Last Respects Plan
At Standard Chartered Bank, we work hard to make life easier for our clients and their families. The Last Respects Plan gives your family the support they need to pull through the pain of loss. Enjoy peace of mind, knowing that our immediate cash payout for essential funeral expenses will save you or your family from financial stress.
- This is a product that pays out a specified amount upon the death of the life assured as shown in the table below. The funeral benefit covers death from illness benefit as well as accidents.
- Eligibility: Any adult person aged 18 to 60 years can purchase this policy. Such persons can also bring on board the following; own spouse aged 18 to 60 years; own children aged between 3 months and 24years; own parents and parents-in-law aged up to 75 years.
- The customer has the right to review the policy within 30days and if not satisfied, they have a right o a return of the full premium paid
- Claims are payable within 48hours after receipt of full documentation by the Insurer
- A completed claim form, original burial permit ,a certified copy of I/D will be required for claim settlements. Thereafter, the Insurer will require a certified copy of the death certificate for records.
There is a 3month waiting period for natural deaths for the main member, spouse and children. There is a 6 month waiting period for parents. Waiting period does not apply for accidental death.
- A policyholder is only allowed a maximum of 2 policies on the Funeral Cash Plan.
- Other members of the policy cannot be covered for a benefit greater than that of the main member. They can however be covered for the same level of benefit or a lesser benefit.
|Benefit||Premium Per Annum||Benefit per Annum||Premium Per Annum|
|Funeral||Parent(up to 65 years old)||200,000||5,000||300,000||7,500|
|Funeral||Parent(between 66 to 75 years old)||200,000||8,000||300,000||12,000|
*75 years is the maximum age at entry. However, after the age of 75, an existing client continues with the policy as long as they are paying the premiums