Benefits

What kind of benefits can I get from Life Plan Insurance?

Protecting your dependants financially in the event of death

100% cover available immediately in the event of accidental death

100% non accidental death cover available after one year

Monthly payment options

6 months holiday cover available

50% cash back on with-cash-back option

  • Full Protection

    Cover is for the life of Policy holder

  • Flexible Options

    Insured will receive 50% premium paid every 5 years – cash back option

  • No Medical Test

    No medical test required

  • 6 Month Waiting Period

    The cover commences after an Initial six months waiting period.

Details

What is covered by the policy?

• Premiums will be paid depending on the level of cover and age of insured.
• The maximum cover available is $75,000.00 for any life assured with no option for clients intending to increase the cash payout above $75, 000 per policy.
• Cash back – insured will receive 50% of premium contribution once every 5 years.
• The minimum entry age is 18 years last birthday and the maximum age is 60 years last birthday.
• The cover commences after an initial six months waiting period.
• The policy offers immediate cover for accidental death, cover is paid in full. All deaths that are not natural or health-related are considered accidental deaths with the exception of suicide.
• No cover is paid for Death due to natural causes within the first 6 months, Death within 6-12 months offers $20,000 cover and death after 12 months offers 100% cover
• No medical tests are required.
• There is a 30 day free look period within which either party can cancel the contract and refunds made to the client.
• A 30 day grace period is allowed for the payment of monthly premiums. In the event of non-payment of premiums within grace period, the policy shall enter reinstatement period without cover.
• Once the first 6 monthly premiums have been paid, a total of up to 6 months premiums may be missed at any point during the life of the policy. Missed premiums may be back paid. The policy terminates when the 7th premium is missed.
• Claims are settled in cash to beneficiaries at percentages indicated by insured.
• There is no benefit paid out on withdrawal from the plan after free look period (premium contributions will be forfeited).

Terms and Conditions

For Life Plan

This insurance policy is underwritten by Old Mutual. The insurance coverage that this policy provides shall be at all times subject to the terms and conditions of the policy contract issued by Old Mutual. Standard Chartered Bank shall not be responsible for Old Mutual's actions or decisions under the policy contract nor shall Standard Chartered Bank be liable regarding payment of claims or services under the policy contract issued by Old Mutual.

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Speaking Up

Standard Chartered Bank (the “Bank”) is committed to maintaining a culture of the highest ethics and integrity, and in compliance with all applicable law, regulation and internal policy. As part of this commitment, the Bank has a ‘Speaking Up’ programme through which genuine concerns in this regard can be raised. Members of the public can securely raise Speaking Up concerns through this hyperlink, which is hosted on behalf of the Bank by a third party ‘InTouch’. Examples of concerns that can be raised through this website are concerns that relate to accounting, internal accounting controls or auditing matters and concerns relating to bribery or banking and financial crime. Concerns received will be forwarded to the Bank’s investigations team for review. Complaints relating to SCB banking services should not be raised through this site in the first instance, but through the SCB branch network, contact centres, Relationship Managers or the ‘Contact Us’ webpage.

Disclaimer

Please note that this hyperlink will bring to you to another website on the Internet, which is operated by InTouch, an independent company appointed by the Bank to support its Speaking Up programme. Please be mindful that when you click on the link and open a new window in your browser, you will be subject to the additional terms of use of the website that you are going to visit.

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