Plans

  • Protection & Investment

    ISLAND LIFE ASSURANCE

    Our Protection &
    Investment Plans

    Every dawning day offers a world of infinite opportunities to grow:
    our set of long and short-term goals may it be financially, career-wise or from a more personal and introspective point of view.

    Having understood the seamless interweaves between all the aspects of growth, ILA has developed tailor-made wealth accumulation plans that both preserve and grow your investment taking you closer to your next milestones of achievement.

    A truly innovative and unique insurance plan which has been designed to pay up to FOUR times the basic sum assured, upon the happening of certain events. Being a ‘cash back’ plan, a percentage of the basic sum assured is payable every 5 years.

    Term

    10 Years

    15 Years

    20 Years

    25 Years

    Duration

    Payment of the basic sum assured

    End of 5 Years

    20 %

    20 %

    20 %

    15 %

    End of 10 Years

    80 %

    20 %

    20 %

    15 %

    End of 15 Years

    60 %

    20 %

    15 %

    End of 20 Years

    40 %

    15 %

    End of 25 Years

    40 %

    Our Cash Back Plan is available in two versions
    a) Without-Profits – (Cash Back Plan) means that you will receive the basic sum assured in five-yearly instalments only.
    b) With-Profits – (Cash Back Plus Plan) which means that your plan will attract bonuses (which is calculated on the basic sum assured) and payable together with the last instalment.

    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.

    Policy Term and Premium

    The term of the plan and the basic sum assured are determined at the outset either based on a loan amount or according to the means of the person for financial planning purposes. The plan is subject to a minimum premium per month which is illustrated below.

    Term

    10 Years

    15 Years

    20 Years

    25 Years

    Minimum Monthly Premium

    Rs 1,000/-

    Rs 1,250/-

    Rs 1,500/-

    Rs 1,750/-

    Based on the modality of payment of the premiums, a discount is available as per table below:

    Mode of Payment

    Monthly

    Quarterly

    Half-Yearly

    Yearly

    Discount Available

    No Discount

    0.75%

    1.50%

    3.00%

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

    The Benefits

    In the event of your untimely death (or your spouse if a joint policy), we have built into the Cash Back plan an amount of death benefit which is equivalent to TWO times the basic sum assured.

    You have the option to increase the death benefit up to FOUR times the basic sum assured.

    In our with-profits version, bonuses (which is calculated on the basic sum assured) is paid in addition to the death benefit.

    Other Supplementary Benefits

    Total & Permanent Disability (TPD)

    The Total & Permanent Disability benefit will pay an amount equivalent to the death benefit in the event if you (or your spouse, in case of a joint policy) should become totally & permanently disabled as defined in the policy conditions and the policy ends.

    Critical Illness (CI)

    Likewise, the Critical Illness cover will pay an amount equivalent to the death benefit in the event if you (or your spouse, in case of a joint policy) should be diagnosed with a range of specific illnesses as defined in the policy conditions and the policy ends.

    Extra Death Cover

    To give you that extra amount of protection, you can increase the;

    • Death cover
    • Total & Permanent Disability cover
    • Critical Illness cover

    to up to FOUR times the basic sum assured by opting for one of the following versions of our Cash Back Plan.

    Death Cover

    CASH BACK PLUS PLAN (with Profits)

    (i.e. payable with Bonuses accrued on the Basic Sum Assured)

    CASH BACK PLANS (without Profits)

    *2 x Sum Assured

    Duo Cash Back Plus Plan

    Duo Cash Back Plan

    3 x Sum Assured

    Trio Cash Back Plus Plan

    Trio Cash Back Plan

    4 x Sum Assured

    Quad Cash Back Plus Plan

    Quad Cash Back Plan

    * Please note the plan has a double sum assured built in as death benefit.

     

    Example of Benefits

    In the event of the untimely death before the maturity date, under a Quad Cash Back Plan FOUR times the basic sum assured becomes payable and the policy ends. Similarly, if TPD and/or CI has been opted for FOUR times the basic sum assured becomes payable and the policy ends

    The FOUR times life cover can come in very useful if you are taking any kind of loan. See example below:-

    Scenario: Loan amount Rs 1,000,000/-, Term 20 years, Collateral Security = Quad Cash Back Plus Plan (i.e. With Profits)

    • Basic sum assured – Rs 250,000/- (with Death, Total disability & Critical illnesses benefits).
    • Level of Cover in case of Death, TPD, or CI – Rs 1,000,000
    • Loan of Rs 1,000,000/- will be fully covered during the whole 20-year period.
    • During the repayment of the loan, you will cash back specific percentage of the Basic Sum Assured (as described in the table above) every five years
    • The amount/s cashed back can be used either to accelerate the repayment of your loan or for your own personal use
    • Your loan remains covered for Rs 1,000,000 even after you cash back the instalments of your Basic Sum Assured
    • End of loan and term of your policy, last instalment plus bonuses calculated on the basic sum assured of Rs 250,000 is paid.

