GLIP

It is a limited pay whole life insurance plan which provides benefit to the member’s beneficiaries upon death.

Whole Life – coverage up to age 100
Limited Pay – there is a fixed payment period. Even after this, the coverage continues

Eligibility

  • Uninterrupted membership under BLIP of at least five (5) years prior to attainment of age sixty-six (66)
  • Enrolled or submitted application form within forty-five (45) days after attainment of age sixty-six (66)

Note: There is only one entry point – upon attainment of age sixty-six (66)

Non-Forfeiture Options

Upon application, the member shall elect a non-forfeiture option which shall automatically prevail in the event the premium due remains unpaid by the end of the grace period.

  1. Cash Surrender Value
    The member may surrender his/her Certificate of Insurance for its Cash Value. After surrendering his/her CoI, the coverage under Golden Life Insurance Plan shall be terminated.
  2. Reduced Paid-up
    The member may continue his/her insurance coverage without further payment of premiums under a reduced benefit.

Other Key Provisions

Contestability: No contestability
Grace Period: 45 days from due date
Reinstatement: Allowed within 3 years as long as the certificate of Insurance has not been surrendered.