Saudi Indian Company for cooperative Insurance (SICCI) a joint stock Company established in the kingdom of Saudi Arabia as per Decree No. M60 dated 18/09/1427H is promoted by: Life Insurance Corporation of India, The New India Assurance Co. Ltd., LIC (International) B.S.C©, Bahrain and Fawaz Al Hokair Group of companies.
In Today's world the prime concern of an enlightened parent is to make child a top class Professional. The ever increasing cost of professional studies as Medical, Engineering, Business Administration etc. calls for proper financial planning on part of the parent. N order to achieve this, the parent has a sound financial plan ensuring availability of fund to the child when needed most.
SICCI's Child Benefit Plan is designed to help you fulfill your dream of making your child a professional and help him or her start a career.
You can select a Policy for the benefit of your beloved child starting from SR. 10,000 and in multiples of SR.1000 thereafter for any amount keeping in view the future requirement of funds.
In Today's world the prime concern of an enlightened parent is to make child a top class Professional. The ever increasing cost of professional studies as Medical, Engineering, Business Administration etc. calls for proper financial planning on part of the parent. N order to achieve this, the parent has a sound financial plan ensuring availability of fund to the child when needed most.
SICCI's Child Benefit Plan is designed to help you fulfill your dream of making your child a professional and help him or her start a career.
You can select a Policy for the benefit of your beloved child starting from SR. 10,000 and in multiples of SR.1000 thereafter for any amount keeping in view the future requirement of funds.
Benefits
If Premiums are paid as stipulated:
1. Death Benefit:
Full Sum Assured is payable on death of the insured during the term of the policy. In addition, the assured benefits as mentioned below will also be payable.
2. Assured Benefit ( On Survival or Death)
i) An amount equal to 20% o the sum assured is payable at the beginning of every year during last 3 policy years before maturity.
ii) An amount equal to 40% of the sum assured along with the vested bonuses is payable at maturity.
3. Bonus: The Policy shall be entitled to simple Reversionary Bonuses, provided the policy is in full force up to the maturity or death of the insured.
1. Death Benefit:
Full Sum Assured is payable on death of the insured during the term of the policy. In addition, the assured benefits as mentioned below will also be payable.
2. Assured Benefit ( On Survival or Death)
i) An amount equal to 20% o the sum assured is payable at the beginning of every year during last 3 policy years before maturity.
ii) An amount equal to 40% of the sum assured along with the vested bonuses is payable at maturity.
3. Bonus: The Policy shall be entitled to simple Reversionary Bonuses, provided the policy is in full force up to the maturity or death of the insured.
Accident Coverage (Optional):
A nominal addition to premium entitles the insured to a special twin accidental coverage benefit.
i) Total and Permanent Disability with in 180 days of an accident,
1. All future premiums are waived
2. An amount equal to the sum assured (subject to an overall maximum limit of SR. 500,000) will be paid in equal monthly installments spread over 10 years.
ii) Accidental Death Coverage:
In case the insured meets with an accident resulting in the death, an additional amount equal to the Basic Sum Assured is paid along with the Claim.
The accident coverage is available during the term of the Policy, provided the policy is kept in full force.
i) Total and Permanent Disability with in 180 days of an accident,
1. All future premiums are waived
2. An amount equal to the sum assured (subject to an overall maximum limit of SR. 500,000) will be paid in equal monthly installments spread over 10 years.
ii) Accidental Death Coverage:
In case the insured meets with an accident resulting in the death, an additional amount equal to the Basic Sum Assured is paid along with the Claim.
The accident coverage is available during the term of the Policy, provided the policy is kept in full force.
Flexible Premium Payment Options:
The premiums are payable during the premium paying term (PPT) of the policy or until the death of the insured whichever is earlier. Premium can be paid either once at the time of taking the proposal (single Premium) or in Yearly, half yearly, quarterly or monthly installments. The premium payable for modes other than Single and yearly are:
1. Half yearly installments : Annual Premium x 0.51
2. Quarterly installments : Annual Premium x 0.257
3. Monthly installments : Annual Premium x 0.086
1. Half yearly installments : Annual Premium x 0.51
2. Quarterly installments : Annual Premium x 0.257
3. Monthly installments : Annual Premium x 0.086
Commutation Facility:
Provides Special Discount for making payment of premium for remaining policy period in lump sum.
Limited Premium Payment Facility:
Limited premium payment facility is available to help you to fulfill your obligation of payment of premium within a period of 5 years.
Rebate for High Sum Assured:
The Annual premium will be reduced for high sum assured as per the table below:
|
Sum Assured |
Rebate per SR. 1000 Sum Assured |
||
|
Regular Premium |
Limited Premium |
Single Premium |
|
Sr. 25,000 to 49,999 |
1.50 |
3.00 |
6.00 |
Sr. 50,000 to above |
3.00 |
4.50 |
10.00 |
Eligibility and other Parameters:
Minimum Age at entry : 20 Years (Completed)
Maximum Age at entry : 60 Years (nearer birthday)
Maximum Age at Maturity : 70 Years (nearer birthday)
Minimum Sum Assured : SR. 10,000 & thereafter multiples of SR. 1000
Policy Term : 10 to 25 years
Maximum Age at entry : 60 Years (nearer birthday)
Maximum Age at Maturity : 70 Years (nearer birthday)
Minimum Sum Assured : SR. 10,000 & thereafter multiples of SR. 1000
Policy Term : 10 to 25 years
How to apply?
Eligible person may contact SICCI's Corporate office at Riyadh or branch Offices at Riyadh, Jeddah or Al Khobar; or any member of the SICCI's sales team.
The SICCI's sales team will help fill in the proposal form and arrange for medical examinations (if Required).
On receipt of the application (proposal form) along with proof of age, premium amount and other documents (if required), SICCI will consider issuing the policy. The policy will be effective from the date of issue of First Premium Receipt-cum-Acceptance letter.
The SICCI's sales team will help fill in the proposal form and arrange for medical examinations (if Required).
On receipt of the application (proposal form) along with proof of age, premium amount and other documents (if required), SICCI will consider issuing the policy. The policy will be effective from the date of issue of First Premium Receipt-cum-Acceptance letter.