Saudi Indian Company for Co-operative Insurance (SICCI) is a joint stock company established in the Kingdom of Saudi Arabia as per Royal Decree No. M60 dated 18/09/1427H. SICCI is a joint venture between Fawaz Al Hokair Group of Companies, KSA, Life Insurance Corporation of India, The New India Assurance Company Limited, India and Life Insurance Corporation (International) B.S.C.(c), Bahrain
Double Cover Participating
Endowment Assurance (DCPEN) Plan" provides for double the basic
sum assured on death during the term of the Policy and offers a wider
choice to the customers.
Benefits
If Premiums are paid as stipulated:
1. Death Benefit:
Double the basic Sum Assured with vested bonuses, if any, are payable on death of the life assured during the policy term.
2. Assured Benefit (On Survival to Maturity Date):
Basic Sum Assured with the vested bonuses are payable at the end of the policy term on the insured's survival to that date.
3. Bonus:
The Policy shall be entitled to simple Reversionary Bonuses, provided the policy is in full force. The vested bonuses are payable along with the payment of claim.
1. Death Benefit:
Double the basic Sum Assured with vested bonuses, if any, are payable on death of the life assured during the policy term.
2. Assured Benefit (On Survival to Maturity Date):
Basic Sum Assured with the vested bonuses are payable at the end of the policy term on the insured's survival to that date.
3. Bonus:
The Policy shall be entitled to simple Reversionary Bonuses, provided the policy is in full force. The vested bonuses are payable along with the payment of claim.
Accident Coverage (Optional):
A nominal addition to premium entitles the insured to a special twin accidental coverage benefit.
i) Total and Permanent Disability Coverage:
In case of total and permanent disability within 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.
This accident coverage is available during the term of the Policy, provided the policy is in full force.
A nominal addition to premium entitles the insured to a special twin accidental coverage benefit.
i) Total and Permanent Disability Coverage:
In case of total and permanent disability within 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.
This accident coverage is available during the term of the Policy, provided the policy is 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 premiums 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
Commutation facility:
Provides facility for making payment of premium in lump sum any time after the commencement of the policy for remaining policy period at a discount. Currently the discount allowed is at the rate of 4% p.a..
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 with full risk cover for the entire policy term.
Rebate for High Sum Assured:
The annual premium will be reduced for high Sum Assured as per the table below:
Eligibility and Other Parameters:
Minimum Age at entry : 18 years (completed)
Maximum Age at entry : 55 years (nearer birthday)
Maximum Age at Maturity : 70 years (nearer birthday)
Policy Terms : 15 years, 20 years & 25 years
Minimum Sum Assured : SR.10,000 & thereafter multiples of SR.1000
Maximum Sum Assured : No limit on maximum Sum Assured
How to apply?
¢ Eligible person may contact Saudi Indian Company's Corporate office at Riyadh or Branch Offices at Riyadh, Jeddah or Al Khobar; or any member of the Saudi Indian Company's sales team
¢ The Saudi Indian Company'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 premiums 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
Commutation facility:
Provides facility for making payment of premium in lump sum any time after the commencement of the policy for remaining policy period at a discount. Currently the discount allowed is at the rate of 4% p.a..
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 with full risk cover for the entire policy term.
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 | Limited | Single | |
| SR 25,000 to 49,999 | 1.50 | 3.00 | 6.00 |
| SR 50,000 & above | 3.00 | 4.50 | 10.00 |
Eligibility and Other Parameters:
Minimum Age at entry : 18 years (completed)
Maximum Age at entry : 55 years (nearer birthday)
Maximum Age at Maturity : 70 years (nearer birthday)
Policy Terms : 15 years, 20 years & 25 years
Minimum Sum Assured : SR.10,000 & thereafter multiples of SR.1000
Maximum Sum Assured : No limit on maximum Sum Assured
How to apply?
¢ Eligible person may contact Saudi Indian Company's Corporate office at Riyadh or Branch Offices at Riyadh, Jeddah or Al Khobar; or any member of the Saudi Indian Company's sales team
¢ The Saudi Indian Company'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.