Typically, life insurance benefits are associated with safeguarding family finances, protecting against inherited debt, ensuring fair inheritance distribution, creating tax-free assets, and accumulating significant assets from minor contributions. Additionally, BCA Life Heritage Protection, tailored for BCA customers, presents unique benefits. Let’s examine them in detail.
1. Additional Sum Assured Benefit
In addition to the sum assured, the insured’s family will receive an additional amount that was determined at the time of the Insured’s death. Although the specific amount is not guaranteed, its value remains fixed once determined. The Policyholder will receive annual updates on the booked Additional Sum Assured value through email or written communication. This additional benefit serves to mitigate the impact of inflation on the Sum Assured.
Consequently, in the event of the Insured’s passing, BCA Life will pay both the sum assured and the booked Additional Sum Assured, leading to an increasing value of the death benefit over time.
2. Terminal Illness Benefit
In addition to the death benefits, BCA Life Heritage Protection also offers benefits if the Insured is diagnosed with a terminal illness. This is defined as a condition that cannot be cured or treated accurately, and the individual is estimated to have a life expectancy of only 6 months. The benefits paid under this circumstance amount to 20% of the Sum Assured or a maximum of Rp3 billion.
This benefit is aimed at providing the family with the means to pursue maximum treatment efforts for the Insured, fulfil any unrealized dreams, or address other financial needs resulting from the loss of the Insured’s income.
3. Emergency Fund Loan Benefit
The sum assured from life insurance is a reserve or inheritance fund set aside as a financial cushion for the family in case the insured passes away early. However, premiums must be paid to the insurance company. Over time, these funds may be needed for purposes like providing working capital for children, covering marriage expenses, paying off debts, and more. With Oleh BCA Life Heritage Protection, you can apply for an emergency fund loan from your policy, up to a maximum of 80% of the guaranteed Cash Value at the time of application
4. Policy Redemption Benefit
One of the functions of insurance is to protect against unforeseen financial risks, especially when dependents are not yet independent or when a business is still establishing itself and relies heavily on the Insured.
However, when the family no longer needs the Sum Assured inheritance and wishes to access the funds paid as premiums, the hope is to close the policy without incurring a loss. BCA Life Heritage Protection offers the option to recover the paid premium amount in the form of Guaranteed Cash Value, as stated in the policy. Additionally, any extra cash value from supplementary coverage can also be obtained.
It’s important to note that closing the policy terminated the Insured’s life protection.
5. Final Insurance Benefit
BCA Life Heritage Protection provides lifelong protection for the Insured, up to the age of 99. For insured individuals over 99 years old, an ed-of-insurance benefit is available, consisting of the sum assured plus any Additional Sum Assured. This benefit will be paid to the policyholder.
These are some of the benefits offered by BCA Life Heritage Protection. You can create a legacy portfolio with flexible payment periods tailored to your financial circumstances, such as lump sum payments (single premium) or periodic premium payments (5, 10, 15, or 20 years). Interested?
For more information, please visit the nearest BCA Branch or contact us here!