Over 50s Plan

What is the Over 50s Plan?

The Over 50s Plan is an affordable way to contribute towards funeral costs or to leave your loved ones a lump sum, putting your mind at rest and letting you get on with life.

If you're a UK resident, aged 50-80, you'll be accepted - guaranteed.

Guarantees important to you? The Over 50s Plan comes with a few more:

• No medical or health questions
• Quick cover, from just £7 a month
• Fixed premiums
• Funeral Benefit Option

The Over 50s Plan pays out:

• If you die from an accident within the first year - the sum assured.
• If you die due to other causes within the first year - a sum equal to the premiums paid.
• If you die from an accident after the first year - double the sum assured.
• If you die from other causes after the first year - the sum assured.

Please read the important policy information below before applying.

Important policy information

• Cover amounts are based on your personal circumstances.
• Premiums are paid for 30 years or to the anniversary following the policy holders 90th birthday whichever comes first.
• You may pay in more than we pay out, depending on how long the policy lasts for.
• The value of your lump sum will be reduced over time by the effects of inflation. If you cancel your policy at any time you will not get any money back.
• Accidental death benefit will not be paid if you die from an accident if the cause of death is the result of the following:
  • Criminal Act - taking part in a criminal act.
  • Alcohol or Drug Abuse - including but not limited to the following:
    • Consuming too much alcohol.
    • Taking an overdose of drugs, whether lawfully prescribed or otherwise.
    • Taking controlled Drugs (as defined by the Misuse of Drugs Act 1971) otherwise than in accordance with a lawful prescription.
  • Flying
    • Flying except as a passenger in a commercially licensed aircraft.
  • Hazardous pursuits
    • Engaging in motorsports (including motorcars, motorcycles and speedboats), mountaineering in which the use of ropes or guides is needed, potholing or diving using artificial breathing apparatus.
  • Self-inflicted injury
    • Intentional self-inflicted injury.
  • War
    • Including but not limited to War, invasion, hostilities (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion.
• Before purchasing a Tesco Bank Over 50s Plan please read:
  • Key Facts [PDF, 152KB]
  • Policy Conditions [PDF, 126K]

Tesco Bank Over 50s Plan is provided and underwritten by Aviva Life and Pensions UK Limited through their Guaranteed Lifelong Protection Plan.

Additional Terms and Conditions

• Clubcard number must be provided during application.
• One offer per customer. Not to be used in conjunction with any other offer.
• If you cancel your policy within the first 6 months we reserve the right to request a refund of the £40 Tesco Gift Card already given to you.
• The Tesco Gift Card will be posted (no duplicates will be sent) to the policyholder's address after three monthly payments have been made.

Funeral Benefit Option

Funeral Benefit Option is a free, optional extra with Over 50s cover.

Selecting Funeral Benefit Option enables the fixed lump sum from your Over 50s cover to be paid directly towards the cost of your funeral with The Co-operative Funeralcare.

The Co-operative Funeralcare will make an additional £250 contribution towards the cost of your funeral, provided it is arranged through one of the Co-operative Funeralcare Funeral Homes, another participating Co-operative Society or an affiliated Funeral Director.

Aviva will be in touch by post within 12 months of you taking out Over 50s cover to ask whether you want to add Funeral Benefit Option.

If you select this option, you'll then receive your Documents Folder from The Co-operative Funeralcare containing useful information about arranging your funeral.