Relevant Life Plan
- A Relevant Life Plan is a life insurance plan available to employers to provide an individual death in service benefit for their employees.
- It is designed to pay a lump sum if the employee dies whilst employed during the term of the policy.
- It will also pay out if the employee, whilst employed, is diagnosed with a terminal illness and meets our definition at any time during cover.
- Premiums are paid by the employer.
- The policy has to be placed into a Relevant Life Plan Trust – Relevant Life Plan Trust Deed (W13547) PDF: 325KB
- Increasing plans will increase in line with the changes in the Retail Prices Index (RPI) and multiplied by 1.5 subject to a maximum increase of 15% per annum. The RPI provides an indication of inflation on a monthly basis. The RPI measures and tracks the average change in the purchase price of goods and services such as housing expenses and mortgage interest payments. If changes to the RPI are 1% or less then the premium and amount of cover will stay the same until the next review.
Limitations and exclusions apply.
For more information on our Relevant Life Plans see our Product Profiles.