At the end of this article, you should have a better understanding of the Investment based products offered by Union Assurance and appreciate their immense benefits and importance. The Union Savings Plan, Educational Endowment Plan and Union Life Plan all falls under Union Investment Based Plan.
Characteristics of Investment Base Plan
The Investment based plan which is aimed at ensuring that something is left behind to safeguard the future has the following key features.
1. Sum Assured: The sum assured (maturity benefit) is payable on survival of the life assured to the maturity date.
2. In the event of early death of the life assured before the maturity date, the death benefit will be paid either to the nominees beneficiary or legal claimant.
3. The death benefit is not payable if the death of the life assured is based on
- The execution of a judicial sentence of death
- Participation of any criminal act
- Direct or Indirect consequence of war or warlike operation
4. Premium are payable to the company annually or as indicated in the policy schedule in advance
5. Lump injection of premium is allowed, as they are more of an investment product with guaranteed interest rate.
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