Ran Reyru

Ran Reyru is a three in one plan of Life Insurance 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 | Specified percentage of sum assured is paid on life assured surviving 3, 6 and 9 years from the date of commencement.

MATURITY BENEFIT | Specified percentage of sum assured is paid along with accumulated bonus at end of policy term.

DEATH BENEFIT | 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%

 

What documents are required for the proposal?

  • Proposer's ID Card Copy
  • Beneficiary ID Card Copy
  • 3 months premium (for monthly policies)

 

What are the options available?

Plan is available under two options, 
option 1 and option 2.
 
Plan offers SURVIVAL BENEFITS AS PER FOLLOWING SCHEDULE
 

SCHEDULE

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 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 sum assured of MVR 100,000 and accumulated bonus to his wife without deducting survival benefits already paid to him.

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