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Term Life

Introduction

In today's uncertain world, protecting your loved ones' financial future is paramount. Term life insurance offers an affordable way to provide that security. OCBC Protect, exclusively designed for OCBC cardholders, presents two comprehensive plan options: OCBC Protect Classic and OCBC Protect Prime. These plans offer essential coverage against life's unexpected events, ensuring peace of mind for you and your family. Whether you're seeking basic protection or enhanced coverage including critical illness benefits, OCBC Protect has a solution tailored to your needs.

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Coverage and Benefits

OCBC Protect offers a range of comprehensive benefits to safeguard you and your loved ones. From death coverage to disability protection and critical illness benefits, these plans provide financial security when you need it most. Let's explore the key features and benefits of OCBC Protect Classic and OCBC Protect Prime.

Death Benefit

Full Sum Assured Payout. In the event of death, OCBC Protect pays out the full sum assured to your beneficiaries. For accidental death, the payout is doubled, providing extra financial support during difficult times.

No Cash Value

Pure Protection Plan. OCBC Protect is a term life insurance product, focusing on providing maximum coverage. It does not accumulate cash value over time.

No Bonuses or Dividends

Fixed Benefits. This plan does not offer non-guaranteed bonuses or dividends. The benefits are fixed based on the sum assured you choose.

Terminal Illness Coverage

Full Sum Assured Payout. If diagnosed with a terminal illness with a life expectancy of 12 months or less, OCBC Protect will pay out the full sum assured, providing financial support when it's most needed.

Total and Permanent Disability

Full Sum Assured Payout. If you suffer from total and permanent disability before the age of 65, OCBC Protect will pay out the full sum assured, helping you manage the financial impact of disability.

Critical Illness Benefit

Enhanced Protection with Prime. OCBC Protect Prime offers coverage against 29 critical illnesses. It pays out 20% of the sum assured upon diagnosis, providing financial support for treatment and recovery.

Policy Terms and Conditions

Understanding the terms and conditions of your OCBC Protect policy is crucial for making an informed decision. This section outlines key aspects of the policy, including eligibility, duration, and flexibility options. These features ensure that your coverage aligns with your changing needs over time.

Flexible Entry Ages

Wide Age Range. OCBC Protect is available for individuals aged 16 to 70, with coverage lasting until age 70. Children can be covered from 15 days old until age 25.

Customizable Policy Terms

Lifelong Protection. The policy provides coverage until the insured reaches 70 years old, offering long-term financial security for you and your loved ones.

Automatic Renewal

Hassle-free Continuation. Your policy will be automatically renewed at the same terms, conditions, and sum assured if there are no claims and premiums are paid, ensuring continuous protection.

No Convertibility Option

Fixed Term Coverage. OCBC Protect does not offer the option to convert to a permanent life insurance policy. It remains a term life insurance product throughout its duration.

Non-Guaranteed Premiums

Subject to Review. Premium rates are not guaranteed and may be reviewed from time to time. Rates change as the insured enters higher age bands, reflecting increased risk.

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Riders

OCBC Protect offers additional coverage options through riders, allowing you to customize your policy to better suit your needs. These riders enhance your protection and provide extra financial support in specific situations. Here are the key riders available with OCBC Protect:

Accidental Death Benefit

Double Protection. This built-in feature doubles the sum assured payout in case of accidental death, providing extra financial support for your beneficiaries.

Partial and Permanent Disability

Accident Coverage. If you suffer partial and permanent disability due to an accident before age 65, a percentage of the sum assured is paid out based on the severity of the disability.

Claims and Customer Service

Filing a claim or seeking customer support for OCBC Protect is designed to be straightforward and efficient. Policyholders should notify Income Insurance Limited within 90 days of the event giving rise to the claim. Claims can be initiated by contacting Income's customer service at 6332 1133 or via email at [email protected]. For detailed claim requirements and documentation, customers are advised to refer to their policy contract or visit Income's official website. Income provides support through various channels, including in-person at their branches, over the phone, and via email, ensuring policyholders can easily access assistance when needed.

Conclusion

OCBC Protect offers valuable coverage for a variety of individuals. It's particularly well-suited for OCBC cardholders looking for affordable term life insurance with the option of critical illness coverage. Young families seeking financial protection and individuals wanting a straightforward insurance solution without cash value components may find OCBC Protect to be an excellent fit. The plan's flexibility and comprehensive coverage make it a strong contender for those prioritizing their loved ones' financial security.
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