Life protect Protecting you for life
Introduction Securing the future of your loved ones is essential, especially when they depend on you. By providing financial security, you can be confident of a comfortable tomorrow for them. With combined benefits of life insurance and investment feature, Life Protect can provide you the confidence that your family will be financially protected even when you are not around. As your life and circumstances change, so will your need for life insurance. Life Protect is a plan that can be adapted to your changing needs and be beneficial in the long term. Life Protect is a comprehensive whole of life unit-linked insurance policy which address your long term protection as well as your savings objective. Secure your future today. Be free of life s uncertainties with Life Protect.
Product at a glance Product Class Policy Term Premium Payment Mode Currency Premium Whole of Life Up to attained age of 95 years Single Pay and Regular Pay (Monthly, Quarterly, Semi-Annual, Annually) United States Dollars (USD). Clients have the option to pay in AED Premium Minimum USD 25,000 for Single Pay and USD 3,000 for regular pay. No limit on maximum premium. What Life Protect is designed to do? Life Protect is designed to provide long term life insurance security. It gives you and your family financial security in the event of death, severe illness, accident or disability. In case of an unfortunate event of death, a lump sum amount is given to your dependents, giving you the confidence that your family will always be financially protected. Moreover, Life Protect provides a wide range of additional benefits to protect against the financial impact of serious accident or illness. Life Protect also features an investment component. By offering different investment strategies, Life Protect helps you achieve your saving objectives. Why Life Protect? Life Protect provides complete protection with a life cover and investment option to secure your future. It is a comprehensive and flexible whole of life insurance policy which offers additional benefits to suit your needs. Long coverage period, up to 95 years of age Flexibility to change your level of life insurance and premium Portable as you can continue the policy from anywhere in the world Wide range of global investment options Attractive loyalty bonus Wide range of additional benefits providing either a lump sum or regular proceeds Worldwide cover as you travel the world It can be purchased on single life basis Aside from regular premium, limited premium payment terms are available where you pay for a defined period and enjoy coverage for the whole of your life* * Subject to satisfactory underwriting evaluation at the time A simple process Depending on your needs and circumstances, Life Protect is easy to enroll: Select a suitable cover based on your needs Enrich your plan by choosing from a wide range of additional benefits such as Critical Illness, Accidental Death, Permanent Total Disability and much more Decide the most appropriate investment option Choose the payment mode frequency: monthly, quarterly, semi-annually or annually Complete the appropriate underwriting requirements It is that simple! Minimum Premium Term Maximum Premium Term Issue Age Minimum SA Factor 10 years (Regular Pay) Attained age of 95 years 18 to 75 years Top Up Applicable Minimum amount is USD 1,000 Lock-in Period Death Benefit 1.5 times and 5 times annual premium for Single and Regular pay respectively 24 months There are 2 options available: Sum Assured (a fixed amount specified in the application) plus the Account Value Sum Assured (a fixed amount specified in the application) or the Account Value, whichever is higher Minimum sum assured is calculated as a multiple of the premium paid. For single premium policies, the minimum sum assured would be calculated as Single Premium Paid times Min Sum Assured Factor. For regular premium policies, the minimum sum assured would be calculated as One Year s Annualized Premium times Min Sum Assured Factor. The maturity value is 100% of the Account Value on the maturity date. Funds would be liquidated based on the Unit Valuation Date, following the applicable maturity date of the policy. Riders Accidental Death Benefit Critical Illness Benefit (Accelerated or Additional Cover) Permanent Total Disability (Accident only) Permanent Total Disability (Accident or Sickness) Waiver of Premium due to Disability Hospital Indemnity Passive War Risk Loyalty Bonus Maturity Benefits Investment Avenue Available annually after completion of the 10th policy year Account Value as on the maturity date of the policy Model Portfolios: Predefined investment strategies such as Aggressive, Balanced, Conservative, etc. will be offered to the policyholder. These model portfolios are actively managed by Morningstar. List of Funds: Policyholders will have the option to directly select funds made available by OIC and thereby manage their investment portfolio in any manner they desire.
