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Definition - It is an indemnity paid to the beneficiaries in case of natural or accidental death of the insured person.
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Covers:- Sum Insured: Lump Sum Amount
- 1 to 5 years with renewability option
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Conditions:- Option 1:
- Sum Insured is less than or equal to $40,000
- Age of insured is less than 56 years (20 to 55 years)
- Medical Questionnaire is “ Clean”
- A pre-signed policy is issued by the bank's branch and delivered to the insured customer on the spot.
- The cover starts 7 days after signature
- Option 2:
- Sum insured is greater than $40,000
- Age of the insured is less than 64 years (20 to 64)
- Medical Questionnaire is “Not Clean”
- The policy will be underwritten and issued by SNA
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Premium:- Monthly, starting as of $5
- The premium calculation is based on 3 criteria:
- Age of Insured Person
- Period of Contract
- Amount of coverage
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Illustrative Table (USD): |
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Sum insured | $ 20,000 | $ 30,000 | $ 40,000 |  | 1,2,3 | 4 | 5 | 1,2,3 | 4 | 5 | 1,2,3 | 4 | 5 | | | | 25 | | | | 5 | 5 | 5 | 6.5 | 6.5 | 6.5 | | 30 | | | | 5 | 5 | 5 | 6.5 | 6.5 | 6.5 | | 35 | | | | 5 | 5 | 5 | 6.5 | 6.5 | 6.5 | | 40 | 5 | 5 | 5.5 | 7 | 7.5 | 8 | 9 | 9.5 | 10 | | 45 | 8 | 8.5 | 9 | 12 | 12.5 | 13.5 | 15.5 | 16.5 | 17.5 | | 50 | 14 | 14.5 | 15.5 | 20.5 | 21.5 | 23 | 27 | 28.5 | 30 |
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