Individual Term Assurance

Provides financial help in the sudden unfortunate demise of the bread winners of the families.

Term Assurance will provide financial help to the family on the unfortunate demise of the Life Assured. Life Assured has to appoint a beneficiary, who will receive the Sum Assured upon death of Life Assured. Nothing is paid on maturity.

Benefits:

Death of Life Assured
In the event of unfortunate death during the policy term, the sum assured is paid to the beneficiary.
Low Premium
Term Assurance plan provides life cover during term of policy at a low premium.

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.
The appointed beneficiary of the Life Assured will receive the Sum Assured, on the unfortunate demise of Life Assured within the policy term.
Nothing is payable on maturity.

Key Features:

Minimum Age at Entry 20 Years
Maximum Age at Entry 60 years old
Policy Term 5 – 25 Years
Maximum Maturity Age 65 years old
Minimum Sum Assured MVR 500,000

Premium:

There are various factors which determine the premium payable. They are as follows:
Sum Assured
Age of Life Assured
Policy Term

Required Documents:

ID cards of Life to be Assured and beneficiary
3 Months’ premium (for monthly policies)
Medical reports (If required)
Proposal Processing Time: 1 week

Claim Process:

In the event of unfortunate death of Life Assured before maturity, Sum Assured will be paid to beneficiary immediately.
Death Claim Processing Time: 1 month

Illustrative Example:

Ahmed is 35 year old executive in a company. He takes a Term Assurance Plan for 25 years on his life for Sum Assured of MVR 500,000 and appoints his wife as beneficiary. In event of unfortunate death of Ahmed at age 50 Allied Insurance Company will pay MVR 500,000 to his beneficiary.

FAQs:

What is an individual Term Assurance Plan?

Individual Term Assurance Plan offers risk cover against death without any saving element. The Sum Assured is paid to the beneficiary on death of the Life Assured during term of the policy. Nothing is paid on maturity.
What is the purpose of the Individual Tem Assurance Plan?

The plan ideally suits those people who are looking for a high insurance cover at a low premium without any saving element.
What is the minimumSum Assured under the Individual Tem Assurance Plan?

Minimum Sum Assured is MVR 500,000

Related Documents

Proposal Form