Funeral policy (Vadodara)

Funeral policy

The GLICO Funeral Plans (GFPS) provide cover and Death Benefits for the life of the insured. The insurance claim paid are to help policyholders family defray funeral-related and final medical expenses of the insured in the event of his/her premature death. The policy is designed such that the base policy provides ?Death Benefit? coverage for the Primary Insured. Through an additional ?Family Insurance Benefit?, the policy owner can elect to extend coverage to any of his spouses, children, parents or parent-in-laws for an additional premium payment. While the policy is in-force, when a nominated life under the ?Family Insurance Benefit? rider dies, all subsequent Premiums due the nominated dead member shall be put in an investment account for the primary insured which he or she can access at the end of every policy anniversary. The funeral policies are in two packages, the Ideal Funeral Plan and the Premium Funeral Plan. The Ideal funeral Plan provides sum assured cover between GH?10, 000.00 and GH?50, 000.00 for the principal life and named beneficiaries. Spouse[s] shall be covered at an amount equal to 100% of the principal life?s sum assured whilst all other lives would be covered at an amount equal to 50% of the principal life?s sum assured. The Premium Funeral Plan is to meet the needs of the elite and high income individuals with a sum assured between GHC 50, 000.00 and GHC 200, 000.00, for death of any member of the family covered under the plan. The plan covers the main life, and he or she has the option to add on any member of the family up to a maximum of two spouses, four parents and parents ?in-law, and two extended family members. It offers flexibility to add an unlimited number of children. BENEFITS Under the Ideal and Premium Funeral plans, policyholders receive the following benefits: - Death Benefit Upon death of the policyholder or spouse the 100% sum assured shall be paid. Should death occur by accident, the total sum assured would be paid, plus an additional lump sum of 50% of the sum assured as accident benefit. - Total Permanent Disability Benefit A lump sum benefit up to 100% of the sum assured shall be paid when the policyholder or the spouse becomes permanently disabled. 50% or 100% of sum assured would be paid for parents / parents in law and 50% for all other lives. The amount payable shall be determined by the degree of disability. - Family Up-Keep Benefit (Optional) Upon the death of the principal life, family up keep benefit amounting to 5% of the sum assured shall be paid to the beneficiary, to cater for the cost of living borne on the family. Benefits will be paid during the processing of the death claim. - Replacement Of Deceased Life Benefit ( Optional) The Policyholder can at any time of the policy swap one of the covered lives with an uncovered life when death occurs. Where there are difference the existing and the newly introduced covered