1. In the event of death of the life insured while the policy is in force, we will pay a lump sum death benefit of SGD5,000 less amounts owing to us (if any), outstanding premium (if any) and future instalment premiums which are required to make up the full year’s premiums (if any).
2. While the policy is in force and after the waiting period, upon diagnosis of Cancer (all stages) of the life insured, we will pay 100% of the sum insured, less amounts owing to us (if any) and the policy terminates thereafter.
3. From the second renewal year onwards, a no claim discount equivalent to 8% of the total yearly premiums paid for the past 1 year policy term will be applied to the renewal premium, as long as no claims has been made during the past 1 year policy term.
4. This is a yearly renewable plan and the policy term is 1 year. At each renewal, the renewal premium will be based on the prevailing premium rates and the life insured’s age at the time of renewal. Policy will be renewed automatically at the end of policy term for 1 year at the same sum insured without further evidence of insurability as long as all of the following conditions are met:
- this policy is in force and there is no outstanding premium immediately before the date on which the renewal takes;
- we have received and accepted the renewal premium on the date on which the renewal takes effect; and
- the life insured has not reached age 100