Cashback Plan

Helps you save regularly and draw assured annual cash benefits for special financial requirements you may encounter in life.

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?

Life Assured may choose a sum assured and premium based on his capacity.
Life Assured must pay the premium regularly till end of the term.
The life assured will receive periodic survival benefits at the intervals above provided the policy is enforce.
In the event of unfortunate demise 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.

Extension (Optional Cover)

By paying an additional premium the Life Assured can gain the following rider benefits:
Total Permanent Disability (TPD)
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.
Double Accident Benefit (DAB)
In case of Death due to accident during term of policy Allied Insurance Company will pay an amount equal to sum assured as DAB.
Term Rider:
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

Policy Term: 15 / 20 / 25 Years
Maximum Maturity Age: 70 Years Old
Minimum Sum Assured: MVR. 50,000.00

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

Sum Assured
Age of Life Assured
Policy Term

Required Documents:

ID card copy of life to be assured and beneficiary
3 Months’ premium (for monthly policies)
Medical reports (If required)

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.

Related Documents

Proposal Form