Convertible Term Assurance is a non-participating plan which can be converted into a whole life plan without any medical examination. This life insurance plan provides coverage for death and Total and Permanent Disability (TPD).
Features and Benefits
The following are the features and benefits of this plan:
- Provides you a large sum assured at low cost.
- No medical test is required to renew this plan.
- An affordable protection plan.
Convertible Term Assurance Calculator
You can get a quote by filling up the details on Tokio Marine website after which you can choose your plan. Usually, the insurance sum is calculated depending on the policyholder’s age at the time of the purchase of the plan.
Convertible Term Assurance Claims
To make a claim, fill up the claims form available on the website of Tokio Marine Insurance Group. You can also collect the claims form from the customer service department. After getting the form, you need to fill it up and submit it with the necessary documents to process your claim.
Here are the following ways you can contact the customer service personnel:
- Call the hotline number at 03 2059 6188
- You can send a fax at 03 2162 8068
- You can email at email@example.com
- You can visit the Customer Service Centre at the address given below:
Ground Floor, Menara Tokio Marine Life
189, Jalan Tun Razak
50400 Kuala Lumpur
How to Cancel Convertible Term Assurance Policy?
If you wish to cancel this policy, you can do so within the fifteen days period that you get to review the policy. This is from the date of delivery of the policy documents. You can cancel the policy by submitting a written request.
Q. Can I surrender my policy early?
A. Yes. However, surrendering a policy in the early years means that you will get back lesser amount of money than you have paid.
Q. Can I get tax benefit if I purchase this policy?
A. Yes, this plan gives you tax relief and this is subject to the approval of the Inland Revenue Board.
Q. What is a non-participating policy?
A. This is a type of insurance policy for which the policyholder does not receive any bonus/dividend.
Q. What are the different ways of making payment for the policy premium?
A. You can make the payment for the premium through credit card as well as by the auto-debit method.
Q. Where can I buy this policy from?
A. You can buy the policy from the nearby Tokio Marine Insurance Group branch or you can call the customer service numbers to request for the same.
To summarise, you can convert the plan to a whole life or endowment plan without any medical check-up. However, always make sure that you have read the fine prints in great detail to avoid any confusion in the future.