Income Builder is an adjustable benefit life insurance policy that for the initial seven years offers the insured fixed life benefits. At the beginning of the eighth year the policy changes to a flexible life benefit policy allowing you to change the amount of insurance as your needs for insurance change.

As with all life insurance, the main purpose for buying a flexible endowment insurance policy is the death protection it provides to your loved ones if you die too soon.

Benefits of Income Builder (IBP)
1) Flexibility

• You decide how much life insurance you need and for how long you want the cover.
• From the 8th policy year, you can adjust the insurance benefit and premium payments to fit your changing circumstances.
• Depending on your financial situation, you may stop premium payments any time after the fifteenth year and still be covered.

2) Security

• You protect your loved ones against any financial hardship in the event of death.

3) Tax

• Current tax laws allow you a premium tax relief of 15%.
• Life insurance proceeds are Income Tax free to the beneficiary.

4) Account Value Growth

• Your account value from the 8th year earns interest at rates declared by the Company.
• From the 8th year you can apply annually for a partial surrender of upto 25% of the accumulated account value.
• A dividend amount is credited to your investment account on the 10th year.

Uses

• Provides valuable life insurance benefits at low cost .
• Offers you current rates of return on your savings.
• Is flexible enough to satisfy needs such as old age income, college fee for your children , capital to expand or start a business.

This is a general description of the Income Builder Insurance Plan. The policy contract provides a complete statement of coverage.

If you are interested in such an insurance policy click here.