    Our Cash Back plan offers you peace of mind and financial planning all in one policy.

    2. Island Savings Plan

    The Savings plan is a comprehensive insurance policy offering you both protection and savings simultaneously, so that you have the peace of mind that you need.

    Our flexible Savings Plan has been designed to cater for individual circumstances and can provide up to FOUR times the basic sum assured as cover that you and your family will need should you (or your spouse in case of a joint policy) become critically ill, totally and permanently disabled or lose your life.

    Our Savings Plan is available in two versions
    a) Without-Profits – (Savings Plan) means that you will receive the basic sum assured only.
    b) With-Profits – (Savings Plus Plan) which means that your plan will attract bonuses (which is calculated on the basic sum assured) and is payable on the date of death or maturity.

    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.

    Policy Term and Premium

    The term of the plan and the basic sum assured are determined at the outset either based on a loan amount or according to the means of the person for financial planning purposes. In order to provide you with good cover plus other benefits, we have set the minimum premiums as follows:

    Term

    5 to 10 Years

    11 & Above Years

    Minimum Monthly Premium

    Rs 2,000/-

    Rs 1,000/-

    Based on the modality of payment of the premiums, a discount is available as per table below:

    Mode of Payment

    Monthly

    Quarterly

    Half-Yearly

    Yearly

    Discount Available

    No Discount

    0.75%

    1.50%

    3.00%

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

    The Benefits

    In the event of your untimely death (or your spouse if a joint policy), we have built into the Savings plan an amount of death benefit which is equivalent to TWO times the basic sum assured.

    You have the option to increase the death benefit up to FOUR times the basic sum assured.

    In our with-profits version, bonuses (which is calculated on the basic sum assured) is paid in addition to the death benefit.

    Other Supplementary Benefits

    Total & Permanent Disability (TPD)

    The Total & Permanent Disability benefit will pay an amount equivalent to the death benefit in the event if you (or your spouse, in case of a joint policy) should become totally & permanently disabled as defined in the policy conditions and the policy ends.

    Critical Illness (CI)

    Likewise, the Critical Illness cover will pay an amount equivalent to the death benefit in the event if you (or your spouse, in case of a joint policy) should be diagnosed with a range of specific illnesses as defined in the policy conditions and the policy ends.

    Extra Death Cover

    To give you that extra amount of protection, you can increase the;

    • Death cover
    • Total & Permanent Disability cover
    • Critical Illness cover

    to up to FOUR times the basic sum assured by opting for one of the following versions of our Savings Plan.

    Death Cover

    SAVING PLUS PLAN (with Profits)

    (i.e. payable with Bonuses accrued on the Basic Sum Assured)

    SAVINGS PLANS (without Profits)

    1x Sum Assured

    Single Savings Plus Plan

    Single Savings Plan

    2 x Sum Assured

    Duo Savings Plus Plan

    Duo Savings Plan

    3 x Sum Assured

    Trio Savings Plus Plan

    Trio Savings Plan

    4 x Sum Assured

    Quad Savings Plus Plan

    Quad Savings Plan

    Example of Benefits

    In the event of the untimely death before the maturity date, under a Quad Savings Plan FOUR times the basic sum assured becomes payable and the policy ends. Similarly, if TPD and/or CI has been opted for FOUR times the basic sum assured becomes payable and the policy ends.

    The FOUR times life cover can come in very useful if you are taking any kind of loan. See example below:-

     

    Scenario : Loan amount Rs 1,000,000/-, Term 20 years, Collateral Security = Quad Savings Plus Plan (i.e. With Profits)

    • Basic sum assured – Rs 250,000/- (with Death, Total disability & Critical illnesses benefits).
    • Level of Cover in case of Death, TPD, or CI – Rs 1,000,000
    • Loan of Rs 1,000,000/- will be fully covered during the whole 20-year period.
    • End of loan and term of your policy, Sum Assured of Rs 250,000 plus bonuses calculated on the basic sum assured of Rs 250,000 is paid.

