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Call Us : 00971-4-2729061
Mail Us : slicdxb@emirates.net.ae

Other Plans


  • Whole Life Limited Assurance
  • Endowment Assurance With Family Income benefit Rider
  • Joint Family Endowment Assurance
  • Progressive Premium Policy
  • Rural Life Insurance Plan
  • Mortgage Protection Policy
  • Maturity Benefits
  • Mortgage Protection Policy
  • Salary Saving Plan
  • Non-Declinature (ND) Scheme

Whole life limited Assurance

This is a modification of Whole Life Assurance wherein the premiums are payable for selected terms, ranging from 10,15,20,25 & 30 years. At the expiry of selected premium paying term, the policy will be kept in force for full sum assured and will continue to participate in the profits of state life till age 85 or earlier death of the life insured. Sum insured plus accrued bonuses becomes payable at death during or after the premium paying term or at age 85.

Endowment Assurance with Family Income Benefit Rider

By adding a Family Income Benefit (FIB) Rider to an Endowment Policy, assured secures much greater family protection at a little extra premium. For example, under table 03 (Endowment Plan), the tabular rate for a 20 years policy on a life aged 35 nearest birthday, is $/AED 49.20 per thousand, whereas with the addition of 15% F.I.B. Rider the premium comes to $/AED 57.99 and the cover increases initially by 300%. If death occurs at any time during the policy, the full basic sum insured of $/AED 1000/- (plus bonuses) will be paid immediately, PLUS an annual income benefit of $/AED 150/- to the nominee(s) for the remaining term. This annual income benefit can make all the difference to the bereaved family.

Special features:

  • Benefits under F.I.B. Rider have been increasing at every actuarial valuation.
  • F.I.B. Rider upto 25% entails no extra medical requirements. If a proposal is acceptable under non- medical scheme without F.I.B. Rider. F.I.B. Rider upto 50% can be added at the maximum. For convenience sake, rates upto 15% & 25% F.I.B. Rider have been combined with basic premium rates and shown in the tables.

Joint Family Endowment Assurance

Under this plan, policies are issued on the lives of two persons and simultaneously cover the risk on the lives of both for the sum assured. The sum assured plus bonuses is payable either of the assured persons.

Premiums are payable till the end of the specified term or till death of either of the assured persons, if earlier.

Notes:

  • Two separate Proposal Forms are required to be filled in by each of the persons applying for assurance under this plan.
  • Both the persons shall have to undergo the required medical examination etc. separately.
  • The basic rates of premium given are based on the equal ages of the two persons. If their ages differ the equal ages will have to be determined as per the Uniform Seniority Table, given below:

When difference between
the ages of two lives is

Deduct from the age
Of the older life

0 to 1 Year

Nil

2 to 3 Year

1 Year

4 to 6 Year

2 Year

7 to 9 Year

3 Year

10 to 13 Year

4 Year

14 to 17 Year

5 Year

18 to 24 Year

6 Year

25 to 33 Year

7 Year

Progressive Premium Policy

This is a special kind of Endowment Assurance Policy which matures at the age 70 years. The Policyholder has, however, an option after 5 years to get the term of the policy reduced, but the unexpired term of the policy from the date of conversion should not be less than 10 years. If the option is exercised, the future premium will increase and if this option is not exercised, the policy will automatically mature at the age of 70 years.

In the event of exercising the conversion option after 5 years, the policy would be entitled to bonuses on the basis of new term from original commencement date to revised maturity date. The bonuses attaching to the policy in respect of first 5 years would be adjusted downwards, if necessary.

Rural Life Insurance Plan

The socio-economic conditions of rural and less-developed areas differ considerably from those in main towns and developed areas and therefore needs of insurance also differ. Keeping these factors in view a special plan of insurance has been designed for the inhabitants of the rural and less-developed areas. The salient features of the plan are:

1. Age Entry and term

The plan will be available to persons age 20 years to 55 years. Only terms 15 and 30 years will be available.

2. Maturity Benefits

On maturity of the policy – Full Sum Assured plus Bonuses

3. Death Benefits

I- On death from any cause – Full Sum Assured plus Bonuses

II- On death die to am accident – Three times Sum Assured plus Bonuses.

III- On death due to an accident caused while using any mechanical agricultural equipment e.g. Tractors, Thrasher, Water Pump etc. – Five times

Sum Assured plus Bonuses.

4. Extended Reinstatement Period

Premiums falling due during any period of Crop failure due to any natural calamity (Floods, rain, wind, hail drought, locust, pets etc.) will be accepted within six months of the due date and policy reinstated without evidence of health and payment of late fees.

5. Automatic Non-forfeiture

If the Premiums are discontinued after payment of at least two year premiums, the policy with automatic premium loan option, be automatically kept in force for a period of two years from the first unpaid premium due date.

6. Premiums

a) Other modes of payments

b) Rebates

    Premiums are subject to the following rebates:

  • For single policy of $/AED 6000 & over $/AED 0.50 per thousand.
  • For single policy of $/AED 10,000 & over $/AED 1.00 per thousand.
  • For single policy of $/AED 20,000 & over $/AED 1.50 per thousand.
  • For single policy of $/AED 50,000 & over $/AED 2.00 per thousand.
  • For single policy of $/AED 100,000 & over $/AED 3.00 per thousand.

c) No policy fee is to be added to the tabular premium for this plan.

Mortgage Protection Policy

Mortgage Protection Policy is a specialized form of Group Term Assurance. The policy provides for Sum Assured reducing by equal amounts over the term of the policy.

