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.
Special Endowment Plan
Our Special Endowment Policy 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 Special Endowment Policy are as follows
PLAN A - 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
PLAN B - 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.
PLAN C - 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 at any time within the policy term, the full sum assured will be paid regardless if any deductions or adjustments that have been made to the policy earlier. Under our Special Endowment plans, we also provide cover for Total and Permanent Disability.
