Protection Plans

If there can be one certainty in life, it is that it only takes one second for everything to go sideways.

Nonetheless, meaningful choices are still within our hands and the insurance that everything will still be fine for others we leave behind resides in the magnitude of our vision.

With the endeavor to help you cope with the unpredictability of life, ILA has designed a series of Protection plans to help your loved ones overcome the arising uncertainties and doubts following an incident, through a reliable financial security.

ISLAND LOAN COVER PLAN

Decreasing Term Assurance (DTA)

Our Loan Cover Plan is a pure life cover plan designed to give you the necessary protection, as required by law, in the event that you decide to contract a loan. The initial sum assured of the policy will decrease in line with the repayment of your loan. The reduced sum assured is referred to as ‘Sum at Risk’.
It can be set up by a single person or a couple. The minimum age at entry is 18 years and maximum is 65 years provided age at maturity does not exceed 75 years.

ISLAND LOAN COVER PLAN DETAILS

ISLAND PROTECT PLAN

Level Term Assurance (LTA)


Our Protect Plan is a pure life cover plan designed to give you and your family the peace of mind that you need. It
pays out the Sum Assured in case of a claim
It can be set up by a single person or a couple. The minimum age at entry is 18 years and maximum is 65 years
provided age at maturity does not exceed 75 years.

ISLAND PROTECT PLAN DETAILS

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ISLAND LOAN COVER PLAN

POLICY TERM AND PREMIUM
The term of the plan and the sum assured are determined at the outset based on decreasing of cover that the person requires for financial planning purposes. 

Premiums are payable during the full term of the selected period and it is based on the age(s), selected term and the sum assured at inception. Alternatively, a single premium can be paid to cover the whole term.

THE BENEFITS
In the event of your untimely death (or your spouse, in case of a joint policy) occurring WITHIN THE POLICY TERM, the Loan Cover Plan will pay the sum at risk applicable at the date of death and the policy will expire. Similarly, if TPD and/or CI has been opted for the sum at risk applicable at the time of the event is paid and the policy will expire It is to be noted that if death or none of the events, mentioned below, do not occur during the term of the policy, nothing is paid at the end and the policy expires.

Minimum Age at Entry 18 Years
Maximum Age at Entry 65 Years
Premium payment option   Monthly, Quarterly, Semi-Annual, Annual, Single
Premium discounts
  • 3.00% on Annual Mode
  • 1.50% on Semi-Annual Mode
  • 0.75% in Quarterly Mode

 

OTHER SUPPLEMENTARY BENEFITS

Total & Permanent Disability (TPD) The Total & Permanent Disability benefit will pay the sum at risk applicable should you (or your spouse, in case of a joint policy) become totally & permanently disabled as defined in the policy conditions and the policy ends.
Critical Illness (CI) The Critical Illness cover will pay the sum at risk applicable should you (or your spouse, in case of a joint policy) be diagnosed with a range of specific illnesses as defined in the policy conditions and the policy ends.

*REFUND OF PREMIUMS RIDER VERSION
For an added premium, you may opt for our Island Loan Cover Refund Plan where a proportion of your basic premiums, as set out below, will be refunded to you, without interest, at the end of the policy term provided that there is no claim on the policy.

Terms from 11 to 14 years   Refund of 75% of premiums paid
Terms from 15 years & above   Refund of 100% of premiums paid 

*This benefit is not available for terms which are less than 11 years

Our Island Loan Cover Plans offers you protection and peace of mind.

 

 

 

Download Brochure Get a quote

ISLAND PROTECT PLAN

POLICY TERM AND PREMIUM
The term of the plan and the sum assured are determined at the outset based on level of cover that the person
requires for financial planning purposes.

Premiums are payable during the full term of the selected period and it is based on the age(s), selected term and the
sum assured at inception.

THE BENEFITS
In the event of your untimely death (or your spouse, in case of a joint policy) WITHIN THE POLICY TERM, the sum assured of the Protect Plan becomes payable and the policy ends. Similarly, if TPD and/or CI has been opted for the sum assured is paid and the policy will expire It is to be noted that if death or none of the events, mentioned below, do not occur during the term of the policy, nothing is paid at the end and the policy expires.

Minimum age at entry  18 years 
Maximum age at entry  65 years
Premium payment option           Monthly, Quarterly, Semi-Annual, Annual        
Premium discounts
  • 3.00% on Annual Mode
  • 1.50% on Semi-Annual Mode
  • 0.75% in Quarterly Mode

OTHER SUPPLEMENTARY BENEFITS

Total & Permanent Disability (TPD)  The Total & Permanent Disability benefit will pay the basic sum assured should you (or your spouse, in case of a joint policy) become totally & permanently disabled as defined in the policy conditions and the policy expires. 
Critical Illness (CI)  The Critical Illness cover will pay the basic sum assured should you (or your spouse, in case of a joint policy) be diagnosed with a range of specific illnesses as defined in the policy conditions and the policy expires.

*REFUND OF PREMIUMS RIDER VERSION

For an added premium, you may opt for our Island Protect Refund Plan where a proportion of your basic premiums,as set out below, will be refunded to you, without interest, at the end of the policy term provided that there is no claim on the policy.

Terms from 11 to 14 years

Refund of 75% of premiums paid

Terms from 15 years & above

Refund of 100% of premiums paid

*This benefit is not available for terms which are less than 11 years

Our Island Protect Plans offers you protection and peace of mind.

 

 

Download Brochure Get a quote

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