Loans and mortgages have become essential parts of the life of modern man. The Mortgages Protection Policy essentially provides coverage approximately equal to the outstanding loan at any time, which is being repaid by regular installments. It provides the debtor with the satisfying knowledge that in case of his premature death, his creditor will not be pounding on the doors of his heirs but will simply turn to State Life Insurance Corporation for collection of outstanding debts. The following are some of the salient features of this plan:

  • One Single premium may be paid at the inception of the policy or annual premiums may be paid for approximately 2/3rd of the term of the loan. However, death risk as shown in the Schedule of Sum Assured is covered for the full term of the policy.
  • Premiums are payable annually, in advance but may also be paid in Half-yearly, Quarterly or Monthly installments provided the installment is not less than $ 150/- and AED 550. The following examples give the benefits under the policy and the methods of calculating premiums.
  • Find out the annual premium as given in the Rate Book.
  • Add 5% to the annual premium as given in the Rate Book.
  • Divided by 12.
  • A policy under ND Scheme will not have to meet any underwriting requirements. Although the proposer will be free to decline to answer any question about his health, such answers will be appreciated since they will help State Life to gather statistics to see how the scheme works.
  • Only Endowment Assurance Plan (table 03) and Anticipated Endowment Assurance Plan (table 05) are available. No rider can be attached to a policy issued under ND Scheme.
  • This scheme is available to person aged 2o or over but not over 58 years )both males and females). Age proof is required at the time of proposal.
  • ND policies will be charged an ND extra, as per page 116 of Rate Book of April’ 2009.
  • The usual occupational extra will be charged, if the proposer follows a hazardous occupation or takes part in hazardous sports. Suppose the occupation or pastime of the proposer is so hazardous that the proposal would ordinarily be declined if underwritten. Then under the ND Scheme it will not be declined. But an appropriate extra premium will be charged to cover the extra hazard.
  • The maximum sum assured available under this scheme is 50,000 $ (or AED equivalent to current conversion). Any existing non-ND policies will not be counted towards this maximum assured.
  • Only annual premium payment mode is available under this scheme.
  • Life cover does not start immediately under a policy issued under ND Scheme. It will gradually build upto 100% as follows:
  • Oridinary Revival
  • Special Revival
  • After the policy has completed at least two years from the commencement date the usual surrender values and paid-up values will be available. The usual ANF options will also be available under the policy.
  • An ND policy will get exactly the same bonuses as if it had been underwritten.

Notes:
Basic Income Benefits are payable for 10 years from the date of death of the Life Assured. The benefits in the columns 2 and 4 as well as 3 and 5 will be added if both the installments are not withdrawn. Supplementary income benefit will be equal to or 50% of the Basic Income Benefit as mentioned in the description of the plan.

Maturity Benefits

On Survival of the life assured till maturity, the sum assured (plus bonuses if any) will be payable after deducting any amount with drawn at the end of 1/3rd or 2/3rd of the policy term.

Notes:
Basic Income Benefits are payable for 10 years from the date of death of the Life Assured. The benefits in the columns 2 and 4 as well as 3 and 5 will be added if both the installments are not withdrawn. Supplementary income benefit will be equal to or 50% of the Basic Income Benefit as mentioned in the description of the plan.

Mortgage Protection Policy

Mortgage Protection Policy is a specialized form of Group Term Assurance. The policy provides for Sum Assured reducing by equal amounts over the term of the policy.

Loans and mortgages have become essential parts of the life of modern man. The Mortgages Protection Policy essentially provides coverage approximately equal to the outstanding loan at any time, which is being repaid by regular installments. It provides the debtor with the satisfying knowledge that in case of his premature death, his creditor will not be pounding on the doors of his heirs but will simply turn to State Life Insurance Corporation for collection of outstanding debts. The following are some of the salient features of this plan:

Salary Saving Plan

Under this plan the employer signs an agreement with State Life for remitting the premiums to State Life by deducting the same from the salaries of those employees who buy individual policies on voluntary basis. The draft of the agreement can be had from the New Business Department of the Zonal Office.

Eligibility Requirements:

The Above scheme can only operate if there are at least ten employees willing to participate in it and the aggregate monthly premium is at least AED. 550.

Type of Policies:

The Salary Saving Plan may be applied to any policies the rates of which are given in the Rate Book (including Child Protection Policy table 07). In fact a different type of policy may be selected by each of the employees of an organization, if so desired.

Individual policies are issued to the employees in the usual way but premium notices and receipts are addressed to the employer.

Rate of Premium:

The rate of premium can be obtained as under:

You will observe that the above premium calculated for the Salary Saving Plan is less than the normal monthly premium. The normal monthly premium is arrived at by multiplying the annual premium by 0.09 as mentioned in the Rate Book, which in the above case would be;

$/AED 828.60 0.09
= $/AED 74.57 i.e.
= $/AED 75.00

Non-Declinature (ND) Scheme

This scheme is designed to cater to the financial protection requirements of persons who do not want to fulfill our medical requirements or are unable to fulfill due to their present state of health. This scheme will be subject to the following terms and conditions.

Death in first policy year:

Payment of sum assured, only if death occurred by accident as defined in the policy. Otherwise no benefit is payable.


Death in the second policy year:

Payment of sum assured, only if death occurred by accident as defined in the policy otherwise return of the second policy year premium only.

Death in the third and later policy years:

Payment of full sum assured and bonuses as per policy

Under ND policies 31 days grace period will be strictly observed. If a policy lapses it may be revived in one of the following two ways:

Ordinary Revival:

The policy can be revived by paying arrears of premium with late fee and providing to ‘State life’ such medical evidence as ‘State Life’ may deem fit free of cost to State Life. In this case the policy will be underwritten afresh and if revived full cover may even start from the date of revival.

Special Revival:

The policy can be revived under this method by simply paying the arrears of premium with late fee. The death benefits payable in the next two years after such revival would be as detailed in 8 above.