    Our Savings plan offers you protection and savings all in one policy.

    3. Island Flexible Savings Plan

    The Island Flexible Savings Plan is an investment linked plan designed to encourage individuals to save for their future. This plan provides a surrender benefit, a maturity benefit and a death benefit.

    The Practice

    The Flexible Savings Plan can be set up by a single life or joint lives. The minimum age at entry is 18 years and maximum is 60 years provided age at maturity does not exceed 65 years.

    This is an investment savings product that has both single premium and regular premium contributions. The net amount of the premium will be invested and the Company will declare investment return on the investment which will accumulate. The value of the policy at any time will be referred to as the Personal Private Account, PPA.

    Policy Term and Premium

    The term of the plan are determined at the outset and the plan is subject to a minimum premium which is illustrated below.

    Mode of Payment

    Single

    Regular

    Minimum Premium

    Rs 50,000/-

    Rs 1,000/-

    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 and may be reviewed

    Personal Private Account

    The PPA will be the accumulation of:

    • The investment premiums paid; less;
    • The management charges*; less;
    • Benefit paid out or amount partially withdrawn, if any; plus;
    • Declared investment return

    *These are stated in the policy document

    The Benefits

    Upon Death before the maturity date:
    a) Under the single premium option: A death benefit of Rs 100,000 plus PPA as at date of death becomes payable
    b) Under the regular premium option:
    1) If death occurs within the first 2 years, a death benefit of Rs 100,000 is payable;
    2) Thereafter, the sum assured plus PPA as at date of death is payable

    Upon survival up to the maturity date, the PPA becomes payable

    Cash Withdrawal

    For policies with term exceeding 15 years, the Company will offer the option for policyholders to have a partial cash withdrawal once the policy has been in force for at least 10 years. This option will be available once every 5 years and the partial withdrawal will be limited to 15% of the PPA.

    Flexible Maturity Date

    The default maturity date is set at age 65. However, the policyholder can opt for an earlier maturity date provided the policy has been in force and premiums have been paid for at least 10 years. The full PPA will be paid if the policyholder decides to discontinue the policy as from the 10th policy anniversary.

    Other Optional Supplementary Benefits

    Total & Permanent Disability (TPD)

    The Total & Permanent Disability benefit will pay an amount selected at the outset in the event if you (or your spouse, in case of a joint policy) should become totally & permanently disabled as defined in the policy conditions and the policy ends.

    Additional Death Benefit (ADB)

    The Additional Death Benefit will pay an amount selected at the outset upon death of the policyholder on top of the death benefit of Rs 100,000 as defined in the policy conditions and the policy ends.

    Example of Benefits

    Scenario:

    1) Main Life

    – 35 years (Age Next Birthday)

    2) Gender

    – Female

    3) Term of policy

    – 30 years

    4) Basic monthly premium

    – Rs 3,000/-

    5) Minimum Death Benefit

    – Rs 100,000/-

    6) Optional Benefits

    – (1) Total and Permanent Disability (TPD) – Sum assured of Rs 200,000/-
    (2) Additional Death Benefit (ADB) – Sum assured of Rs 200,000/-

    • Below is an illustration of the maturity benefits based on the above scenario:

    Estimated PPA as at maturity date* (RS)

    Conservative

    Moderate

    Assertive

    1,580,852

    1,856,539

    2,193,565

    *The above projection does not represent the minimum nor maximum values.
    The final amount payable will depend on the actual investment return earned throughout the policy term.

    • Upon death of life assured after 2 years from commencement date, total sum assured payable will amount to Rs 300,000 plus PPA as at date of death will be paid.
    • In the event of a TPD claim, a sum assured of Rs 200,000 plus PPA as at the claim date will become payable.

     

    Our Flexible plan offers you an opportunity to benefit from the market returns and financial planning all in one policy.
    It also allows you the flexibility of date in which you wish to cash the benefit.

    4. Island Prime Plan

    The Island Prime Plan is a Single Premium investment linked plan which has been carefully designed for you to invest your funds with the potential of earning good returns on your investments.

    It can be set up by a single person or a couple. The minimum age at entry are is 18 years and maximum is 65 years provided age at maturity does not exceed 75 years.

