What is the Term Cash Refund?
HLA Term Cash Refund is a term life protection plan made to give you a wider range of coverage if ever something happens that might compromise you. This protection plans comes with a coverage term of up to 25 years, with the difference being that you will have a limited range of time for certain coverage aspects.
This means, while the coverage will expire upon your death or, the end of your term, coverage for Total and Permanent Disability ( TPD) will only be covered till you turn 65 years old. Therefore, remember to be vigilant with your policy and know where the limits lie.
How much am I covered for?
Coverage for this policy is dependent on your chosen Sum Assured. You will have a choice of 3 plans, each with different 'Sum Assured' values of RM50,000, RM70,000 and RM100,000 respectively.
Your coverage of course will include both Natural and Accidental Death, along with Total and Permanent Disability. This plan also gives you a choice as to how long you would like to be covered, with coverage term options of 15, 20, and 25 years.
HLA Term Cash Refund - Cover Term and Benefits
|Plan Type||Cover Term||Basic Sum Assured||Death||TPD||Accidental Death|
|Plan A||15, 20 and 25 years ||RM50,000||RM50,000||RM50,000||RM200,000|
|Plan B||15, 20 and 25 years||RM70,000||RM70,000||RM70,000||RM280,000|
|Plan C||15, 20 and 25 years||RM100,000||RM100,000||RM100,000||RM400,000|
How long am I covered?
If you are 16 years and older, then you are eligible for this plan coverage. Depending on when you sign up for this policy and the term of coverage you select, you will be covered for your selected number of years. Based on those conditions, depending on when you sign up, you will either be covered until the end of the policy term or until your 75th birthday, which ever comes first.
Take note that while coverage for Death and Accidental Death, ends when you turn 75 years old, coverage for Total and Permanent Disability is only available till you are 65 years of age.
How do the payouts work?
In the event of your death, your family will receive a payout equivalent to the Basic Sum Assured for the policy you had decided on. On that note, if you find yourself to be a victim of Total and Permanent Disability, then you too will receive a cash payout that might be helpful with your expenses following the trauma.
On top of to that, if your death is found to be of an accidental nature, your family will receive an additional pay out of the Basic Sum Assured 4 times over. So, if your Basic Sum Assured is RM50,000 then your additional payout will be RM200,000.
If no claims are made over the entire term of your policy then you will receive a full refund on your premiums paid upon maturity.
Can I cancel my policy?
Ideally you shouldn’t, but evidently the choice is yours to make. You may cancel your policy after submitting a written notice to Hong Leong Assurance.