Level Plan: Benefits

Retirement Pension

The Pension or Annuity is paid monthly in advance from the first day of the month following the date when the life assured reaches a specified age or date. The pension may be payable for life, guaranteed for a period of years, payable for a certain number of years or other options as agreed by the Company. It increases with bonuses.

Lump Sum Benefit

This is an endowment benefit that provides a lump sum on survival to the specified retirement age or date. On death prior to retirement, the lump sum is payable to the designated beneficiary or estate at the date of death. The lump sum benefit increases with bonuses declared.

Survivor’s Pension

This is paid to a specified dependant on the death of the life assured either before or after the specified retirement age or date. The pension is paid for life and increases with bonuses declared.

Children’s Pension

This is paid on the death of the life assured prior to the specified retirement age to each child specified in the Policy. The pension is paid until a specified age (maximum 25 years) or earlier death and increases with bonuses declared.

Disability Pension

This is paid when the life assured is incapacitated and earning capacity is reduced to one third or less.  The pension becomes payable after ninety days absence and increases with bonuses declared. The waiver of premium is determined on a similar basis but is not increased year on year.

Surrender Value

The Plan can be surrendered at any time subject to the agreement of both the policyholder and Nordben.

The surrender value is determined by Nordben having regard to the advice of the Actuary. The surrender value will broadly be based on the premiums paid to date and the investment return achieved over the period between premium payments and date of surrender.