The Plan pays the benefit upon death of the policyholder, spouse and a maximum of 6 nominated children. The available options are member only, member and children, member spouse and children. The benefits will be as follows
- Natural death: BLIL will pay the sum assured chosen by the policyholder
- Accidental death: Benefit paid is two times the sum assured chosen by the policyholder
The policy will also pay a monthly income benefit for a period of 12 months in the event of the policyholder’s death to the nominated beneficiary. The amount will depend on the option selected.
There is an option to cover a maximum of 4 parents and parents-in-law and 10 extended family members. The Double accident benefit cover does not apply for parents and extended family members.
Lore Master Plan Benefits:
- Funeral cover ranging from P20,000 to P100,000 for natural death or double lump sum benefit on accidental death of policy holder and Spouse.
- Monthly income benefit ranging from P1,250 to 5,000 for 12 months after the death of the policyholder.
- The Plan includes a Stillborn benefit of P2,500, the pregnancy should be at least 28 weeks and the total number of children in the plan should be less than 6.
- The policyholder stops payment of premiums after the age of 65 and the cover continues for life.
- There is an option to choose a premium escalation either at 5% or 10% per annum and with benefits escalating at 60% of the chosen premium escalation.
- There is a cashback benefit every 4 years which is equal to 6 month’s premiums.
- Policyholder and nominated dependents are covered for their entire life.
- Lapsed policies can be reinstated within a period of 12 months from date of lapse.