To choose the Special Plan or the Exclusive Plan, that is the question

Designed to pay out survival benefits during the policy term and the full sum assured at maturity, both the Sacos Special Plan and the Sacos Exclusive Plan serve similar purposes – the policyholder receives the cash payment at intervals PLUS the lump sum at maturity.

The similarities between the two can cause some head-scratching for those who prefer to be paid regularly during the policy term. Which to choose between the two?

Fortunately, there are certain distinct differences between the two life insurance plans:

  1. The Sacos Special Plan pays out the interval cash payments every one fifth of the policy term. If the policy term is for 25 years, then the policyholder receives the cash payment every 5 years.
  2. The Sacos Exclusive Plan, on the other hand, pays out the cash payments every 3 years, regardless of the policy term.
  3. The Sacos Special Plan pays out 25% of the sum assured at each interval. If the sum assured is SCR100,000 on a 25-year plan, then the policyholder receives SCR25,000 every 5 years.
  4. The Sacos Exclusive Plan pays out a growing percentage of the sum assured at each interval. If the sum assured is SCR100,000 on a 24-year plan, the policyholder will receive SCR8000 on Year 3, SCR10,000 on Year 6, SCR12,0000 on Year 9 and so on. The amount paid every three years increases.

There is no wrong or right choice in selecting one over the other. Both plans are designed for the policyholder to enjoy the use of their life insurance plans during and after the policy term. Talk about having your cake and eating it!

It is up to the policyholder to then decide how often and by how much do they wish to receive the interval cash payments, that is the question.

For more information, send us an email at life@sacos.sc, a call on 429 5000 or a request a quote through our website.

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