Report on "SecureLife Plus" Life Insurance Scheme by Universal Assurance Corp
Introduction:
"SecureLife Plus" is a comprehensive life insurance scheme designed to provide financial protection, savings, and investment opportunities to individuals and families. Offered by Universal Assurance Corp, one of the leading insurance companies in the market, this scheme aims to meet the diverse needs and preferences of policyholders while ensuring long-term financial security and peace of mind.
Key Features of SecureLife Plus:
1. Coverage Options:
SecureLife Plus offers flexible coverage options to suit the varying needs and budgets of policyholders. Customers can choose from multiple coverage levels based on their age, income, financial goals, and risk appetite. The scheme provides customizable coverage amounts, ranging from basic life insurance protection to comprehensive coverage with additional riders and benefits.
2. Death Benefit:
In the event of the policyholder's demise during the coverage period, SecureLife Plus provides a death benefit to the nominee or beneficiaries designated by the policyholder. The death benefit is paid out as a lump sum or in installments, depending on the policy terms and payout options chosen by the insured. The sum assured can help cover funeral expenses, outstanding debts, mortgage payments, and provide financial support to surviving family members.
3. Maturity Benefit:
SecureLife Plus offers a maturity benefit to policyholders who survive the entire policy term. Upon maturity of the policy, the insured receives a lump sum amount or accumulated savings, including bonuses, dividends, and investment returns, if applicable. The maturity benefit provides a financial cushion for retirement planning, education expenses, healthcare costs, or any other long-term financial goals.
4. Premium Payment Options:
Policyholders can select from various premium payment options based on their preferences and financial capabilities. SecureLife Plus offers flexible premium payment terms, including single premium, annual, semi-annual, quarterly, or monthly payment modes. Customers can choose the payment frequency that best fits their cash flow and budgetary requirements.
5. Bonus and Dividend Declarations:
Universal Assurance Corp periodically declares bonuses and dividends to policyholders participating in the SecureLife Plus scheme. Bonuses are typically declared based on the company's financial performance, investment returns, and actuarial assessments. Policyholders have the option to receive bonuses in cash, accumulate them as additional coverage, or utilize them to purchase paid-up additions or riders.
6. Riders and Add-On Benefits:
SecureLife Plus offers a range of optional riders and add-on benefits to enhance the coverage and flexibility of the policy. Policyholders can customize their insurance plan by adding riders such as accidental death benefit, critical illness cover, disability income rider, waiver of premium, hospital cash, term rider, or child education rider. These riders provide additional financial protection against specific risks and contingencies, complementing the core life insurance coverage.
7. Loan Facility:
Policyholders can avail themselves of a loan facility against the cash value or surrender value of their SecureLife Plus policy. The loan amount is typically a percentage of the policy's accumulated savings and is subject to interest charges and repayment terms specified by Universal Assurance Corp. The loan facility provides policyholders with liquidity and financial flexibility during emergencies or unforeseen expenses without surrendering their policy.
8. Surrender Value:
SecureLife Plus offers a surrender value to policyholders who wish to terminate their policy before the maturity date. The surrender value represents the accumulated savings, bonuses, and investment returns earned by the policy over the years, net of any applicable charges, fees, and deductions. Policyholders can surrender their policy and receive the surrender value as a lump sum payment, subject to surrender charges and policy terms.
9. Tax Benefits:
SecureLife Plus offers tax benefits to policyholders under the prevailing tax laws and regulations. Premiums paid towards the policy are eligible for tax deduction under Section 80C of the Income Tax Act, providing tax savings to the insured. Additionally, death benefits and maturity proceeds received under the policy may be tax-exempt under Section 10(10D), subject to certain conditions and limits prescribed by the tax authorities.
10. Flexibility and Portability:
Universal Assurance Corp provides flexibility and portability features to policyholders enrolled in the SecureLife Plus scheme. Policyholders can make changes to their coverage, premium payments, riders, and beneficiary nominations as per their evolving needs and circumstances. Additionally, policyholders have the option to transfer their policy to another insurance company or convert it into a different plan within Universal Assurance Corp's product portfolio, subject to applicable terms and conditions.
Conclusion:
"SecureLife Plus" by Universal Assurance Corp is a versatile and customer-centric life insurance scheme that offers comprehensive coverage, savings, and investment opportunities to individuals and families. With its flexible features, customizable options, and value-added benefits, SecureLife Plus provides policyholders with financial security, peace of mind, and long-term prosperity. As a trusted partner in financial planning and risk management, Universal Assurance Corp continues to innovate and adapt its life insurance offerings to meet the evolving needs and aspirations of customers in today's dynamic and uncertain world.
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