The Seed
The Seed is a level term assurance policy that pays a lump sum on death of the life assured happening during the term of the policy. The lump sum will be paid to one’s estate, nominated beneficiary or cessionary.
Major Benefits
- Provides livable income to a family when the breadwinner/life insured dies.
- Pays life assured final expenses such as outstanding debts and loans.
- Protects accumulated wealth through the payment of estate duty.
- Can provide security for bank/mortgage loans if the lender finds it acceptable.
Terms and Conditions
- One can take out the Plan if he or she is aged between 20 and 65 age next birthday.
- One can choose a suitable term ranging from 10 to 20 years.
- The policy has a waiting period of 6 months which is not applicable on accidental death.
- One can add rider benefits to the Plan such as Waiver of Premium on Disability and Accident Benefits.
- The Policy can also be converted to a MoreCover Endowment benefit with the conversion option bought at inception of the policy.
- The Policy will lapse if a premium is not paid within the grace period of one calendar month. However, the policy can be reinstated within six months from the date of lapse subject to terms and conditions.
List of Requirements
Proof of identity for policy holder and dependents
Documents to verify age
Proof of dependency
Proof of nationality
