Cashback Plan

Throughout life, we have to bear a lot of expenses. Some of them are quite expensive that we may be unable to finance them immediately. In addition, we may face unexpected situations where we may have to spend a dear sum.

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 Cash Back 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 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.  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.

 

Additional benefits available under the plan

By paying an additional premium the Life Assured can gain the following rider benefits:

  1. 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.
  2. 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.
  3. 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.

* 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 – 0.1%
    • MVR 250,000 and above –0.2%

 

Premium

There are various factors which determine the premium payable. They are as follows:

  • Sum Assured
  • Age of Life Assured
  • Policy term

 

What documents are required for the proposal?

  • ID cards of Life to be Assured and beneficiary
  • 3 months premium (in monthly policies)
  • Medical Report (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.

 

Illustrative Example

Naeem is 20 years old in order to support future opportunities takes a Cash Back  policy of  sum assured  MVR 200,000 for 25 years period and pays  his premium yearly.

YEAR

PERIODIC BENEFIT

10

MVR 50,000

15

MVR 50,000

20

MVR 50,000

25

MVR 50,000 + Bonuses Payable

During the 16   year of the policy, Naeem faced an accident on a travel abroad and passed away. In his insurance he had opted for TPD / DAB and set his wife as the beneficiary of the policy. Also by the time he passed away, he had already collected the first and second survival benefit from his coverage. However, Allied Insurance paid out the full sum assured of Mrf. 200,000 , DAB benefit of Mrf. 200,000 and bonus to Naeem’s wife and terminated the insurance policy.

 

FAQs

  1. What is the purpose of Cash Back Policy?
    Cash Back Policy pays out survival benefits at periodical intervals during the term of the policy. Survival benefit is calculated as percentage of the Sum Assured.

  2. Explain the features of a cash back policy.
    Cash back policy is basically an endowment insurance policy. But, unlike an ordinary endowment policy where the survival benefit is payable only at the end of the endowment period, cash back policy pays periodic payments of partial survival benefits during the term of the policy. In case of death of the life assured before the maturity of the policy, the death claim comprises the sum assured plus bonus without deducting any of the survival benefit amounts, which might have been already paid. The premiums are payable for a selected term of years, or till death if it occurs before the policy matures.

  3. What is a survival benefit? What is the procedure for claiming it?
    Survival benefit is the periodical payment received by Life Assured under Cash Back Plan. Amount is a percentage of sum assured. It is guaranteed as it is already decided at policy commencement. Policy must be in force and premiums must be up to date. You must produce policy document for endorsement to the Insurance Company.

  4. How do I receive payment of my survival benefit?
    Allied will send a discharge form for claiming the survival benefit one month before due date. Once the discharge form is completed and submitted along with original policy document Allied Insurance Company will pay provided policy is in full force and premiums are up to date.

  5. What happens in the event of death of the Life Assured?
    Full Sum Assured with accumulated bonus is paid to the beneficiary without deducting survival benefits, if any, already paid. The policy has to be enforced.

  6. What is Total Permanent / Double Accident Benefit (TPD/ DAB) under a life insurance policy?
    TPD/ DAB are available as an additional rider benefit on Cash Back Plan where you have to pay a small extra premium in addition to normal premium. In case of Total Permanent Disability or Death due to accident during term of policy Allied Insurance Company will pay an amount equal to sum assured as TPD/ DAB. This amount is in addition to payment of basic sum assured plus accumulated bonus under main policy.

  7. What is Term Rider benefit (TR) under a life insurance policy?
    TR benefit is available as a rider benefit to Cash Back Plan. To avail of this valuable benefit you have to pay a small extra premium in addition to normal premium. 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. This amount is in addition to payment of basic sum assured plus accumulated bonus under main policy.

  8. What is the maximum amount that can be taken under the Rider benefit?
    The maximum amount on a single life is MVR 500,000 that is including all policies on his / her life.

  9. At what age does the rider benefit stop?
    The rider benefit stops at age 60 of the Life Assured. The main policy will continue without the rider benefit.

  10. What are the payment methods available?
    The client can opt different methods of payment such as cash, cheque, bill-pay (online banking) or bank order to pay their premiums.

 

 

Our Life Insurance Customers can pay thier premiums through BML BillPAY Service. The service is currently available only for Life Insurance Customers. But we have future plans to make it easy for our general insurance customers to pay their premiums online.

Next Steps?

News and Updates

  • Allied Insurance wins the title “Business of the Year 2018”

    Allied Insurance Company of the Maldives receives the high recognition of “Business of the Year Award” at Maldives Business Awards 2018. Organized by Blazon Pvt, the event was held in Paradise Island Resort with invitees from all business sectors.

    December 23rd, 2018
  • Allied Insurance Islamic window; Ayady Takaful wins IFFSA Gold Award

    Islamic window of Allied Insurance Company Ayady Takaful wins the prestigious IFFSA Gold awards at the 3rd Islamic Finance Forum of South Asian Region, held in Sri-Lanka on 23rd October 2018. The Gold Award was presented to General Manager of Ayady Takaful Mr.Firushan Ibrahim, as an acknowledgement for the invaluable contributions by Ayady Takaful for the Islamic Financial sector.

    October 24th, 2018
  • Allied Insurance handovers multiple donations under CSR initiative; “Premium for Good”

    Allied Insurance Company of the Maldives extends financial support for Jamaluddin School Digitalization Program, Imaduddin School Digitalization Program and Ghiyasuddin School Raspberry-pi Extension Project, under its CSR initiative; Premium for Good.

    August 27th, 2018