What is the Gibraltar BSN Cash Star?
This is an insurance cum savings plan that will help to give you financial assurance in today’s living environment. Whether it is to complement your savings which might not be enough after your retirement age, to start a small business or for financial stability, the Gibraltar BSN Cash Star provides you with a guaranteed cash payout after maturity.
What are the highlights of the Gibraltar BSN Cash Star?
Basically, this is a 20-year endowment plan. It is a plan that helps you to save money for the future while providing you insurance coverage as well. This is provided through its Guaranteed Cash Payment scheme through a short-term commitment model. What you get from the Gibraltar BSN Cash Star is a plan where you only need to pay premium for 6 years and enjoy the returns for the next 20 years.
Who is eligible for this plan?
The Gibraltar BSN Cash Star plan can be taken up by an individual as the policy owner who is between 18 and 56 years old. Meanwhile, the life assured individual can be as young as 2 weeks old and up to 60 years of age.
What are the coverage term and sum assured?
Coverage starts from the first year of the policy and goes on for 20 years. The minimum sum assured is RM10,000.
What is the GCP or Guaranteed Cash Payment?
The GCP refers to the scheme where you will receive a certain amount in cash payout at the end of each policy year. This starts from Year 1 until Year 20. The guaranteed payments will increase since the basic sum assured increased. It is up to you whether you would like to withdraw the amount payable or retain it with the company for better returns in the future. You will receive:
- 2.5% GCP at the end of Year 1.
- 3.5% GCP from Year 2 to Year 5.
- 6.5% GCP from Year 6 to Year 20.
What other payouts will I receive?
When this policy matures, you will be paid 100% of the basic sum assured. This also includes all the Guaranteed Cash Payments that have accumulated over the years. Besides that, you will also receive any Terminal Dividends as well as the Non-Guaranteed Cash Dividends.
Do I get any insurance coverage with the Gibraltar BSN Cash Star?
Yes, you do. This plan comes with protection in terms of:
- Death Benefit, Total or Permanent Disability benefit, Accidental Death Benefit – payout of the basic sum assured, any accumulated GCP and dividends
- Accidental Total or Permanent Disability Benefit – Additional 100% of basic sum assured will be paid if such unfortunate incidents occurred.
- Waiver of Premium Benefit – Waiver of future premium payable by the policy owner if diagnosed with any of the 36 critical illnesses in the course of the term of this premium.