It is a group policy that provides for funeral costs for departed members.
Features are:
- A benefit of a specified sum assured per member e.g. 10,000, 50,000, 100,000, 500,000 etc is payable in the event of an insured member’s death
- Waiting period- 3 months unless death occurs through accident for standalone policies
- Age 1 – 75 years ( though age may be negotiated)
- Annually renewable cover
- Minimum number of persons to be insured in a group may be fixed e.g 10 members for a standalone policy
- Claims paid within 48 hours of reporting & documentation
