The benefits of life insurance are clear – a specific amount of money is paid to you or your loved one at a future time. This money can be used as a savings, as an investment or as an additional spending income.
When does the benefit kick in?
Life insurance is a contract between you (the policyholder) and your insurance company for a specific sum of money (the sum assured) to be paid to you when the contract expires (term maturity) or paid to your loved one (beneficiary) upon death. In return, you have to pay a monthly (or yearly) premium as agreed with your insurance company.
The benefits of life insurance kick in under three circumstances:
At maturity: When your policy matures, the full sum assured becomes payable to you. Say you took out a SCR250,000 policy over a 30-year term, this amount will be paid to you at the end of the term.
This applies to policies such as Endowment Plan and the Double Security Plan.
Survival benefits: You receive a percentage of the sum assured at regular intervals, depending on the insurance plan you took. Say you took a SCR250,000 Special Endowment Assurance Plan, you will receive SCR37,500 within the first five years, plus every five years after that until the policy matures.
This also applies to policies such as Sacos Exclusive Plan, Sacos Special Plan and Sacos Whole Life Assurance Plan.
Upon death: Most people take out life insurance for the specific purpose of leaving income behind for their loved ones. With life insurance, it doesn’t matter how long you have been saving, the full sum assured is given to your beneficiary upon your passing.
At Sacos, we cover all types of death, with some exceptions. All our life insurance policies cover deaths by COVID-19. Our policies are generally comprehensive and provide great coverage for money.
If you want to benefit from life insurance, call us on 4295000, send an email to life@sacos.sc or request a quote via our website.
