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.

myLife Plans 

Our myLife Plans can be used as a savings plan. It is of special interest to persons who, besides desiring to provide for their own old age and family, feel the need for lump sum payment at periodical intervals. The minimum entry age is 18 years old and minimum sum assured is SR 50,000. Types of plans under myLife Policies are as follows

myLife Security - 15 YEARS TERM

Maximum age of entry is 48 years old. During the course of the term of the policy, the policy owner will receive the following:

  • Year 5-25% of sum assured
  • Year 10-25% of sum assured
  • Year 15-Remaining 50% of sum assured plus bonuses

myLife Cover - 20 YEARS TERM

Maximum age of entry is 43 years old. The following survival payments are made during the policy term:

  • Year 5-15% of the sum assured
  • Year 10-15% of the sum assured
  • Year 15-20% of the sum assured
  • Year 20-Remaining 50% of the sum assured with bonuses.

myLife Benefits - 20 YEARS TERM

Maximum age of entry is 43 years old. During the course of the term of the policy, the policy owner will receive the following:

  • Year 10-10% of the sum assured
  • Year 15-15% of the sum assured
  • Year 20-100% of sum assured plus bonuses

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.

Policies with sum assured from SCR50,000, the policyholder is entitled to SCR25,000 free funeral cover and 10% discount on motor private, motor taxi and home insurance until the policy matures. However, if the Life policy lapses, the discount will not be applicable at renewal.

Information! Premiums under all three plans can be paid on a monthly, quarterly, half yearly or yearly basis.