    A single premium will be payable at the start of the policy. The net amount of the premium will be invested, and the Company will declare investment return on the investment which will accumulate. The value of the policy at any time will be referred to as Policy Value.

    Policy Value

    The Policy Value will be the accumulation of: The premium; less; The management charges*; plus; Declared investment return*
    * These are stated in the policy document

    Sum Assured

    The minimum Sum Assured is 105% of the Single Premium Amount. You have the option to increase, at inception, the Sum Assured to any of the percentages mentioned in the table below.

    110%

    115%

    120%

    125%

    The Benefits

    The death benefit is the appropriate Sum Assured selected at inception or the Policy Value whichever is the higher.
    The maturity benefit will be the Policy Value

    Illustration of Death & Maturity Benefits

    Single Premium - Rs 300, 000

    Term

    5 Yrs

    10 Yrs

    Plan

    Prime Cover

    Prime Cover

    Death Cover Option

    5.00%

    5.00%

    Sum Assured (On Death)

    315,000

    315,000

    Estimated Policy Value* at maturity (Rs)

    Conservative

    Moderate

    Assertive

    342,406

    395,556

    371,867

    467,733

    389,608

    513,426

    *Note – The above projection does not represent the minimum or maximum values. The final amount payable will depend on the actual investment return earned

    5. Island Fidelity Plan

    The Island Fidelity Plan is a Single Premium investment linked plan designed to encourage existing policyholders to re-invest their survival or maturity benefits back into the company in a well-structured plan associated with good investments.

    It can be set up by a single person or a couple. The minimum age at entry are is 18 years and maximum is 65 years provided age at maturity does not exceed 75 years.

    A single premium will be payable at the start of the policy. The net amount of the premium will be invested, and the Company will declare investment return on the investment which will accumulate. The value of the policy at any time will be referred to as Policy Value.

    Policy Value

    The Policy Value will be the accumulation of: The premium; plus; The loyalty bonus (once off on single premium); less; The management charges*; plus; Declared investment return*
    (* These are stated in the policy document)

    Loyalty Bonus

    In order to encourage our existing clients to re-invest their survival or maturity benefits with us, we offer a loyalty bonus as follows:

    (a) Fidelity Plan – A loyalty bonus amounting to 0.75% of the Single Premium is offered If the existing client decides to reinvest his survival or maturity benefits
    (b) Fidelity Plus Plan – A loyalty bonus amounting to 1.50% of the Single Premium is offered If the existing client decides to reinvest his survival or maturity benefits PLUS take a regular premium policy

    The Loyalty Bonus is added to the Sum Assured as shown below

    Sum Assured

    The Sum Assured based on the term of the policy is calculated as follows:

    Term

    5 Years

    10 Years

    Sum Assured

    110% of Single Premium

    120% of Single Premium

    PLUS Loyalty Bonus

    The Benefits

    The death or maturity benefit is the Sum Assured or the Policy Value whichever is the greater.

     

    Illustration of Death & Maturity Benefits

    Single Premium - Rs 300, 000

    Term

    5 Years

    10 Years

    Plan

    Fidelity

    Fidelity Plus

    Fidelity

    Fidelity Plus

    Death Cover Option

    0.75%

    1.50%

    0.75%

    1.50%

    Sum Assured (On Death)

    332,250

    334,500

    362,250

    364,500

    Estimated Policy Value* at Maturity (Rs)

    Conservative

    Moderate

    Assertive

    345,359

    347,965

    399,976

    402,994

    357,555

    360,253

    471,768

    475,327

    375,075

    377,905

    517,854

    521,761

    * Note – The above projection does not represent the minimum or maximum values. The final amount payable will depend on the actual investment return earned

     

    This is an excellent vehicle for existing clients to re-invest their maturity or survival benefits.

  • Protection

    ISLAND LIFE ASSURANCE

    Our 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 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 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. Based on the modality of payment, of the premiums, a discount is available as per table below.

    Mode of Payment

    Monthly

    Quarterly

    Half-Yearly

    Yearly

    Discount Available

    No Discount

    0.75%

    1.50%

    3.00%

    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.

    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.

    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. Based on the modality of payment, of the premiums, a discount is available per table below.

    Mode of Payment

    Monthly

    Quarterly

    Half-Yearly

    Yearly

    Discount Available

    No Discount

    0.75%

    1.50%

    3.00%

    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.

    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)

    Likewise, 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.

