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My Life Insurance - MS+
SICOM MS+ is a policy designed to enable you to reap your benefits over short intervals of 5 years, while combining savings and robust financial protection to dependants in hard times.
Here's what you can expect
Features
Whatever be your preference for terms of investment, you will surely find an appropriate plan to match your need.
- Policy can be contracted Single or Jointly.
- Policy can be used as collateral security against a mortgage.
- The minimum premium is Rs 300.
Benefits
- Cash out benefits every 5 years without reducing the Double/Triple benefits payable on death.
- Two versions of the plan are available namely: MS+2 & MS+3
- MS+2 - Twice Sum Assured plus accrued bonus is paid in case of Death, Total and Permanent Disability* and diagnosis of any one specific illness as defined in our Health Care Cover* before maturity, irrespective of any survival benefits already paid. (If opted for)
- MS+3 - Thrice Sum Assured plus accrued bonus is paid in case of Death, Total and Permanent Disability* and diagnosis of any one specific illness as defined in our Health Care Cover* before maturity, irrespective of any survival benefits already paid. (If opted for)
- MS+2 - Twice Sum Assured plus accrued bonus is paid in case of Death, Total and Permanent Disability* and diagnosis of any one specific illness as defined in our Health Care Cover* before maturity, irrespective of any survival benefits already paid. (If opted for)
Term
Policy terms are 15, 20, 25, 30 and 35 years.
Bonus
Bonus rates awarded are heavily reliant on the interest rate environment, as well as other experience factors. The bonus rates are not guaranteed but are merely used to illustrate the impact of different bonus rates on the projected maturity value. The actual bonus rate awarded will depend on the investment return earned on the assets and other items of experience such as claims and expenses relative to expectations.
In the past SICOM has granted bonus rates ranging from 3% to 5.5% - depending on investment performance, the interest rate environment and other items of experience.
(Terms and conditions apply)
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This product is offered by
State Insurance Company Of Mauritius Ltd
BRN: C07007065
FSC License No.: IS10000020
Useful info
Optional Supplementary Benefits
Total and Permanent Disability
Twice (MS+2) /Thrice (MS+3) Sum Assured together with the accrued bonus as at date of disability, irrespective of any survival benefits already paid.
Health Care Cover
Twice (MS+2) / Thrice (MS+3) Sum Assured together with the accrued bonus in case of diagnosis of any one of the following specific illnesses, irrespective of any survival benefits already paid:
- Heart Attack
- Coronary Artery Bypass Graft (CABG)
- Stroke
- Cancer
- Kidney Failure
- Major Organ Transplant
- Paraplegia, Quadriplegia, Diplegia, Hemiplegia and Tetraplegia
- Blindness
- Major Burns
- Cardiac Valve Surgery
- Pulmonary Artery Hypertension
- Coma
- Brain Damage
Maternity Cover **
- It covers Caesarean as well as Normal Delivery
- Possibility of claiming from multiple policies
- Limit per policy: 10 % of Sum Assured
- Premium for the Maternity Cover ceases after claim is admitted
- Cover ceases at age 65 years
Surgical Cover **
- Possibility of claiming from multiple policies
- Limit per policy: 10 % of Sum Assured
- Premium for the Surgical Cover ceases after claim is admitted
- Cover ceases at age 65 years
** Terms and Conditions apply
Eligibility
Age of policyholder ranges from 18 to 55 years
Age at entry + term should not exceed 70 years
Required documents
- National Identity Card
- Recent Utility Bill (Less than 3 months old)
- Birth certificate
- Marriage Certificate (if applicable)
- Bank details for payment of premium
FAQ
What is the minimum premium?
The minimum premium is Rs 300.
What is the waiting period for maternity cover?
There is a waiting period of 18 months under maternity cover from commencement date of the policy to the date of the child delivery.
What is the waiting period for surgical cover?
There is no waiting period for claim under surgical cover due to accidental bodily injury or sickness.
A waiting period of 90 days is applicable for claim under surgical cover arising for reasons other than accidental bodily injury or sickness.
What amount can we claim under the maternity and surgical cover?
The limit per policy is 10% of the Sum Assured for each cover. However, you can claim once in a policy lifetime.
Is it a cash back policy?
Yes, it is a cash back policy with survival benefits payable every 5 years.
Term of the cover
Policy terms are 15, 20, 25, 30 & 35 years.
Is it a medical insurance?
No, it is a life assurance policy covering TPD, critical illnesses, surgical cover and maternity cover.
Can the policy be taken jointly?
Policy can be single or joint.
What happens to premium under surgical cover and maternity cover once a claim is made?
Premium under surgical cover and maternity cover ceases after a claim is paid.
