DEFINITION
An interest sensitive plan which has two death benefit options one of which is chosen by the policyholder at inception.

PURPOSE OF PLAN
To provide a fund for protection, retirement, estate planning, business insurance and education.

MINIMUM COVERAGE
The policy provides for a minimum coverage BZ$60,000.

ISSUE AGES
The policy may be issued to males and females between the ages of 1 and 60 years.

RIDER COVERAGES
Accidental Death & Dismemberment
Disability/Parental Waiver of Premium
New Life Plus

NON-PAYMENT OF PREMIUMS
A period of thirty days commencing on the premium due date is allowed for payment of any premium.
If the premium is not paid within the period, the police will be made paid-up with the continuation of the basic sum assured.

PAID-UP – CANCELLATION OF THE BASIC SUM ASSURED
The policyholder may make the policy paid-up on the basis that no further premiums will be paid and the death benefit thereafter will be equal to the surrender benefit of the policy.

PAID-UP – CONTINUATION OF THE BASIC SUM ASSURED
As an alternative to the above, the policyholder may make the policy paid-up on the basis that:
no further premiums will be paid
the basic sum assured will continue to be in force
expense charge equal to one-twelfth of the mortality charge will be deducted from the cash value at the beginning of every month, and
any additional premium payable on the grounds that an exceptional risk of death was involved, will be deducted from the cash value when due.

POLICY REVIEW
At each policy anniversary the policyholder may increase the basic sum assured in force without medical evidence of health, provided however that:
the maximum of such increase shall be 10%
the minimum of such increase shall be 3%
this option had been exercised at least once in the last two policy years
the annual total basic premium in effect during the preceding year has been paid in full
the policy is not rated for medical reason

SURRENDER BENEFIT
The amount payable is the cash value less a surrender charge. The surrender charge which is defined as a percentage of the basic minimum premium, depends on the policy year on the date of surrender.

DEATH BENEFIT
The benefit payable on death will be the greater of the basic sum assured and the cash value.

If death is by suicide within two years of the commencement date of the policy or within two years of reinstatement of the policy, the death benefit will be limited to the surrender benefit.