Individual Term Assurance Plan

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.

 

What are the benefits under the plan?

  • 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


What documents are required for the proposal?

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

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

1. 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.
 

2. What is the purpose of the Individual Term Assurance Plan?

The plan ideally suits those people who are looking for a high insurance cover at low premium without any saving element.
 

3. What is the minimum Sum Assured under the Term Assurance Plan?

Minimum Sum Assured is MVR 500,000

 

 

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