Legacy Plan

PRODUCT SUMMARY

Many families face financial pressure in paying for the funeral when a family member dies, especially if this person is the bread winner. Funeral expenses include, among other things, mortuary fees, the cost of a casket, hearse, flowers, funeral programs and, refreshments. We have designed a funeral plan to cover most, if not all, funeral expenses in the event of an unexpected death so as to:

  • Minimize the financial and emotional impact of an unexpected death on the surviving members of your family.
  • Ensure the surviving members of your family go through a smooth transition during this difficult period.
  • Give you with peace of mind, knowing that the funeral expenses will be covered in the event of an insured family member’s death.

Benefits

The product can be taken as an individual cover or family cover. Depending on the level of cover chosen an amount is payable to cater for some or all of the following: -

  • Cost of funeral expenses.
  • Cost of refreshment expenses during the burial ceremony.
  • Cost of groceries and small debt repayments for the bereaved family for a period of 6(six) months after your death.
  • Expenses incurred if you are admitted to hospital due to an accident.

Key Facts

Who can you choose to cover?

Cover is extended to one spouse, a maximum of six (6) children and up to two sets of parents.

What ages qualify for cover?

a. For you and your spouse, the minimum age at entry is 18 years and the maximum age at entry is 65 years. You and your spouse are covered up to 75 years of age.

b. Your child is only covered for the ages between 1 year and 18 years or 25 years if a full-time student at a recognized education institution.

c. For Parents, the maximum age at entry is 85 years. Parents are covered up to 90 years of age.

What is the period of cover?

You can choose to be covered for a period of 5 years to 10 years.

How are premiums paid?

Premium payments can be made monthly, quarterly, semi-yearly and yearly variety of convenient methods including; Salary Stop Order, Direct Debit, Mobile Money, Bankers Order, Cash, Cheque, Card payment and EFT.

Premium rates

Premiums are fixed for the duration of the policy. The level of premium will depend on the level of cover selected and with each additional family member who is covered.

Unique Features

The Exim Bank Legacy Plan offers you a choice of five distinct benefit levels for you to select the appropriate cover that suits your needs.

BENEFITS PAYABLE (UGX)
Event Which triggers the benefit Death of the life/Lives Assured during the policy term Supplimentary Benefits on the Death of the Policy Owner ONLY during the policy term Hospitalization of the Policy Owner due to an accident ONLY during policy term
Bronze

Policy Owner: 1,500,000
Spouse: 1,500,000
Parent: 1,500,000 each
Child: 750,000 each   

Waiver of premiums (See notes) No benefit payable
Silver  Policy Owner: 3,000,000
Spouse: 3,000,000
Parent: 3,000,000 each
Child: 1,500,000 each   
 Waiver of premiums
(see Notes)

Funeral Refreshments: 300,000
Monthly debt and shopping allowance: 75,000 per month   

 30,000 per day (payable for a maximum of 15 consecutive days of stay subject to a minimum stay of 4 consecutive days)   
Gold  Policy Owner: 4,500,000
Spouse: 4,500,000
Parent: 4,500,000 each
Child: 2,250,000 each   
 Waiver of premiums
(see Notes)

Funeral Refreshments: 600,000
Monthly debt and shopping allowance: 150,000 per month   

 60,000 per day (payable for a maximum of 15 consecutive days of stay subject to a minimum stay of 4 consecutive days)   
Diamond Policy Owner: 6,000,000
Spouse: 6,000,000
Parent: 6,000,000 each
Child: 3,000,000 each   
Waiver of premiums
(see Notes)

Funeral Refreshments: 900,000
Monthly debt and shopping allowance: 225,000 per month    

 90,000 per day (payable for a maximum of 15 consecutive days of stay subject to a minimum stay of 4 consecutive days)   
 Platinum Policy Owner: 7,500,000
Spouse: 7,500,000
Parent: 7,500,000 each
Child: 3,750,000 each   
 
Waiver of premiums
(see Notes)

Funeral Refreshments: 1,200,000
Monthly debt and shopping allowance: 300,000 per month    

120,000 per day (payable for a maximum of 15 consecutive days of stay subject to a minimum stay of 4 consecutive days)    

NOTES:
      i. Waiver of premiums

Upon death of the policy owner, the policy shall continue to remain in force for the spouse and child(ren) (if any). All future premiums in respect of the spouse and child(ren) (if any) will be waived for the remainder of the policy term. Cover for the parent(s) will not continue under this scenario and no new lives can be added to the policy.

     ii. Waiting Period

A 30-day waiting period shall apply during which only claims resulting from accidents will be payable.

