Yearly Renewable Term Plan
The most cost-effective solution for taking care of your family and business
When you want to prepare for the unexpected, the Yearly Renewable Term Plan takes care of any financial burden affecting your family or business.
A versatile insurance plan giving precisely the cover you need.
A simple and cost-effective solution
Peace of mind can cost less than a cup of coffee!
If you’re 30 years old you may pay less than 2,000 Riel a month to get insurance protection.
(This Premium is for a woman aged 30 who buys a $6,000 Sum Assured policy )
Use it in different ways
Flexible and low-cost.
You can use it for personal or property loan cover, as an education fund in the event something happens to you, or even to protect your business interests.
Before making any decision, it’s important that you understand whether this plan is what you need.
We can provide more detailed information and understanding so that you’re completely comfortable before proceeding. Call us at 023 426 888 or speak to your Phillip Life Assurance Planner.
Yearly Renewable Term Plan in more detail
It offers the following benefits
100% of Sum Assured payout on death or total and permanent disablement due to an illness.
100% of Sum Assured payout on death or total and permanent disablement due to an accident.
There is no maturity value. This is a pure protection plan
Here’s an example
Rithy who is 30 years old takes a $20,000 loan over 10 years to buy land so that he can build a house for his family, which is also close to his small business.
Rithy takes a $20,000 Sum Assured Yearly Renewable Term Plan for 10 years, starting at $32 per year, as a loan cover in case something happens to him.
What if something happens to Rithy?
At year 6 of his loan, Rithy is diagnosed with cancer and sadly does not survive the treatment.
We will pay his family his $20,000 Sum Assured, which they can then use to pay off the loan for the land.
Rithy had paid in total $248 in Premiums over 6 years.
A very flexible insurance plan
If you’re the sole income provider, this plan offers your family some financial security should something happen to you.
You can also use it as loan cover with the bank.
It can also provide funds to pay off loans and business debts or to help with cash flow if you are no longer physically able to run the business, due to illness or accident.
Who is eligible?
Anyone who is in good health, and aged between 1 and 55.
Anyone under 18 years old needs to apply together with their parents.
If you want to insure your children, you must insure all eligible children equally at the same amount.
All applicants must not be more than 65 years of age when the insurance cover matures.
Want more information?
For a more comprehensive understanding please call us at 023 426 888, or speak to your Phillip Life Assurance Planner.
We can then give you an exclusively prepared and detailed product illustration based on your details.
This will provide you with the most important information you need to know about your insurance plan.