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Term Life

Introduction

In today's uncertain world, protecting your loved ones financially is more important than ever. Term life insurance offers an affordable way to provide that protection, and SAFRA Essential Term stands out as an excellent option. This policy, underwritten by Income Insurance Limited, provides comprehensive coverage at competitive rates. With its flexible terms and additional benefits, SAFRA Essential Term is designed to give SAFRA members and their families peace of mind and financial security when they need it most.

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Coverage and Benefits

SAFRA Essential Term offers a range of valuable benefits to policyholders. From death coverage to disability protection, this policy is designed to provide comprehensive financial security. Let's explore the key features that make this term life insurance product stand out.

Death Benefit

Financial protection for loved ones. The policy pays out the full sum assured to beneficiaries in the event of the insured's death. An additional 25% of the sum assured is paid if death is due to an accident.

No Cash Value

Pure protection focus. SAFRA Essential Term is a term life policy with no cash value or savings component, allowing for lower premiums compared to whole life policies.

No Bonuses/Dividends

Straightforward coverage. This policy does not offer non-guaranteed bonuses or dividends, keeping the focus on affordable protection.

Terminal Illness Benefit

Advanced payout option. While not explicitly stated, many term life policies include terminal illness coverage, typically advancing the full death benefit if diagnosed.

TPD Coverage

Disability protection included. The policy covers Total and Permanent Disability (TPD) before age 65, paying out the full sum assured plus 1% monthly for up to 24 months.

Partial Disability Benefit

Additional protection. SAFRA Essential Term offers payouts for Partial and Permanent Disability due to accidents, based on a Table of Compensation for specific injuries.

Policy Terms and Conditions

Understanding the terms and conditions of your insurance policy is crucial for making an informed decision. SAFRA Essential Term offers flexibility in various aspects, from entry ages to renewability options. Let's delve into the key policy terms that shape this insurance product.

Entry Ages

Wide age range accepted. SAFRA Essential Term is available for individuals aged 16 to 60 at entry, with coverage extending up to age 70.

Policy Terms

Long-term coverage. The policy provides protection until age 70, offering long-term financial security for you and your loved ones.

Renewability

Automatic renewal. The policy is automatically renewed for the same terms, conditions, and sum assured if there are no claims and premiums are paid.

Convertibility

No conversion option. The product details do not mention any option to convert this term policy to a permanent life insurance policy.

Premium Guarantees

Age-based premiums. While premiums are not guaranteed and may be reviewed, they are based on the insured's age next birthday and increase as the insured enters higher age bands.

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Riders

SAFRA Essential Term focuses on providing core life insurance protection without additional riders. This streamlined approach allows for more affordable premiums while still offering comprehensive coverage for death, total and permanent disability, and partial disability due to accidents. The absence of riders keeps the policy simple and easy to understand, making it an attractive option for those seeking straightforward term life insurance protection.

Claims and Customer Service

Filing claims and accessing customer support for SAFRA Essential Term is designed to be straightforward. Policyholders can initiate claims by submitting completed claim notification forms along with required proof of loss within 90 days of the event. For specific claim requirements and documentation, it's advisable to refer to the policy documents or contact Income Insurance Limited directly. Customer support can be reached via phone at 6332 1133 or email at [email protected]. SAFRA members can also contact SAFRA at 6377 9147/9144 for assistance. It's important to keep policy documents and contact information readily available to ensure a smooth claims process when needed.

Conclusion

SAFRA Essential Term is an excellent choice for SAFRA members seeking affordable and comprehensive term life insurance. It's particularly well-suited for young families looking for substantial coverage at competitive rates, individuals wanting protection against total and partial disability, and those desiring straightforward life insurance without complex features. The policy's flexibility and range of benefits make it a versatile option for many financial protection needs.
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