Futura, provided by Zurich International Life Limited, is tailored to the needs of the policy owner, as specified in the policy schedule. Zurich Futura is a comprehensive life insurance plan offering protection and investment opportunities. It offers protection with additional benefits when the insurer faces sudden death, disability, and illness. Policyholders can tailor the policy plan to their needs, choosing from various investment options as per the potential risks and finance. By acknowledging the incorporation of these policy terms and conditions, you ensure a comprehensive understanding of your insurance coverage and obligations. Zurich is committed to providing reliable protection and service for your peace of mind. Hence, this blog explores the essential things about the policy’s terms and conditions on the funds.
Policy’s Terms & Conditions On Funds:
Units:
The policy operates on a unit-linked basis (the equal portion of the fund which is divided), meaning that a unit account is made to track your policy value daily. The units on your name do not confer ownership over the underlying assets of funds.
The premiums that you pay are allocated to your selected funds of the unit account. As Appendix C outlines, units are subtracted from the unit account to cover policy charges, partial or complete encashments, and specific claim payments.
We will determine the deduction dates for units related to our charges. Unit additions or deductions will occur promptly upon receiving your instructions and premium.
Unit prices and exchange rates on the transaction date will determine the units added to or deducted from your unit account. If a transaction involves multiple funds, units will be adjusted across all funds on a single date.
The number of units in any transaction will be rounded to three decimal places, with any rounding adjustments accruing to us.
Funds:
Your policy schedule will display your initial selection of funds and investment strategy which are subjected to possible modification according to your directives. Funds are typically valued daily every business day as per the Isle of Man business day. We reserve the right to alter the Funds offered at our sole discretion.
Switching Funds:
You can alter the funds at any given moment. Switch requests submitted and approved before our designated dealing cut-off time (subject to potential variation at our complete discretion) will be executed on the subsequent Isle of Man business day. Switching requests received after the designated dealing cut-off time will be considered as received on the subsequent business day at our Isle of Man headquarters.
How Do We Calculate Your Policy Value?
Determining your policy value involves your selected funds, which fluctuate according to these investments. Your policy value at any specific date is computed by multiplying the number of units in your unit account by the unit price, factoring in relevant currency exchange rates. We utilize the most recent unit price and currency exchange rate, which may vary daily.
Deferral Of Adding Or Deducting Units:
We retain the authority to delay the addition or subtraction of units from your policy if there are valid reasons to do so. The unit price and relevant exchange rate will reflect this delay.
Deferral Of Payment:
We maintain the authority to delay any payment to you if the fund manager has postponed the payment to us for any cause. However, we will issue the payment to you once it has been received by us. No interest will be accrued concerning a postponed payment.
Zurich Futura offered by Life Insurance Bazaar stands as the best life insurance in UAE that not only offers protection against the policy holder’s sudden death, disability, and illness but also provides investment opportunities to the policyholder’s needs. Understanding the policy’s terms and conditions, particularly regarding the management of funds and the flexibility of switching between investment options, is essential for maximizing its benefits. Zurich Futura is dedicated to providing reliable protection and service, ensuring policyholders’ peace of mind. By adhering to the outlined terms and conditions, policyholders can navigate insurance coverage effectively to their financial security and well-being.
