Computation of Maturity Value of Endowment Policies
- The maturity value of an endowment life insurance policy is calculated strictly as of the policy’s maturity date.
- Any outstanding policy loans are to be computed immediately at the time of policy maturity.
- The total outstanding policy loan amount must be deducted or applied against the maturity value at maturity, not afterward.
- This ensures that the final payout properly reflects any outstanding liabilities under the policy at maturity.
Stoppage of the Grant of Carer's Allowance
- Effective November 2003, the grant of Carer’s Allowance was stopped for individuals who became qualified for Permanent Total Disability (PTD) benefits.
- Those who were already receiving Carer’s Allowance before this stoppage date continue to receive the allowance without interruption.
- This policy aims to clarify eligibility and ensure proper allocation of benefits among qualified recipients.