The benefits of LifePlan are split into three different categories.
These are Core Benefits (mandatory), Additional Benefits (these can be added onto the policy at an additional cost) and Added Extras (these are added onto the policy at no additional cost).
The benefits are as follows:
Primary life cover Life cover is the core benefit offered by LifePlan.
On the death of the life assured, a cash sum will be paid out.
The initial maximum sum assured is USD7,500,000 (or currency equivalent).
Accidental death benefit
Accidental death benefit doubles the amount of life cover (both primary life and term) that is in force up to an initial maximum of USD500,000.
It is paid should the life assured die in an accident, or up to 90 days after due to any injuries sustained.
Critical illness cover
Critical illness cover will advance a portion of the sum assured if the life assured is diagnosed with a covered critical illness or undergoes a covered medical procedure.
Any amount can be selected between USD45,000 and the maximum of USD750,000 (or currency equivalent) at time of issue.
The maximum age at entry for critical illness cover is 59.
The waiting period before this benefit starts is 90 days after the policy is issued.
Term critical illness cover
Term critical illness cover allows the policy owner the option of purchasing critical illness cover so long as the policy owner has already purchased the term life cover.
The minimum and maximum amounts that can be taken are the same as the whole of life critical illness cover.
Term life cover
The policy owner can buy additional coverage on a term basis to cover any short term needs.
Any amount can be selected up to the maximum value of benefits of USD7,500,000.
This benefit is available on a limited term of between 5 and 61 years, although coverage cannot be extended beyond the life assured’s 80th birthday.
Waiver of premium benefit
While the life assured is injured or taken ill and unable to work in either their own or another suitable occupation for more than 6 months, waiver of premium will keep the cover going by paying the premiums automatically.
This benefit terminates at age 65 or the end of the premium payment term if earlier.
Total and permanent disability
If critical illness cover is purchased for the life assured, the policy will also cover the life assured should they become totally and permanently disabled, and as a result are unable to return to any form of paid employment.
Long term care
If the life assured takes out critical illness cover; after the age of 65 the policy will cover the life assured should they need help carrying out their normal day to day activities.
Terminal illness benefit
Should the life assured be diagnosed with any illness that will lead to death within 12 months the sum assured will be paid out in advance.
Passive war cover
There is no exclusion for passive war risks. This means that if the life assured were the innocent victim of an act of war or terrorism then RL360 would consider the claim.
In the event of the death of the life assured in a country other than their home country, LifePlan will pay out an immediate advancement of USD7,500 (or currency equivalent) of the sum assured to help with any associated costs.
Children’s critical illness cover
Where critical illness cover is purchased for the life assured, RL360 include up to 3 of their children for critical illness cover, provided they are in good health and between 1 and 18 years of age.
RL360 include up to USD15,000 of coverage free of charge.
If the life assured dies as a fare-paying passenger on a commercial airline, RL360 double the effective primary life cover up to USD1,000,000 in addition to the sum assured.
This benefit has no cost to the policy owner.
Benefit indexation option
All whole of life related benefits (such as primary life and critical illness cover) can be indexed at a simple annual rate of either 5% or 10%.
If this option is selected, premiums must be indexed by at least the same percentage.
Premium indexation option
Policy owners can choose to increase their premiums at a simple annual rate of either 5% or 10% to increase their contributions to the fund values.
Guaranteed insurability option
LifePlan will expand with your family’s growing protection needs.
Upon notification that new members have joined your family, either through marriage or through birth, RL360 will increase the size of your sum assured.
There is no need to undergo further medical testing.
Temporary accidental death benefit
This benefit will provide temporary cover from when RL360 receive the completed application form and valid method of payment until you are in safe receipt of the policy schedule.
If the life assured were to die in an accident before the policy documentation is issued, RL360 would pay out a lump sum of up to USD75,000 (or currency equivalent).
Vanishing premium option
Policy owners can choose to pay for the policy over a specified period of time. This is often referred to as a vanishing premium term.
The option allows them to select how long they want to be paying premiums for.
Benefits can be indexed even if they are being paid for on a vanishing premium basis.