  • Education

    ISLAND LIFE ASSURANCE

    Our Education Plans

    Parents always strive for the best when it comes to their children and their future. Everyone knows that in the current local context, appropriate academic qualifications are a gateway to a flourishing and secure future. Nonetheless, saving on a regular basis to ensure the academic progress of your child might have its flaws, as we are never safe from unpredicted circumstances.

    Fortunately, ILA can provide you with financial security during the key moments of your child’s life through its Education plans, optimally blending an insurance and savings plan to ensure your child’s learning curriculum never goes interrupted.

    Island Educational Plan

    Our Educational Plan has been designed to offer you with a protection so that you have peace of mind when planning your children’s academic requirements. The main purpose of this product is to cater for a basic sum assured should you become totally and permanently disabled or lose your life. Our Educational Plan is available in two versions:

    a) Without-Profits – (Educational Plan) means that you will receive the basic sum assured payable at maturity

    b) With-Profits – (Educational Plus Plan) which means that your plan will attract bonuses (which is calculated on the basic sum assured) and payable on the date of death or maturity

    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.

    Policy Term And Premium

    The term of the plan and the basic sum assured are determined at the outset according to the means of the person for financial planning purposes. The plan is subject to a minimum premium per month which is illustrated below.

    Term

    5 Years

    10 Years

    15 Years

    20 Years

    Minimum Monthly Premium

    Rs 2,000/-

    Rs 1,000/-

    Rs 1,000/-

    Rs 1,000/-

    Based on the modality of payment of the premiums, a discount is available as per table below:

    Mode of Payment

    Monthly

    Quarterly

    Half-Yearly

    Yearly

    Discount Available

    No Discount

    0.75%

    1.50%

    3.00%

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

    The Benefits

    In the event of your untimely death (or your spouse if a joint policy), we have built into the Educational plan a death benefit which is equivalent to the basic sum assured.

    On survival up to the maturity date, the Basic Sum Assured becomes payable

    In our with-profits version, bonuses (which are calculated on the basic sum assured) are paid in addition to the death benefit.

    In the event of the child’s death:
    a) A full death benefit will be paid if the child is older than 12 years;
    b) A refund of premium will be paid if the child is 12 years old or younger.

    No bonus will be paid on the death of the child in our with-profits version.

    Other Supplementary Benefits

    Total & Permanent Disability (TPD)

    The Total & Permanent Disability benefit will pay an amount equivalent to the death benefit in the event if you (or your spouse, in case of a joint policy) should become totally & permanently disabled as defined in the policy conditions and the policy ends.

    Waiver of Premium (WoP)

    All future premiums will be waived up to the maturity date. This will pay out the full sum assured on death or disability of the parent as well as provide the maturity benefit at maturity date.

    Monthly Income Benefit (MIB)

    The Monthly Income benefit will provide the child with an income on death or disability of the parent up to the maturity date. This benefit is payable on a monthly basis and will be equal to a specified percentage of the sum assured (0.25%, 0.50%, 0.75% and 1%).

    Example of Benefits

    Scenario:

    1) Plan Name

    – Educational Plus Plan (i.e. With Profits)

    2) Basic Sum Assured

    – Rs 1,000,000/-

    3) Term

    – 16 years,

    4) Optional Benefit

    – (1) – Total and Permanent Disability (TPD),
    (2) – Waiver of Premium on Death and TPD, and
    (3) – Monthly Income Benefit of 0.25% of Basic Sum Assured

    Benefits

    Either, On Survival up to Maturity Date

    – Rs 1,000,000 plus Bonus accrued up to maturity Date

    Or, In the event of the untimely death or TPD of the parent before the maturity date

    a. The basic sum assured of Rs 1,000,000 becomes payable
    b. All future premiums will be waived
    c. A Monthly Income benefit of Rs 2,500 will be paid to the child till maturity date, and
    d. On survival of the child up to the Maturity date, the Basic Sum Assured together with any accrued bonus becomes payable to the child

    In the event of the untimely death of the child occurring:

    i. before the maturity date and BEFORE the child’s 12th Birthday – All premiums paid will be refunded to the parent and the policy ends
    ii. before the maturity date but AFTER the child’s 12th Birthday – The full Basic Sum Assured, i.e. Rs 1,000,000 becomes payable to the parent and the policy ends.

    Our Educational plan offers you peace of mind and financial planning all in one policy.

  • Retirement

    ISLAND LIFE ASSURANCE

    Our Retirement Plans

    The earlier you think about retirement, the better.

