What is Great Eastern Smart Legacy?
Smart Legacy is a premium investment-linked life insurance plan that offers you not just regular coverage but fully added bonus protections. Grow your wealth and ensure your life is taken care of at the same time, but also, keep your loved ones afloat.
What am I covered for?
Of course, you will be covered for Death since it is a life insurance plan. If you do indeed die, then your next-of kin, will receive a full 100% pay-out of your selected sum assured. As optional benefits, you can pick up additional protection for Accidental Death and Public Conveyance Death.
Accidental Death will offer you a coverage in case your cause of death is caused by any kind of accident, or can be categorised as not a fault of your own. Public Conveyance on the other hand, is when your death is caused by a form of public transportation involving accidents. Both offer you coverage only until the age of 70 years old.
Finally, you will have coverage for Total and Permanent Disability. In the case you are severely injured and can no longer work or look after yourself, as a result. Then you will receive a 100% pay-out of your selected sum assured. This benefit does not only apply to injuries but to illnesses that have the same effects as well.
What are the other benefits?
Great Eastern offers you a beneficial safety net with Smart Legacy. For every year that you do not make a claim, your sum assured with increase by 1%. It will continue to increase to a maximum of 30%. This means that if your family are faced with an incident, or if you die then they will receive both your selected sum assured, plus the additional cushion.
This is of course provided that no claims have been made up to that point in the policy term.
How long am I covered for?
Well you can purchase this protection individually anytime after the age of 18, but you only have until the age of 70 to make a registration. What this means is, if you want to be covered until maybe your death of the maximum age of 100, then you must have already purchased the plan before your 70th birthday.
After 70, the plan can be renewed annually till the maximum age of 100 years old.