Saudi Indian Company for Insurance (SICCI)a Joint stock Company established in the kingdom of Saudi Arabia as per Riyal 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 and Fatwa AL Hokair Group of Companies.
SICCI's "Money Back & Protec Life Long " is a with profit assurance plan-a combination of l whole Life and Endowment Plans. It provides financial protection against death throughout the life time of the insured with the provision of payment of a lump sum of the end of the selected term in case of survival.
SICCI's "Money Back & Protec Life Long " is a with profit assurance plan-a combination of l whole Life and Endowment Plans. It provides financial protection against death throughout the life time of the insured with the provision of payment of a lump sum of the end of the selected term in case of survival.
Special Features:
The plan provides the pre-decided target amount and vested Bonus at the end of the stipulated policy (endowment) term but the protection cover continues for the insured till his death without paying any premium.
Covers legal liability of the insured contractor as a result of bodily injury or property damage belonging to third party.
As a very special feature, this plan provides protection cover for that age of the insured where to get an insurance protection otherwise is quite expensive if not difficult.
Being a blend of endowment and whole life, this plan is suitable for people of all ages who wish to protect their families from a financial setback that may occur owing to the death of the insured. The policy provides financial protection against death during the life time lf the insured even after the Maturity value is paid.
Covers legal liability of the insured contractor as a result of bodily injury or property damage belonging to third party.
As a very special feature, this plan provides protection cover for that age of the insured where to get an insurance protection otherwise is quite expensive if not difficult.
Being a blend of endowment and whole life, this plan is suitable for people of all ages who wish to protect their families from a financial setback that may occur owing to the death of the insured. The policy provides financial protection against death during the life time lf the insured even after the Maturity value is paid.
Benefits:
By making regular payment of premiums:
On Survival: Insured receives the Sum Assured and vested bonuses at the end of the endowment (policy) term. Nevertheless the risk cover continues through out the life time without making any further contribution.
On Survival: Insured receives the Sum Assured and vested bonuses at the end of the endowment (policy) term. Nevertheless the risk cover continues through out the life time without making any further contribution.
On Death:
i. During the Endowment (policy) term: In the unfortunate event of the death of the insured, before the end of the endowment (policy) term, Sum Assured and vested Bonuses are paid to nominee.
ii. After the endowment (policy) term, if death occurs after the endowment term an amount equal to the Sum Assured is payable to the nominee notwithstanding the maturity proceeds already paid to the insured.
ii. After the endowment (policy) term, if death occurs after the endowment term an amount equal to the Sum Assured is payable to the nominee notwithstanding the maturity proceeds already paid to the insured.
Bonus:
The Policy shall be entitled to simple reversionary Bonuses, provided the policy is fill force. The vested bonuses are declared at the end of each financial but are payable, the end of the endowment term or on earlier death of the insured, along with Sum Assured.
Accident Coverage:
A nominal addition to premium entitles the policy holder 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.500,0000) will be paid in equal monthly installments spread over 10 years.
1. ALL future premiums are waived.
2. An amount equal to the Sum Assured (subject to an overall maximum limit of (SR.500,0000) will be paid in equal monthly installments spread over 10 years.
ii) Accidental Death Coverage:
In case the insured meet an accident resulting in the death, an additional amount equal to the Basic Sum Assured is paid along with the claim.
This accident coverage extends beyond the premium paying term up to the age 70 of the insured.
This accident coverage extends beyond the premium paying term up to the age 70 of the insured.
Flexible Premium Payment Options:
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 |
10.00 |
Sr. 50,000 to above |
3.00 |
4.50 |
20.00 |
Eligibility and other Parameters:
Minimum age at entry : 18 years (completed) Maximum age at entry
65 years (nearer birthday)
Maximum age at Maturity : 70 Years (nearer birthday)
Minimum policy (endowment) Term : 5 years under Regular Premium
15 years under Single Premium
10 years under Limited Payment Plan
Maximum Endowment Term : 25 Years
Minimum sum assured : SR 15,000 and in Multiples of SR 1000 thereafter
Maximum sum assured : No Limit on maximum sum assured
65 years (nearer birthday)
Maximum age at Maturity : 70 Years (nearer birthday)
Minimum policy (endowment) Term : 5 years under Regular Premium
15 years under Single Premium
10 years under Limited Payment Plan
Maximum Endowment Term : 25 Years
Minimum sum assured : SR 15,000 and in Multiples of SR 1000 thereafter
Maximum sum assured : No Limit on maximum sum assured
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.