coverage is available for a greater number of years. Policy term may be selected in accordance with the loan amount and the loan repayment schedule.

ADMISSIBLE AGES & TERMS

Persons between the age of 18 to 60 are eligible for insurance under the Decreasing Term Assurance Plan. The person may choose a policy coverage term of the 10, 12, 15, 18, 20 and 25 years of Regular Premium Payments and between 3 to 15 years for Single Premium Payment provided the period of cover should not extend beyond the Insured’s 60th birthday.

HOW TO APPLY

  • Choose the Amount of Basic Cover and the Policy Term.
  • Choose, if you so wish, the available supplementary benefit.
  • Calculate premium.
  • Fill the application form and make online premium payment using Credit/Debit Card.