    To top your pension and live more comfortably, consider subscribing to a retirement plan with ILA.

    With ILA’s special retirement plans, you can enjoy a well deserved retirement while contemplating your family’s advancement through life.

    Moreover, you can deduct the amount you contributed to the retirement plan, up to a maximum of Rs 30,000 annually, from your chargeable income.

    Island Retirement Savings Plan

    The Island Retirement Savings Plan is an investment linked plan designed to encourage individuals to save for their retirement. This plan provides a retirement benefit once the individual reaches age 65.

    Spouse Retirement Savings Plan

    The Spouse Retirement Savings Plan is an investment linked plan designed to encourage individuals to save for their spouses’ retirements. This plan is a variant of our default retirement savings plan and it promotes main lives, who already have a workplace pension scheme, to cater for their spouses’ retirement benefits.

    Island Retirement Savings Plan

    The Practice

    The Retirement Savings Plan can be set up by a single life only. The minimum age at entry is 18 years and maximum is 60 years provided age at maturity does not exceed 65 years. This is an investment savings product that has single, regular or a combination of both contributions. The net amount of the premium will be invested and the Company will declare return on the investment which will accumulate. The value of the policy at any time will be referred to as the Personal Private Account, PPA.

    Policy Term and Premium

    The term of the plan are determined at the outset and the plan is subject to a minimum premium which is illustrated below.

    Mode of Payment

    Minimum Premium

    Single

    Rs 50,000/-

    Regular

    Rs 1,000/-

    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 and may be reviewed

    Personal Private Account (PPA)

    The PPA will be the accumulation of:

    • The investment premiums paid; less;
    • The management charges*; plus;
    • Declared investment return

    *These are stated in the policy document

    The Benefits
    • Upon Death before the retirement date, the PPA as at date of death becomes payable.
    • Upon survival up to the retirement date, the PPA is converted into either of the following:
      1) A full monthly pension; or
      2) A lump sum (25% of the PPA) and a reduced monthly pension.

    An Open Market Option will be available at retirement and policyholders may choose the option that gives them optimal pension benefits, whereby 25% of the PPA will be paid in form of a lump sum at retirement date and 75% of the PPA will be bought out in form of an immediate annuity plan with a service provider licensed and authorised by the FSC.

    Other Supplementary Benefits

    Total & Permanent Disability (TPD)

    The Total & Permanent Disability benefit will pay a fixed sum assured selected at the outset in the event if you should become totally & permanently disabled as defined in the policy conditions and the policy ends provided waiver of premium has not been opted for.

    Additional Death Benefit (ADB)

    The Additional Death Benefit will pay a fixed sum assured selected at the outset upon death of the policyholder as defined in the policy conditions and the policy ends.

    Waiver or Premium (WoP) on TPD

    Future premiums will be waived and the policyholder will be entitled to the retirement benefits upon reaching retirement date.

    Example of Benefits

    Scenario:

    1) Main Life

    – 30 years (Age Next Birthday)

    2) Gender

    – Male

    3) Term of policy

    – 35 years

    4) Basic monthly premium

    – Rs 2,500/-

    5) Optional Benefits

    – (1) Total and Permanent Disability (TPD) – Sum assured of Rs 200,000/-
    (2) Additional Death Benefit (ADB) – Sum assured of Rs 200,000/-
    (3) Waiver of Premium on TPD

    Below is an illustration of the retirement benefits based on the above scenario:

    Conservative (Rs)

    Moderate (Rs)

    Assertive (Rs)

    PPA*

    1,666,418

    2,019,787

    2,468,133

    Either Full Monthly Pension**

    11,719

    14,204

    17,357

    Or Lump Sum+
    Reduced Monthly Pension**

    416,604
    8,789

    504,947
    10,653

    617,033
    13,018

    *The above projection does not represent the minimum nor maximum values.
    The final amount payable will depend on the actual investment return earned throughout the policy term.
    **The annuity rates applicable to compute the pension will be determined at the point of inception of the pension and are not guaranteed upfront.

    • Upon death of life assured before retirement date, a sum assured of Rs 200,000 plus PPA as at date of death is payable.
    • In the event of a TPD claim before retirement date, a sum assured of Rs 200,000 shall be paid and all future premiums shall be waived.

    Our Retirement Savings plan offers you an opportunity to benefit from the market returns while saving for your retirement.