Product features Value added benefits Life insurance is crucial for your family s protection when you are not around. It will secure their future financially be it for your child s education, to replace your lost income or clear debts. Life Protect offers the following additional benefits: Loyalty Bonus We will pay an additional sum of money as a reward for being a long term regular customer. It will be available annually after the completion of the 10th policy year. It will be derived based on your annualized premium multiplied by the factors mentioned below. Premium Type Year 10 29 Year 30 Maturity Regular 5.00% 10.00% Single 0.25% 0.50% Partial Encashment The Account Value can be withdrawn partially, by encashing a limited number of units in the policies, anytime during the policy term. The amount withdrawn is considered as a permanent withdrawal and does not have to be repaid. The minimum amount withdrawn is USD 1,000. The balance account value must be greater than or equal to higher of USD 3,000 and 50% of the account value. A partial withdrawal will, however, reduce the Sum Assured by the full amount of partial withdrawal under Death Benefit option (Higher of Sum Assured or Account Value). There will not be any reduction in Sum Assured for Death Benefit Option (Sum Assured plus Account Value). Moreover, a customer is entitled to a loyalty bonus but this entitlement is lost if the customer has made any partial withdrawal(s). The partial withdrawals cannot be made more than twice during a policy year. Each partial withdrawal will be subject to a partial surrender charge. Top up premiums Additional ad hoc premium can be paid in the policy. This is applicable for both regular pay and single pay policies. Minimum allowed top up premium is USD 1,000. Investment Avenues You will have the option to select the following: a. Model portfolio You can select from predefined, risk-based model portfolios such as Aggressive, Balanced, and Conservative constructed by Morningstar Investment Management Europe 1. b. List of Funds You have the option to directly select funds (Self-select) made available by Oman Insurance Company. Fund Switches Switches can be done free of charge any time after the policy inception. There are no restrictions on the number of switches. Free Look Period If you are not satisfied with the policy, the policy can be returned within 30 days of having received the policy together with a letter signed by you requesting for cancellation. Grace Period and Missed Premium If the customer skips a due premium payment, the policy status would change to Premium Lapse and premium due notices will be sent out to the customer. You can enhance your plan by choosing from the available additional benefits. To make things convenient, payment for the selected benefits will be deducted directly from your account value. Critical Illness Benefit It is intended to ease your financial burden if you are diagnosed with any of the illnesses defined as per the riders terms and conditions. Critical illness claims are either paid as an advance of the life cover sum insured (accelerated), or be paid on top of existing life cover (additional). Accidental Death Benefit We will pay an additional amount as at the date of issue of the policy in case of death by accident. Permanent and Total Disability Benefit We will pay an additional amount as at the date of issue of the policy in case of permanent and total disability due to sickness or accident depending on the options that you have selected. The benefit is paid in installments of 20%, 30% and 50% after 6 months, 12 months and 24 months of commencement of disability, provided that the insured is still permanently disabled at that time. Waiver of Premium for Disability Benefit It provides for waiver of premiums on basic policy and attached riders if the insured is totally and permanently disabled for at least 6 months, till the end of the disablement or rider coverage maturity whichever occurs first. Hospital Indemnity Rider It pays the specific amount applied for in case of hospital stay for more than 3 days subject to the terms and conditions of the rider benefit. Passive War Risk It provides cover in respect of Death or Permanent and Total Disability as a result of war. All above riders are subject to terms and conditions. Valuable options to secure your tomorrow. Disclaimer: Life Protect is a non-participating, unit linked insurance plan and is subject to various risks including but not limited to investment and market risks. Past performance is not necessarily indicative of future performance. 1. Morningstar Investment Management Europe Limited is authorised and regulated by the Financial Conduct Authority to provide services to professional clients. The Model Portfolios referenced above are provided to Oman Insurance Company via a license agreement with Morningstar Investment Management Europe. Use of a Model Portfolio by an Oman Insurance Company policyholder does not establish an advisory relationship with Morningstar Investment Management Europe.
