New Bula Gold
Features: This is a money back type of plan offering periodical survival benefit payments once every four years. Premiums paid during the term of the policy are paid back as survival benefits and the insurance cover continues both during the premium paying term and thereafter. The policy is available in flexible terms of 12, 16 and 20 years.

Benefits:
The plan provides for payment of survival benefits once in 4 years. At the end of the policy term all the premiums paid (less rider and extra premiums) less survival benefits already received are paid back to the policy holder.

Death benefit includes payment of the basic sum assured to the nominee or legal heirs of the policy holder at any time during the policy term, provided the policy is in full force with all due premiums having been paid up to date. Whenever accident benefit rider is opted for, and death occurs due to accident an additional sum assured equal to basic sum assured will be paid as death benefit subject to certain conditions being fulfilled.

Auto-Cover facility:
One of the exclusive features of the product is the provision of “auto cover” facility. If a policyholder has paid a minimum of two full years premiums and thereafter is unable to pay further premiums, the policy will not lapse. For a further period of three years from the date of first unpaid premium (FUP) full insurance cover will be provided and in the event of death during this three year “auto cover” period, sum assured less arrears of premium with interest up to the next policy anniversary will be paid to the nominee.

Extended Term cover: The policy provides for an ‘extended term” cover for a period of half the original policy term and for half the original sum insured. Accordingly for terms of 12, 16 and 20 years there will be extended cover for 6, 8 or 10 years beyond and after the original policy term. If the basic sum assured under the policy is $50,000 the extended term cover will be for $25,000. This in effect means that there is a free insurance cover available to the policy holder for an extended term as described above.

Funeral Expenses Benefit: An amount of 5% of the basic sum assured will be paid immediately on death of the policy holder to the nominee/legal heirs to meet funeral expenses. This unique feature is over and above all other benefits described above. This benefit is available both during the original policy term and the extended term. For example on a $50,000 policy the funeral expenses payment will be $2500.

Other conditions:
Minimum age at entry 14
Maximum age at entry 57 for policy term 12 years
51 for policy term 16 years
45 for policy term 20 years
Minimum and Maximum sum assured  

Illustration of survival benefit:
Benefit illustration for a F$50000 policy on a 35 year old person- annual mode

Policy Term After 4 years After 8 years After 12 years After 16 years After 20 years
12 $7500 $7500 $29730* - -
16 $7500 $7500 $7500 $26900* -
20 $5000 $5000 $5000 $5000 $25500*
* Indicates total premiums (less rider premiums) paid during the policy term and less survival benefits already paid out



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