The GUA farewell policy provides immediate lump sum pay-out to beneficiaries to cover the funeral expenses of their loved ones. The GUA farewell plan is an inexpensive way to take care of expenses on all fronts when you need to say farewell to your loved ones.
The GUA farewell plan will pay a lump sum benefit to the policyholder (beneficiary) upon the death of any of the insured member on the application form during the period of cover. The policy has no surrender benefit or maturity value; however, there is a no claim cash bonus of 10% in every five-year period of the total premium paid in that period.
The plan can cover the following categories of individuals
There are age restrictions, which apply at the policy inception. The premiums rates is based on an age band. The following age bands apply currently,
The table below shows the benefit level enjoyed by each category of membership
Category of Membership Benefit Level
Policyholder (Principal Life) 100%
Biological and Non-biological children 25%
Parents and Parents in Law 50%
Selected extended family 50%