Saudia Indian company for cooperative Insurance (SICCI )is a join stock Company established in the kingdom of Saudia Arabia as per Royal 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. (C), Bahrain & Fatwa AL Hokair Group of Company.
'Hemayah', is a pure protection plan, where in the policy holder can make provision for his family by covering the risk of death by contributing a very low premium.
'Hemayah', is a pure protection plan, where in the policy holder can make provision for his family by covering the risk of death by contributing a very low premium.
Benefits:
If premiums are paid as stipulated sum Assured is paid to the beneficiary on death of the life assured during the policy term.
Flexible Payment Options:
The premiums are payable during the premium paying paying term (PPT) of the policy or until the death of the insured whichever is yearly. However can be paid either once at the time of taking the proposal (Single Premium) or in yearly or half yearly installments. However, the premiums payable under the half-yearly mode would be:
Annual Premium*0.51
Annual Premium*0.51
Grace Period:
In case of a regular premium policy, a grace period of 15 days will be allowed for payment of yearly and half yearly premium. If death occurs within this period and before the premium then due, the policy shall be valid and the sum Assured shall be payable after deduction of the said premium without any premiums are not paid within the grace period, the policy will lapse.
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 tare of 4%p.a.
Eligibility and Other Parameters:
Minimum Age at entry : 18 (completed)
Maximum Age at entry : 55 years (nearer birthday)
Maximum Age at Maturity : 65 years (nearer birthday)
Policy Terms : 10.25 for Regular Term, 5.25 Single Premiums
Minimum Sum Assured : SR. 100,000 & in multiples of SR.5000 Thereafter
Maximum Sum Assured : SR.3, 000,000 Subject to Financial Underwriting
Mode of Premium : Yearly/half-yearly/Single
Maximum Age at entry : 55 years (nearer birthday)
Maximum Age at Maturity : 65 years (nearer birthday)
Policy Terms : 10.25 for Regular Term, 5.25 Single Premiums
Minimum Sum Assured : SR. 100,000 & in multiples of SR.5000 Thereafter
Maximum Sum Assured : SR.3, 000,000 Subject to Financial Underwriting
Mode of Premium : Yearly/half-yearly/Single
How to Apply?
o Eligible person may contact Saudi India 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.
o The Saudi Indian Company's sales team will help fill in the proposal from and Arrange for medical examinations.
o On receipt of the application (proposal form) along with proof of age, premium mount and other documents (if required), SICCI will consider issuing the policy. The policy will be effective from the date of First Premium Receipt-cum-Acceptance letter.
o The Saudi Indian Company's sales team will help fill in the proposal from and Arrange for medical examinations.
o On receipt of the application (proposal form) along with proof of age, premium mount and other documents (if required), SICCI will consider issuing the policy. The policy will be effective from the date of First Premium Receipt-cum-Acceptance letter.