Other features and benefits

  • No medical examination is required of the applicants before they are accepted for cover.
  • Pays an immediate lump sum on the death of the Life/Lives Assured, within 48 hours of notification of claim.
  • 30-day free-look period. You can decide to cancel the policy and get a full refund of the premiums paid within 30 days from the policy start date
  • Flexible premium payment methods.

Exim Bank Legacy Plan - Rates

PREMIUM PAYABLE PER YEAR (UGX)   
Cover Option Principal Member Only Principal Member + Spouse Per Child Max (6)
Bronze 25,800  40,200 6,000
Silver 96,000 123,000 12,000
Diamond 161,100 201,300 15,000
Gold 228,000 280,500 21,000
Platinum 295,200 360,000 27,000
PREMIUM PAYABLE PER PARENT (MAX 4) PER YEAR (UGX)
  Cover Option Bronze Silver Diamond Gold Platinum
Bronze <55 18,600 35,400 52,500 69,300 86,700
  56-60 81,000 161,100 240,600 320,400 399,600
  61-65 113,400 226,200 338,400 450,900 563,100
  66-70 156,000 310,800 466,200 621,000 776,400
  71-75 218,400 435,300 652,200 869,400 1,086,300
  76-80 308,700 615,300 922,500 1,229,400 1,535,700
  81-85 425,700 849,000 1,273,200 1,696,800 2,120,100
PREMIUM PAYABLE PER MONTH (UGX)   
Cover Option Principal Member Only Principal Member + Spouse Per Child Max (6)
Bronze 2,312 3,602 538
Silver 8,602 11,021 1,075
Diamond 14,435 18,036 1,344
Gold 20,450 25,133 1,882
Platinum 26,450 32,256 2,419
PREMIUM PAYABLE PER PARENT (MAX 4) PER MONTH (UGX)      
  Cover Option Bronze Silver Diamond Gold Platinum
AGE <55 1,667 3,172 4,704 6,209 7,768
  56-60 7,258 14,435 21,558 28,708 35,804
  61-65 10,161 20,268 30,321 40,401 50,454
  66-70 13,978 27,848 41,772 55,642 69,565
  71-75 19,569 39,003 58,437 77,898 97,332
  76-80 27,660 55,131 82,656 110,154 137,599
  81-90 38,143 76,070 114,079 152,033 189,961

Additional Information
The following documents will be required on application:

  • Duly completed proposal form.
  • Copies of identification documents (passports/ national IDs) for all adult life/lives assured to be covered.
  • Copies of birth certificates for all life/lives assured below 18 years to be covered.
  • Any other documents requested at the Company’s discretion as per the policy wording.

Claims Procedure:
The following documents will be required in the unfortunate death of a Life/Lives assured:

   1. A written notification email/letter which should highlight:
     - Date of death
     - Cause of death i.e. whether Accident or Natural/Illness
   2. Death certificate or police abstract for accidental death.
   3. Copy of ID card of the deceased

Claims are processed within 48 working hours of receipt of all the required documentation.

GLOSSARY

Accident - Any unexpected event caused by outward, violent and visible means.

Beneficiary - The person(s) nominated to receive the proceeds payable on death of the policy owner.

Company - Jubilee Life Insurance Company of Uganda Limited.

Life/Lives Assured - The person(s) whose life is insured under this policy.

Parent - Biological parent, step parent, or adopted parent (whether for the Policy Owner or the Spouse) who is not older than 90 years of age.

Policy Owner - An Adult Life Assured in whose name the policy is taken out and who is responsible for payment of Premiums.

Proposal Form - A written application for insurance on the Company’s forms signed by you to purchase benefits under this policy and under any Rider attached to this policy.

You/Your – Refers to the Policy Owner.

Rider - An optional insurance contract attached to this policy and stated to be a part of this policy and which provides additional insurance benefits.

To know more, get in touch!
+256 755 654 654, +256 312 320 400 /1-9
customer.service@eximbank-ug.com