LIFE CLAIMS PROCEDURE

Claims administration essentially conforms to the following procedure.

 

SURRENDERS

A life policy qualifies for a surrender value after at least three years premiums have been paid on it. The surrender value is also known as the cash value or terminal benefit. It does not refer to the total premiums paid by the client. It is arrived at by the application of certain variable factors to the data presented by the particular client.

Requirements

  1. A letter of application for termination duly signed by the assured
  2. The original policy document
  3. Originals receipts of payments.
  4. Copy of Valid Means of Identification.

 

PART WITHDRAWAL

This is a benefit available only to DPP policy holders whereby a policy holder may apply to obtain up to 25% of the surrender value (i.e. Investment account balance). It becomes due after at least 5 years premiums have been paid. No interest is payable on it but it is deducted from any subsequent claim on the policy.

Requirements:  

  1. A letter of application for part-withdrawal duly signed by the assured
  2. Original policy document
  3. Last recent payment receipts
  4. Copy of Valid Means of Identification

 

FULL MATURITY

A policy matures when the date specified in the policy contracts expires. Premiums must have been fully paid to qualify for the maturity benefit. Client has to survive until the end of the policy term.

What is payable is the sum assured plus bonus for CEE, MIP and Endowment policies. Whereas in the case of DPP policies, what is payable is the amount in the investment account. Bonuses and interest are not guaranteed.

Whereas at the time of maturity a policy has not been fully paid for CEE, MIP and Endowment policies what is payable is the paid up value. Whereas in the case of DPP policies what is paid is the amount against the year actually paid for in the projected benefit.

Requirement

  1. The original policy document
  2. Originals receipts of payments.
  3. Copy of valid means of identification

 

PARTIAL MATURITY

This is available only to MIP holders. It is due for payment 2 times during the lifespan of the policy i.e. for:

9 year term12 year term15 year term18 year term21 year term24 year term
1st Maturity3 years4 years5 years6 years7 years8 years
2nd Maturity6 years8 years10 years12 years14 years16 years

25% of the sum assured is payable

Requirement:

  1. The original policy document
  2. Originals receipts of payments.
  3. Copy of valid means of identification

 

DEATH

The traditional basis for a life policy is to indemnify the beneficiaries of a deceased assured in the case of death before the maturity of the policy. It becomes payable on the death of the assured provided that premiums have been paid up to date (taking into consideration the grace period as contained in the policy provision clause 3). If the condition specified above is met what is payable is the sum assured is plus the Accidental Death Benefit (ADB) where applicable (i.e. deaths arising from accidents).

Requirements:

  1. A letter of Notification.
  2. The original policy document.
  3. The medical certificate of cause of death.
  4. Death certificate.
  5. Burial certificate.
  6. Attending physician’s report
  7. Police inquest report if death is due to accident

 

LOAN

A policy holder may apply for a policy loan after 3 years premium have been paid. The maximum loan is 80% of the current surrender value and the interest rate is 12% per annum. Policy loans are granted at the discretion of the company.

Requirements

  1. A loan application letter duly signed by the assured
  2. Original policy document
  3. Last 3 recent payment receipts
  4. Copy of Valid Means of Identification