Britannic Assurance has launched a new life assurance policy that provides a cash sum if the life assured dies before the end of the policy, but also gives a proportion of the premium as cashback if they survive.
The policy can be taken out by customers aged between 18 and 49 and lasts for 15 years. On the death of the policyholder during the fixed term, the sum assured will be paid. However, on survival to end of the term, 50% of the premiums paid will be refunded.
David Taylor, Britannic Assurance's head of marketing, says: “This product offers the benefits of life assurance while still ensuring that customers receive a cash sum if they survive to the end of the policy.
“The Cashback Plan is an excellent way to insure a life and know that if you don't need to claim you will benefit from the a proportion of the money you have paid in.”
Premiums for the Britannic Cashback Plan are calculated on an individual basis taking into account the policyholder's age, sex, if they are a smoker and the amount of benefit. Premiums are payable in advance on the first of each month and will start at £10.