Insular Life launches Basic Assure 10, a new life insurance product with guaranteed regular payouts and coverage for 20 years.
Basic Assure 10 is payable for 10 years but provides insurance protection for 20 years. On the 6th year of the policy, the death benefit increases to 200 percent of the sum insured until the policy matures.
Additionally, Basic Assure 10 gives cash payouts equivalent to 7.25 percent of the sum insured starting at the end of the 5th year and every two years thereafter until the end of the 19th policy year. At the end of the 20th year, if nothing happens to the insured, he/she receives a lump sum equal to 100 percent of the sum insured.
Basic Assure 10 is a great option for those who are concerned about the fluctuations in the fund value of a variable unit-linked (VUL) insurance policy due to market volatility as an after effect of Covid-19 pandemic.