One Year Renewable Pure Term Plan
The Product is a one-year renewable pure term plan with a fixed annual premium of 12 BHD. It offers a graded Sum Assured based on the policyholder’s age band.
In the event of unfortunate death of the life assured during the policy term the company shall pay the Sum Assured to the nominee/beneficiary. The policy shall terminate on payment of the death benefit.
There is no maturity benefit.
No optional benefits are available under this plan.
This plan provides death coverage for a flat premium of BHD 12. The Sum Assured is determined by the policyholder’s age band at the time of inception or renewal, as illustrated in the following table:
There is no paid-up value.
The policy has no surrender value.
Not Applicable.
Loan shall not be available under this plan.
In case of death resulting directly or indirectly due to suicide (whether sane or insane at that time) before the expiry of 90 days of the risk commencement date.
If the life assured dies as a result of a violent act of the beneficiary / nominee, the latter shall lose his/her rights to the Death Benefit, which shall nevertheless remain payable to the other legal heirs.
The Policy provides for a period of 30 days from the date of receipt of the policy document as a “free look period”. During the free look period, the policyholder may review the terms and conditions of the policy and where he/she disagrees to any of those terms and conditions, he/she can inform the company to cancel the policy stating the reason for his/her objection, when he/she will be entitled to a refund of the premium paid, subject only to a deduction of proportionate risk premium for the period on cover and the expenses incurred by the Company.
The Life Assured may appoint a beneficiary / nominee to receive the Sum Assured in the event of his/her death. Such appointment of beneficiary / nominee can be made while effecting the policy or subsequently by an endorsement on the policy. The appointment of beneficiary/nominee can be cancelled or changed by the Life Assured during the policy term. However, the change of beneficiary/ nominee shall not be operative unless it is communicated to in writing and registered by the Company and the Policy is endorsed to that effect.
Assignment is not allowed under this plan.
The policy will terminate on the occurrence of the earliest of one of the following events:
Any other taxes shall be charged and collected in addition to the premiums under this plan as per existing rules of local authorities.
No extra premiums are applicable under this plan.
