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 offers Participating Endowment Assurance Plan (PEN) to help you provide the desired financial security to family. By merely tendering the FIRST PREMIUM & keeping the policy in force by regular premium payment, you create an irrevocable ESTATE.
How the Plan Operates?
By making regular payment of premium, the insured receives the Sum Assured and accrued bonuses on the date of maturity.
In the unfortunate event of death, before the date of maturity, Sum Assured and accrued bonuses are paid to nominee.
In the unfortunate event of death, before the date of maturity, Sum Assured and accrued bonuses are paid to nominee.
BONUS
The policy shall be entitled to Simple Reversionary Bonuses, provided the Policy is in full force. The vested bonuses are payable at the end of the term or on earlier death of the insured along with Claim Amount.
Accident Coverage:
A nominal addition (SR 1 per thousand sum assured) to premium entitles you to a special twin accidental coverage benefit:
Total and Permanent Disability Coverage
In case of total and permanent disability within 180 days of an accident:
All future premiums are waived.
An amount equal to the Sum Assured (subject to maximum limit of SR 500,000) will be paid in equal monthly installment spread over 10 years.
Accidental Death Coverage
In case the insured meets with an accident resulting in the death, an additional amount equal to Sum Assured is paid along with the claim.
Commutation Facility provides special discount for making payment of premium for remaining policy period in a lump sum.
Limited Premium Payment Facility is available to help you to fulfill your obligation of payment of premium within a period of 5 years.
Premium can be paid in yearly, half-yearly, quarterly and monthly installments. The premiums payable for modes other than yearly mode are:
Half-yearly Installment : Annual Premium x 0.51
Quarterly Installment : Annual Premium x 0.257
Monthly Installment : Annual Premium x 0.086
Rebate for High Sum Assured
The annual premium shall be reduced for high Sum Assured as below:
Eligibility :
Minimum age at entry : 14 years (completed)
Maximum age at entry : 65 years (nearer birthday)
Maximum age at Maturity : 70 years (nearer birthday)
Minimum Term:5 yrs under Regular & Single Premium 10 years under Limited Payment Plan.
Maximum Endowment Term : 25 years
Minimum sum assured : SR 10,000 and thereafter in Multiples of SR 1000
Maximum sum assured: No limit
Other Details of Participating Endowment Assurance :
1. Underwriting Requirements:
The non-medical limits are as given below :
The policy shall be entitled to Simple Reversionary Bonuses, provided the Policy is in full force. The vested bonuses are payable at the end of the term or on earlier death of the insured along with Claim Amount.
Accident Coverage:
A nominal addition (SR 1 per thousand sum assured) to premium entitles you to a special twin accidental coverage benefit:
Total and Permanent Disability Coverage
In case of total and permanent disability within 180 days of an accident:
All future premiums are waived.
An amount equal to the Sum Assured (subject to maximum limit of SR 500,000) will be paid in equal monthly installment spread over 10 years.
Accidental Death Coverage
In case the insured meets with an accident resulting in the death, an additional amount equal to Sum Assured is paid along with the claim.
Commutation Facility provides special discount for making payment of premium for remaining policy period in a lump sum.
Limited Premium Payment Facility is available to help you to fulfill your obligation of payment of premium within a period of 5 years.
Premium can be paid in yearly, half-yearly, quarterly and monthly installments. The premiums payable for modes other than yearly mode are:
Half-yearly Installment : Annual Premium x 0.51
Quarterly Installment : Annual Premium x 0.257
Monthly Installment : Annual Premium x 0.086
Rebate for High Sum Assured
The annual premium shall be reduced for high Sum Assured as 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 :
Minimum age at entry : 14 years (completed)
Maximum age at entry : 65 years (nearer birthday)
Maximum age at Maturity : 70 years (nearer birthday)
Minimum Term:5 yrs under Regular & Single Premium 10 years under Limited Payment Plan.
Maximum Endowment Term : 25 years
Minimum sum assured : SR 10,000 and thereafter in Multiples of SR 1000
Maximum sum assured: No limit
Other Details of Participating Endowment Assurance :
1. Underwriting Requirements:
The non-medical limits are as given below :
Age |
Category 'A' SR | Category 'B' SR |
| 18 - 40 | 200,000 | 100,000 |
| 41 - 45 | 150,000 | 75,000 |
| 41 - 45 | 100,000 | 60,000 |
Category 'A' : Includes professionals like doctors, engineers, managers, etc and all white collared salaried persons like clerks, telephone operators, typists, teachers, government employees, etc.
Category 'B': Includes semiskilled and unskilled workers like industrial workers, labours and others not falling under category 'A'.
Medical examination is required under all proposals when the sum under consideration exceeds the non-medical limits.
Paid up Value
Regular Premium policies and limited premium policies:
If after at least three full years' premiums have been paid in case of regular premium policies and if after at least two full years' premiums have been paid in case of limited premium policies, any subsequent premium is not paid, the Sum Assured shall be reduced to such a sum as shall bear the same ratio to the full Sum Assured as the number of premiums actually paid shall bear to the total number originally stipulated for in the policy. Such reduced paid up policy shall not be entitled to participate in future profits. The existing vested bonus additions, if any, will remain attached to the reduced paid up policy.
2. Surrender (Settlement Option):
Regular and 5 years Limited Premium policies:
The policy can be surrendered for cash after the premiums have been paid for at least 3 years in case of regular premium policies and 2 years in case of limited premium policies.
a) Guaranteed Surrender Value The minimum surrender value allowable under this policy is equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all extra premiums and/or additional premiums for accident benefit that may have been paid. The cash value of any existing vested bonus additions will also be allowed.
Single Premium Policies: The policy can be surrendered for cash after two years have elapsed from the date of commencement. The minimum surrender value allowable under the policy is equal to 90% of the within mentioned single premium paid, excluding all extra premiums and/or additional premiums that may have been paid. The cash value of any existing vested bonus additions will also be allowed.
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.
Category 'B': Includes semiskilled and unskilled workers like industrial workers, labours and others not falling under category 'A'.
Medical examination is required under all proposals when the sum under consideration exceeds the non-medical limits.
Paid up Value
Regular Premium policies and limited premium policies:
If after at least three full years' premiums have been paid in case of regular premium policies and if after at least two full years' premiums have been paid in case of limited premium policies, any subsequent premium is not paid, the Sum Assured shall be reduced to such a sum as shall bear the same ratio to the full Sum Assured as the number of premiums actually paid shall bear to the total number originally stipulated for in the policy. Such reduced paid up policy shall not be entitled to participate in future profits. The existing vested bonus additions, if any, will remain attached to the reduced paid up policy.
2. Surrender (Settlement Option):
Regular and 5 years Limited Premium policies:
The policy can be surrendered for cash after the premiums have been paid for at least 3 years in case of regular premium policies and 2 years in case of limited premium policies.
a) Guaranteed Surrender Value The minimum surrender value allowable under this policy is equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all extra premiums and/or additional premiums for accident benefit that may have been paid. The cash value of any existing vested bonus additions will also be allowed.
Single Premium Policies: The policy can be surrendered for cash after two years have elapsed from the date of commencement. The minimum surrender value allowable under the policy is equal to 90% of the within mentioned single premium paid, excluding all extra premiums and/or additional premiums that may have been paid. The cash value of any existing vested bonus additions will also be allowed.
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.