ENDOWMENT SAVINGS PLAN

What is an Endowment Savings Plan?

An Endowment Savings Plan is a life insurance product that combines savings and protection. It’s ideal for people who want to build a disciplined savings with the added benefit of insurance coverage. You pay regular premiums over a fixed term of 5, 10 or 15 years and at the end of the term, once you’re still alive, you receive a guaranteed, tax-free lump sum payment. If you pass away during the term, your beneficiaries will receive the tax-free lump sum payment. 

The Endowment Savings Plan tax-free lump sum can then be used for funding education, home deposit or renovation, retirement, wedding, other significant life milestone, or your emergency safety net.

How do I access the Endowment Savings Plan?

Applying for a policy can be done online in just 5 simple steps and in about 10 minutes or less. 

Step 1: Get an estimate of your premium for consideration and decision.
Step 2: Complete our health and lifestyle questionnaire.
Step 3: Verify your identity and address.
Step 4: Provide your premium payment information.
Step 5: Have your policy issued in real time.

Features and Benefits:

  • The minimum coverage amount is $10,000
  • The maximum coverage amount is $750,000
  • Term options are 5, 10 or 15 years
  • The Death Benefit is equal to the Coverage Amount
  • The Maturity Benefit is equal to the Coverage Amount payable at the end of the term.
Click here to view a sample Endowment Policy Contract.

What You’ll Need to set up an Endowment Policy:

  • Any smart device
  • One form of National Identification (Driver’s Permit, Identification Card, or a valid Passport)
  • A utility bill not older than 6 months (no cell phone bills)
  • A bank statement (only if a non-Republic Bank account will be used to make premium payments)
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Frequently Asked Questions:

  • 5-year: Short-term savings, higher premiums, quicker access to funds
  • 10-year: Moderate balance of affordability and savings growth
  • 15-year: Long-term plan, lower premiums, greater potential returns.

It is extremely important to truthfully answer our health and lifestyle questions so that the right premium is calculated for you, and to ensure that your future claim is approved.

There is a 90 day grace period to pay any missed premiums. If you do not pay your missed premium within 90 days, your policy will lapse.

No, there are no fees or commissions included in this plan.

You can cancel your policy at any time. When you cancel your policy, it is immediately terminated, and unless you have held your policy for at least three years, no benefits are payable. If you cancel your policy after 3 years you will receive a refund of all premiums paid.

The minimum eligible age is 18 and the maximum eligible age is 80. There are no income requirements. However, you need to be able to sustain premium payments.

No, you cannot borrow from this plan. The full maturity benefit is paid at the end of the policy term. This plan can be used as security to obtain loans.

If you’re alive at the policy maturity and premiums are fully paid, you receive the benefit which is equal to your full coverage amount.

No, your premiums are fixed and guaranteed not to change for the term of the policy.

Customers can contact us via:

  • Telephone at 625-3617 ext. 69499
  • Email at rlicsupport@rfhl.com
  • The Contact Us message box on our website.
You would only need to provide a bank statement if the bank account being used to pay your premiums is not a Republic Bank account. The bank statement is used to verify account ownership only, account balances and transaction information may be redacted.