Menu
Menu
Menu
Menu
Therefore it is essential that we save up in order to tackle these obstacles. Our Cash Back Plan is a convenient way for you to save for the future and obtain regular cash flow.
What is a Cashback Plan?
Cash Back Plan is a three in one plan where Saving, Liquidity & Protection are combined to offer maximum benefits. This is a plan for those seeking regular cash flows at junctures for various purposes down the line.
What are the benefits under the Cashback Plan?
The Survival Benefits (that you are entitled to and the periodic intervals of payments differ according to the type of Cash Back Plan you have opted for. Upon the maturity of the policy, you will receive the remaining balance of the Sum Assured along with the bonus.
Example: Ahmed, who has taken a 15 year Cash Back Plan of MVR 150,000, will receive 20% of the sum assured (that is MVR 30,000) in the 9th Year.
Periodic Cash Flows on following intervals:
| SCHEDULE | RATE | YEAR OF PAYOUT |
|---|---|---|
| 15 YEAR POLICY | ||
| FIRST | 10% of Sum Assured | 6 |
| SECOND | 20% of Sum Assured | 9 |
| THIRD | 30% of Sum Assured | 12 |
| FOURTH | 40% of Sum Assured + Bonus | 15 |
| 20 YEAR POLICY | ||
| FIRST | 10% of Sum Assured | 8 |
| SECOND | 20% of Sum Assured | 12 |
| THIRD | 30% of Sum Assured | 16 |
| FOURTH | 40% of Sum Assured + Bonus | 20 |
| 25 YEAR POLICY | ||
| FIRST | 25% of Sum Assured | 10 |
| SECOND | 25% of Sum Assured | 15 |
| THIRD | 25% of Sum Assured | 20 |
| FOURTH | 25% of Sum Assured + Bonus | 25 |
Death Benefit: In the event of death of life assured at any time within the policy term, full sum assured with accumulated bonus is paid to beneficiary without deducting survival benefits, if any, already paid out.
How does the plan work?
Extension (Optional Cover)
By paying an additional premium the Life Assured can gain the following rider benefits:
In case of Total Permanent Disability due to accident during term of policy Allied Insurance Company will pay an amount equal to sum assured as TPD.
In case of Death due to accident during term of policy Allied Insurance Company will pay an amount equal to sum assured as DAB.
In case of death due to natural or accidental causes during term of policy Allied Insurance Company will pay an amount equal to sum assured as TR benefit.
The above benefits are limited to a maximum of MVR 500,000 each.
Key Features
Discounts:
| Discount for Premium Mode | |
|---|---|
| Yearly | 2% |
| Half Yearly | 1% |
| Discount for Sum Assured | |
|---|---|
| MVR 150,000 to 249,999 | 0.2% |
| MVR 250,000 and above | 0.1% |
Premium
Required Documents:
Claim Process
Allied will send a discharge voucher* to Life Assured one month prior to survival / maturity benefit dates and settle the claim as per the mentioned policy terms.
In the event of unfortunate death of Life Assured before maturity, full Sum Assured + accumulated bonus will be paid to beneficiary immediately without deducting survival benefits, if any already paid out.
