1. Increase or Decrease in Cover Amount
Zurich Futura - Increase or Decrease in Cover Amount
Depending on your protection needs, you may change the cover amounts of your Futura.
Your life insurance needs may increase or decrease, depending on various life events like;
- Birth of a child
- Increase in income
- Starting or stopping employment
- Immigration to another country
- Starting or acquiring a new business
- Availing or closing a mortgage or some other liability
- Completion of children's higher education
- Retirement
You may also change the cover amounts of the riders like Critical Illness Benefit, Disability, Family Income Benefit, etc...
Indexation
Inflation not only affects your savings but also has a major impact on your life insurance. Indexation is an easy fix to mitigate the risk of inflation on your Futura plan.
You can also set up the policy at the inception on an indexation basis, thus increasing the life cover and other benefits by 5% yearly.
Please note that by doing this, the premiums will also increase by 5% yearly.
The indexation of the benefits happens till age 55.
Also, note that this benefit is only applicable if you chose to pay Whole of Life Premiums.
2. Addition or Removal of Riders
You may include or remove the optional riders to your Futura to suit your protection needs.
For Eg: You might feel the need for the Additional Accidental Death benefit due to a change in your employment involving more travel or an increase in the probability of an accident.
In this situation, you may also want to consider adding the dismemberment benefit.
Some people choose to include the family income benefit after having a child to make sure the regular living expenses are taken care of in the event of the death of the primary earning member of the family.
People who did not avail of Critical Illness Benefit at the inception may latter feel the need for the same. Hence they can include it.
Just like addition is possible, removal of benefits is also possible.
3. Increase or Decrease of Cover Term
You can avail of a Futura plan on one of the following terms;
1. Whole of Life Term
2. Minimum Term - 20 years
3. Custom Term - Between 20 years and Whole of Life
A client who has availed a Futura on a whole-of-life term can reduce the cover term to a specific age depending on his protection needs. His premiums would reduce in this case.
Likewise, a client who has availed a Futura for a minimum term or custom term can increase the cover term by a specific number of years by paying a higher premium
4. Premium Holiday Facility
Our priorities change from time to time, and if you need to put your policy
premiums on hold for a specific term, you can do so without compromising on the life cover and other benefits.
After four years of premium payment, you can avail of a premium holiday facility, provided there are sufficient funds in the policy to sustain the insurance cost during the period.