Max savers
0 likes487 views
This document summarizes the specifications of the MaxxSaver product, a 6-pay participating endowment plan. It provides death, total permanent disability (TPD), and maturity benefits. Upon maturity, 100% of the sum assured is payable. The plan also offers guaranteed and non-guaranteed cash endowments annually and upon claim events. Coverage terms range from 15 to 30 years. The plan allows for attaching waiver of premium and payor benefit riders. Premiums are paid over 6 years and modal factors apply for payment frequencies other than annual. Underwriting considers entry age, sum insured, coverage term, and occupational and health-related risks.
Max savers
- 1. PRODUCT SPECIFICATIONS MaxxSaver 8 January 2010 a) Product Description This is a 6-pay regular premium participating endowment plan. It provides insurance coverage on death, TPD and maturity benefit. Upon maturity 100% of the sum assured is payable. The coverage terms available are 15, 20, 25 and 30 years. Guaranteed cash endowment is payable annually from the end of 1st policy year onwards until the maturity of the policy term or upon full payment of Death Benefit. In addition, non-guaranteed annual dividend and terminal dividend will be payable, if any. b) Product Benefits a). Death benefit: In the event of the Insured’s death, the amount payable shall be as follow less any indebtedness: i. Higher of 100% of sum assured or return of annual premium* paid on basic plan only (without interest and exclude rider’s premium, if any); and Annual premium are before any adjustment for mode of payment and substandard lives premium loading. i. Accumulated Cash Endowment, if any; and iii. Accumulated Non-guaranteed Cash Dividend, if any; and iv. Non-guaranteed Terminal Dividend on death, if any b). Total and Permanent Disability (TPD) benefit: Before the Policy Anniversary on or following the Insured’s 60th birthday, the Company will accelerate the payment of the Death Benefit upon confirmation that the Insured suffers from TPD subject to a maximum RM 1,250,000 per life. i. For sum assured equal or below RM1.25 million Upon payment of TPD benefit the policy shall be terminated. ii. For sum assured more than RM1.25 million The first RM1.25 million shall be treated as TPD Benefit and the terminal dividend on death shall be advanced in the same manner as SA. The balance of death benefit will be payable upon death of the Insured. The sum assured, all benefits (including maturity benefit) and premium payable will then be reduced proportionately upon payment of TPD benefit. c). Maturity benefit: The following maturity benefits are payable less any indebtedness: i. 100% of sum assured; and ii. Accumulated Cash Endowment, if any; and iv. Accumulated Non-guaranteed Cash Dividend, if any; and v. Non-guaranteed Terminal Dividend on maturity, if any For internal staff reference only Page 1 of 4
- 2. d). Guaranteed Cash Endowment (CE) A % of basic sum assured will be payable annually starting from end of 1st policy year. End of Policy Coverage Term Year 15 20 25 30 1-4 3.0% 3.0% 3.0% 3.0% 5 6.0% 6.0% 6.0% 6.0% 6-9 3.0% 3.0% 3.0% 3.0% 10 6.0% 6.0% 6.0% 6.0% 11-14 3.0% 3.0% 3.0% 3.0% 15 6.0% 6.0% 6.0% 6.0% 16-19 3.0% 3.0% 3.0% 20 6.0% 6.0% 6.0% 21-24 3.0% 3.0% 25 6.0% 6.0% 26-29 3.0% 30 6.0% Total 54.0% 72.0% 90.0% 108.0% e). Non-guaranteed Annual Cash Dividend Dividend, if any, is declared annually starting from end of second year onwards. f). Non-guaranteed Terminal Dividend: Terminal Dividend will be one-off payment payable upon i. Death; or ii. TPD; or iii. Maturity; or iv. Surrender g). Non-guaranteed Surrender benefit: Upon surrender, the following benefits are payable: i. Accumulated Cash Endowment, if any; and ii. Guaranteed Cash Surrender Value (CSV) ; and v. Accumulated non-guaranteed Cash Dividend, if any; and vi. non-guaranteed Terminal Dividend on surrender, if any For internal staff reference only Page 2 of 4
- 3. c) Options for cash Endowment (CE) and Cash Dividend (CD) On CE and CD declaration, it will be used to settle the repayment of any outstanding loan/loan interests (if any) first, and then processed according to the CE and CD options. Policyholders will have the following options on the remaining balance: i. Cash – CE and CD may be paid in cash ii. Accumulate - CD and CE may be left with us to accumulate on the interest declared by company. iii. Reduce Premium If no option has been selected, option (ii) will be applied. d) Riders Attachable i. Waiver of Premium Rider To waive the basic premium in the event of CI of insured. Coverage term is basic policy’s premium paying term. ii. Payor Benefit Rider To waive the basic premium in the event of death, TPD (Prior to age 60) or CI of payor. Coverage term is basic policy’s premium paying term. e) Premiums i. Premium Type: limited pay regular premium (Single/Regular) ii. Payment Term: 6 years iii. Premium mode allowable: Payment Mode Modal Factor Annual 1.000000 Half-yearly 0.510000 Quarterly 0.257500 Monthly 0.087500 iv. Payment method: Cash, cheque, auto-debit or credit card v. Premium structure: Dependant on age and coverage term. A different plan code is implemented for each different coverage term in RLS system vi. Premium guarantee: Premium is level and guaranteed throughout the term vii. Volume discount Sum Insured Volume Discount (Basic): 5,000 – 9,999 Nil 10,000 – 24,999 -10 25,000 & above -25 For internal staff reference only Page 3 of 4
- 4. f) Underwriting i. Entry Age (last Minimum Maximum birthday): Insured 15 days 60 ii. Sum Insured: Minimum Maximum RM5,000 Subject to underwriting decision iii. Coverage Term 15, 20, 25 or 30 years (TPD covers up to age 60) iv. Risk backdating: Yes. Not more than 6 months from the proposal submission date. v. Substandard class LIEN or loading can be imposed for substandard lives. allowed: LIEN table Death at Sum Insured Payable st 1 year 20% nd 2 year 40% rd 3 year 60% th 4 year 80% th 5 year and above 100% vi. Occupational class Loading can be imposed for substandard-occupation lives. or rating: For internal staff reference only Page 4 of 4