Zurich International Life (ZIL) has recently launched an updated and enhanced version of Zurich Futura, their Whole of life insurance plan with attractive living benefits in UAE, Bahrain and Qatar.
What is new with Zurich Futura insurance?
- The waiver of premium benefit is now available for either or both lives on joint life policies. Earlier it was available only on Life 1, even though both lives insured were employed.
- Maximum cover is extended from age 65 to age 70. For waiver of premium benefit, permanent and total disability benefit, accidental death benefit, dismemberment benefit and hospitalization benefit.
- The Terminal illness cover was earlier a part of the critical illness benefit, but now it has been added to the life cover with a maximum USD 1 Million.
- The critical illness benefit is enhanced with the addition of 16 new conditions to the existing 20, a taking the total number of conditions covered to 36; including a new children’s critical illness
- The qualifying period for critical illness benefit has been reduced to 90 days, from 180 days
- The deferment period for permanent and total disability benefit claims (the period a life insured must be disabled before a claim can be admitted) has been reduced from 12 months to 180 days.
- The hospitalization benefit maximum has been increased to USD 4,000 each week from USD 2,800
- The minimum age for lives insured has been increased from 17 to 18.
- Long term care benefit is no longer available
- Zurich has also added a new joint life last death option, for the benefit of individuals who want to delay the payment of Death and estate taxes.
What about existing Futura customers?
Existing Futura customers are not affected by the changes and their policies will continue to operate in line with the terms and conditions provided at the time of policy issue.
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