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Pas sive War Risk. Mandatory selection with the face amount cover War me ans: war or war like operations, invasion, act of foreign enemy, hostilities, mutiny, riot, civil commotion, civil war, rebellion, insurrection, conspiracy, military, usurped power, martial law or state of siege

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Pas sive war risk
Passive War Risk

  • Mandatory selection with the face amount cover

  • War means:war or war like operations, invasion, act of foreign enemy, hostilities, mutiny, riot, civil commotion, civil war, rebellion, insurrection, conspiracy, military, usurped power, martial law or state of siege

  • Max. War Risk benefit paid out is 1Mn

  • War Risk premium = 0.4% per 1000 of face amount

  • Iraq, Afghanistan, Columbia – Excluded from coverage


Waiver of premium
Waiver of Premium

  • For STR, passport copy with visa page of spouse is required

  • Maximum STR cover is 100k

  • In the event of insured’s death – claim amt + spouse can buy another policy upto the level of STR amt (Med is reqd.)

  • Maximum STR that can be applied is $200k or upto 50% of husband’s insurance cover whichever is lower


Spouse term rider
Spouse Term Rider

  • For STR, passport copy with visa page of spouse is required

  • Maximum STR cover is 100k or upto 50% of husband’s insurance cover whichever is lower

  • In the event of insured’s death – claim amt + spouse can buy another policy upto the level of STR amt (Med is reqd.)

  • STR will continue if main insured is disabled and WP starts paying for the policy

  • CI for Spouse if selected will be issued as Stand alone


Critical care
Critical Care

  • 32 Dread Diseases

  • Stand Alone (cannot be canceled for 1st five years)

  • Level Premium (At Entry Age)

  • Renewable up to age 75 (guaranteed renewability)

  • Telemedicine / E-Consultation (Second Medical Opinion)

  • Payment upon Diagnosis

  • Waiting Period 120 days

  • Max CI cover = 5 times annual income

  • Max of CI, RBP from ALICO = 5 times annual income

  • Real CI cover which separates the Life Insurance needs – non accelerated


  • Check list of documents required to join the ‘Whole Life’ plan

  • Application with full details furnished by the client. Signature and name of the sales agent (Witness) and the client to be furnished.

  • Illustrations print out signed by the client.

  • Provide valid passport copy with valid visa page of the client

  • In case of face amount request of above $250,000 or age of client above 55, client needs to go through medical check up.

  • In case of face amount request of above $500,000, client needs to furnish and sign the confidential financial report (UND52).

  • In case of face amount request of above $750,000 both the client and the sales agent needs to furnish and sign the financial report (UND52 and UND54)


Underwriting guidelines
Underwriting Guidelines Life’ plan

  • Housewife can buy ‘WL’ with max cover upto 200K or upto 50% of husband’s insurance cover whichever is lower

  • All children should have equal insured coverage; no partiality

  • Maximum life cover = 10 times annual income

  • 8th and 9th month of pregnancy – cannot buy insurance

  • 1st to 7 months of pregnancy – cannot buy any living benefit (CI)

  • one month after delivery – can buy insurance

  • 20 cigarettes per day and above is medical and mostly sub std.


Basic Medical UND Life’ plan


CI Medical UND Life’ plan

:


Definition owner holder and insured
Definition: Owner/Holder and Insured Life’ plan

  • The person who is buying Insurance is made is ‘Proposed Insured’

  • The person who pays premium is ‘Owner/Applicant’

  • If Insured dies – WL is closed and A/C value paid to Insured’s beneficiary

  • If Owner dies – WL can be continued by another person (Insurable interest) paying the premiums; or NCSV is paid to Owner’s beneficiary


Check list application
Check list – Application Life’ plan

  • Full name as in passport (should match with Illustration)

  • Passport No, Sex, DOB as in passport, Age last Birthday (as in Illustration)

  • Nationality (as in passport), any other nationality, place of birth, Marital Status

  • Average Annual Income – last 12 months, Other sources of income

  • Residence Address with Flat No, Street No, Area, Emirate, Country, Tel

  • Occupational Status – all the fields, with Office address; PO Box

  • Applicant/owner name – owner/holder and Insured is different, Rel. to insured

  • Send correspondence to –

  • Amt of insurance in words, in USD, Plan Duration, Mode of payment, Modal planned premium (TP + excess)

  • Riders – WP, CC – mention amt

  • Multiple Beneficiaries allowed

  • Fund allocation to be in multiples of 10% ( in line with strategy in illustration)


Check list application1
Check list – Application Life’ plan

  • All details of ‘OTHER INSURED’ to be filled if STR is required

  • Riders for ‘OTHER INSURED’ is not available as of now

  • Tick the selected riders as in Illustration, mention amt of coverage, years

  • Beneficiaries for ‘OTHER INSURED’ to be mentioned

  • Existing insurance for all ‘OTHER INSURED’ and ‘OWNER’

  • Answer YES/NO for all the Questions in Part A and B

  • In case any of the Questions are YES, then fill the table below

    • Write Question for which answer is YES, Name of the person for whom the answer is YES (Owner or Insured)

  • Check the Med. Chart and attach – Med. Exam Sheet

    • Original to be send to be given to client to submit to ALICO doctor

    • Second copy to be sent to ALICO

    • Third copy to be retained in the bank


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