Ran Reyru

A three in one life insurance plan which combines triple benefits of saving, liquidity, and protection.

Under this plan, the policy holder receives a percentage of sum assured after completion of 3, 6, 9 & 12 years. In event of unfortunate demise of life assured anytime within the policy term, sum assured with accumulated bonus is paid to beneficiary without deducting survival benefits, if any, already paid.

What are the benefits under the plan?

Survival Benefits
A specified percentage of sum assured is paid on the life assured surviving 3, 6, and 9 years from the date of commencement.
Maturity Benefits
Specified percentage of sum assured is paid along with accumulated bonus at end of policy term.
Death Benefits
In event of unfortunate death anytime within policy term of twelve years sum assured with accumulated bonus till death is paid to beneficiary without deducting survival benefits, if any, already paid.
Payment of Premiums
Premiums can be paid Yearly, Half yearly, Quarterly or Monthly by Cash, Bank order, Bill pay etc.

Key Features

Policy Term: 12 Years
Maximum Maturity Age: 70 Years old
Minimum Sum Assured: MVR. 50,000
Minimum Entry Age: 15 Years old

Discounts:

Discount for Premium Mode
Yearly 2%
Half Yearly 1%
Discount for Sum Assured
MVR 150,000 to 249,999 0.1%
MVR 250,000 and above 0.2%

Required Documents:

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

Available Options:

The plan is available under two options, option 1 and option 2.
The plan offers SURVIVAL BENEFITS AS PER FOLLOWING SCHEDULE
CHEDULE COMPLETED YEARS OPTION 1 OPTION 2
First 3 20% of sum assured 25% of sum assured
Second 6 20% of sum assured 25% of sum assured
Third 9 20% of sum assured 25% of sum assured
Maturity 12 40% of sum assured + bonus 25% of sum assured + bonus
SAMPLE PREMIUM FOR MVR 50,000 SUM ASSURED (MONTHLY)
AGE OPTION 1 OPTION 2
15 482 494
20 482 494
25 483 495
30 484 497
35 488 502
40 496 510
45 509 525

Example

A person took a Cash Back 12 Year policy for a sum assured of MVR 100,000 under option 2. He nominated his wife as beneficiary and received 1st, 2nd, and 3rd survival benefits of MVR 25,000 each after completion of 3rd, 6th, and 9th year. He passed away in the 11th year. Allied Insurance Company will pay the sum assured of MVR 100,000 and an accumulated bonus to his wife without deducting survival benefits already paid to him.

Related Documents

Proposal Form