UMB Funeral Plan

The UMB Funeral Plan is a funeral policy designed to provide immediate cash pay out to meet funeral related expenses of the Assured or any of the Secondary Assureds. With the UMB Funeral Plan, individuals can plan adequately towards providing befitting burial for their loved ones when they meet their untimely death.
Handshake between SIC Life and UMB
Introduction
 

This is a Funeral Plan policy designed to provide financial support for individuals and their families in times
of bereavement. The policy is specially tailored to offer immediate cash benefits to cover funeral-related
expenses in the event of death of the policyholder or any covered dependants, whether due to natural or
accidental causes. It also allows policyholders to extend coverage to close family members, ensuring a
dignified and well-planned burial for their loved ones.

Features
  • Funeral insurance policy
  • Covers primary member and extended family
  • Members:
    • One (1) Primary Assured (Policyholder)
    • One (1) Spouse
    • Up to four (4) children
    • Up to two (2) parents
    • Up to two (2) parents-in-law
    • Up to two (2) other close relatives
  • Age:
    • Primary Assured and Spouse: 18 to 55 years
    • Children: 2 to 17 years
    • Parents/Parents-in-law/Other adult relatives: Up to 75 years
  • Waiting Period:
    • Six (6) months waiting period for Primary Assured (natural death)
    • Twelve (12) months waiting period for all other insured lives (natural death)
    • No waiting period for accidental deaths (all insureds)
Benefits
  • The Assured's nominated beneficiaries shall be paid the updated Death Benefit less any indebtedness when the Primary Assured dies.
  • If the Primary Assured dies before the waiting period, cover ceases for Secondary Assured(s).
  • A Cash back payment of 15% of total of the last three (3) years risk premiums shall be paid every three (3) years if no claims are made subject to the Primary Assured being alive.
  • In addition, the following optional supplementary benefits exist after the demise of the Primary Assured or any of the Secondary Assureds:
    • One (1) week commemoration pay out: 30% of Sum Assured.
    • Forty (40) days commemoration pay out: 50% of Sum Assured.
    • First Anniversary pay out: 50% of Sum Assured.

  • Benefit levels percentage to Sum Assured in respect of the Primary Assured and secondary lives are contained in the table below:

    Covered Life Sum Assured Limit Max Members
    Primary Life 100% 1
    Spouse 100% 1
    Parents 100% 2
    Parents-in-Law 100% 2
    Children 50% 4
    Other Relatives 50% 2
  • Cash Savings Account: The Primary Assured can contribute extra premiums into a savings fund and can make up to 80% withdrawal once a year after twelve(12) months continuous premiums payments.