    Spouse Retirement Savings Plan

    The Practice

    The Spouse Retirement Savings Plan can be set up by a single life only. The policyholder will be both the proposer and the premium payer who is not the spouse. The life assured and the person to benefit from the retirement benefits will be the spouse.

    The minimum age at entry is 18 years and maximum is 60 years provided age at maturity does not exceed 65 years. The term of the policy will be based on the Spouse’s retiring age.

    This is an investment savings product that has single, regular or a combination of both contributions. The net amount of the premium will be invested and the Company will declare return on the investment which will accumulate. The value of the policy at any time will be referred to as the Personal Private Account, PPA.

    Policy Term and Premium

    The term of the plan are determined at the outset and the plan is subject to a minimum premium which is illustrated below.

    Mode of Payment

    Minimum Premium

    Single

    Rs 50,000/-

    Regular

    Rs 1,000/-

    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 and may be reviewed.

    Personal Private Account (PPA)

    The PPA will be the accumulation of:

    • The investment premiums paid; less;
    • The management charges*; less;
    • Benefits paid out, if any; plus;
    • Declared investment return

    *These are stated in the policy document

    The Benefits
    • Upon Death of the proposer before the retirement date, a waiver of premium shall apply and the spouse may opt for his/her pension benefits once he/she reaches retirement age.
    • Upon Death of the spouse, the PPA as at date of death becomes payable.
    • Upon spouse’s survival up to the retirement date, the PPA is converted into either of the following:
      1) A full monthly pension; or
      2) A lump sum (25% of the PPA) and a reduced monthly pension.

    An Open Market Option  will be available at retirement and spouses may choose the option that gives them optimal pension benefits, whereby 25% of the PPA will be paid in form of a lump sum at retirement date and 75% of the PPA will be bought out in form of an immediate annuity plan with a service provider licensed and authorised by the FSC.

    Other Supplementary Benefits

    Total & Permanent Disability (TPD)
    For both proposer and spouse

    The Total & Permanent Disability benefit will pay a fixed sum assured selected at the outset in the event if either proposer or spouse should become totally & permanently disabled as defined in the policy conditions and the policy ends provided waiver of premium has not been opted for.

    Additional Death Benefit (ADB)
    For proposer

    The Additional Death Benefit will pay a fixed sum assured selected at the outset upon death of the proposer as defined in the policy conditions and the waiver of premium on death of proposer shall apply.

    Additional Death Benefit (ADB)
    For spouse

    The Additional Death Benefit will pay a fixed sum assured selected at the outset upon death of the spouse as defined in the policy conditions and the policy ends.

    Waiver of Premium (WoP) on TPD
    For both proposer and spouse

    Future premiums will be waived and the spouse will be entitled to the retirement benefits upon reaching retirement date.

    Example of Benefits

    Scenario:

    1) Spouse

    – 30 years (Age Next Birthday)

    2) Spouse’s Gender

    – Female

    3) Proposer

    – 35 years (Age Next Birthday)

    4) Proposer’s Gender

    – Male

    5) Term of policy

    – 35 years

    6) Basic Monthly Premium

    – Rs 2,500/-

    7) Optional Benefits

    – (1) Total and Permanent Disability (TPD) of proposer – Sum assured of Rs 200,000/-
    (2) Additional Death Benefit (ADB) of proposer – Sum assured of Rs 200,000/-
    (3) Waiver of Premium on TPD of proposer
    (4) Waiver of Premium on death of proposer

    Below is an illustration of the retirement benefits based on the above scenario:

    Conservative (Rs)

    Moderate (Rs)

    Assertive (Rs)

    PPA*

    1,666,418

    2,019,787

    2,468,133

    Either Full Monthly Pension**

    10,649

    12,908

    15,773

    Or Lump Sum+
    Reduced Monthly Pension**

    416,604
    7,987

    504,947
    9,681

    617,033
    11,830

    *The above projection does not represent the minimum nor maximum values.
    The final amount payable will depend on the actual investment return earned throughout the policy term.
    **The annuity rates applicable to compute the pension will be determined at the point of inception of the pension and are not guaranteed upfront.

    • Upon death of proposer before retirement date, a sum assured of Rs 200,000 is payable and all future premiums shall be waived.
    • In the event of a TPD claim of the proposer before retirement date, a sum assured of Rs 200,000 shall be paid and all future premiums shall be waived.

    Our Spouse Retirement Savings plan offers you an opportunity to secure your spouse’s pension benefits