Life Assurance
Life Assurance products are designed foremost to protect you and your loved ones against the uncertainties that may lie ahead, such as accident and death. In addition to this, some products can be regarded as a means of savings for you and your family in your old days.This is done by appropriately organizing contributions to a common fund, and making payments from that fund.
myLegacy Plans
myLegacy Plans is probably the most popular form of life assurance taken. This policy makes provision for the family of the life assured to receive a lump sum plus bonuses in the event of early death. If sum has not been paid for early death or total permanent disablement at the time of maturity the insured will receive the lump sum assured plus bonuses.
Types of plans under myLegacy Policy are as follows:
myEndowment Plan is an investment for savings for retirement, for a future investment or to leave some money for the family after death.
- Full sum assured plus bonus becomes payable at the end of the term with the bonus.
- In the event of death of the assured while the policy is in force, the full sum assured and bonus accrued are paid to the beneficiaries.
- In the event of total permanent disability (TPD) during the term, a portion of the sum assured is paid to the policyholder and the policy is kept in force until maturity or death, where the remaining amount is paid along with bonus accrued.
- No survival benefits are paid under this plan.
- Age of entry: 18 years to 58 years
- Age of Maturity: 63 years
- Policy term: 5 years to 45 years
- Minimum sum assured: SR 50,000
myRetirement Plan is an investment for savings for retirement, for a future investment or to leave some money for the family after death.
- Full sum assured plus bonus becomes payable at the end of the term with the bonus.
- In the event of death of the assured while the policy is in force, the full sum assured and bonus accrued are paid to the beneficiaries.
- In the event of total permanent disability (TPD) during the term, a portion of the sum assured is paid to the policyholder and the policy is kept in force until maturity or death, where the remaining amount is paid along with bonus accrued.
- No survival benefits are paid under this plan.
- Age of entry: 18 years to 58 years
- Age of Maturity: 63 years
- Policy term: 5 years to 45 years
- Minimum sum assured: SR 50,000
myOffspring Plan is exclusively for grandparents who wish to leave money for their grandkids in the event of death.
- Full sum assured plus bonus becomes payable at the end of the term with the bonus.
- In the event of death of the assured while the policy is in force, the full sum assured and bonus accrued are paid to the beneficiaries.
- In the event of total permanent disability (TPD) during the term, a portion of the sum assured is paid to the policyholder and the policy is kept in force until maturity or death, where the remaining amount is paid along with bonus accrued.
- No survival benefits are paid under this plan.
- Age of entry: 18 years to 58 years
- Age of Maturity: 63 years
- Policy term: 5 years to 45 years
- Minimum sum assured: SR 50,000