Frequently asked questions Policy charges 1. Can I pay regular premium in this plan? Yes. You also have the option to select the premium term as well as the mode - monthly, quarterly, semiannual and annual. 2. Can I pay in UAE dirhams? Yes. While the policy is denominated in United States Dollars (USD), payments can be made in AED or USD. 3. What are the charges in the plan? Please refer to the policy terms and conditions for all charges that may affect the value of the policy. 4. Can I select the portfolio of my choice? Yes, you have the option to self-select from our existing funds as well as choose to use any of our model portfolio. 5. What will happen if I can t pay the premiums regularly? Your policy will not remain in force and all the benefits under the policy will stop. There might be an instance wherein your account value will become zero. 6. Will withdrawals be available on this policy? Withdrawals are allowed on this policy. For regular premium policies, withdrawals are not permitted during the first two policy years as the account value is low. Taking withdrawal will reduce the benefits illustrated at the time of application and may not help you attain your financial goals. 7. How can I check my policy status? You can keep up to date with your policy through Oman Insurance Company s online portal. Access will be given to you at the time of policy issuance. 8. Is it easy to make a claim? Yes. You can notify our claims team via email on life.claims@tameen.ae or contact your financial advisor in any event of claim. Please note that the policy charges are subject to review by Oman Insurance Company and may change in the future. Sales Load The charge will be levied on a monthly basis through cancellation of units. Premium Type Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 10 Year 11 onwards Regular < $6000 85% 80% 50% 3% 3% 3% - Regular >= $6000 85% 70% 3% 3% 3% 3% - Single 20% - - - - - - Top Up Single 5% - - - - - * refers to the annualized premium Cost of Insurance The Cost Of Insurance (COI) deduction is calculated, and deducted, at the start of each month, based on the NAR and attained age at the time of calculation. The age used for the COI rate is that of the insured at the insured s last birthday. It will be levied on a monthly basis through cancellation of units. Policy Management A policy management charge will be deducted from the policyholder s account value to cover general administrative costs of the company. The charge will be calculated as % of the account value and will be deducted at the end of every month, as tabulated below. It will be levied on a monthly basis through cancellation of units. Policy Management Charge (as % of Account Value) Premium Type Year 1-10 Year 11 onwards Single Premium Single 1/12 th of 1.50% 1/12 th of 1.00% Regular Premium Regular (Annual) 1/12 th of 1.00% 1/12 th of 1.00% Charges are deduced on a monthly basis. Surrender In case of surrender of the policy prior to the end of the policy term, the policyholder will get his cash value less the Early Redemption Charge. Early Redemption Charges (Surrender Charges) will be deducted from the policy owner s cash value in case of surrender before the end of the policy term. In addition to the below, a fixed charge equal to USD 15 will be applicable on partial surrenders. Premium Type Year 1 Year 2 Year 3 Year 4 Year 5 onwards Regular 100% 100% 50% 25% 0% Single 100% 100% 0% 0% 0%
About us Oman Insurance Company (P.S.C.) was established in 1975 and is one of the leading insurance providers in the Middle East. Oman Insurance Company has operations across Emirates in the UAE as well as in Oman, Qatar and a subsidiary in Turkey. With a gross written premium of AED 3.19 billion in 2015, Oman Insurance Company is rated A Excellent by AM Best and A- Positive Outlook by Standard & Poor s. Oman Insurance Company provides a wide range of insurance solutions for individuals and enterprises in Life, Medical and General insurance. The company offers innovative products and services to cater to specific insurance and wealth management needs of customers. How to contact us Remember your relevant financial professional will normally be your first point of contact. If you wish to contact us, you can call us, email or write to us: Telephone: 800 4746 Sunday to Thursday 8am to 8pm Saturday 8am to 4pm Email: service@tameen.ae Write to: Life Department Al Rigga Street Al Rigga Business Centre IBIS Hotel Building, 3rd Floor Deira Dubai, United Arab Emirates Calls may be recorded or monitored in order to offer additional security, resolve complaints and for training, administrative and quality purposes. Some things you plan. Some things you don t. We re with you for both. Disclaimer: Any data, returns shown in this document are hypothetical projections and are purely for illustrative purposes. This product brochure is only indicative of the terms, conditions, warranties, and exceptions contained in the insurance policy. For further details and before investing in the Life Protect product, please read and understand in full the detailed Life Protect insurance policy documents. In the event of conflict, if any, between the terms and conditions contained in this brochure and those contained in the detailed Life Protect insurance policy document, the terms and conditions contained in the Life Protect insurance policy document shall supersede and prevail.
A full circle of insurance products keeps you covered at all angles. Tel: 800 4746 www.tameen.ae 11/2017 Oman Insurance Company (P.S.C.) Paid up Capital AED 461,872,125, C.R. No. 41952 Insurance Authority No. 9 dated 24/12/1984 Head Office: P.O. Box 5209, Dubai, United Arab Emirates Tel.: +971 4 233 7777, Fax: +971 4 233 7775, www.tameen.ae