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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
slide5

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
  • 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.
definition owner holder and insured
Definition: Owner/Holder and Insured
  • 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
  • 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
  • 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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