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Product Benefits Summary

  • 100% of sum assured in case of death or Total and Permanent Disability (TPD) caused by accident(1)
  • Medical examination is not required during application
  • Insurance application is easy and quick
  • An affordable premium payment

Product Features Summary

Insured's ageFrom 18 to 65 years old
Expired age70 years old
Policy term1 to 10 year(s)
Premium payment modeSingle premium

Product Features Summary

Insured’s ageFrom 18 to 65 years old
Expired age70 years old
Policy term1 to 10 year(s)
Premium payment modeSingle premium

Remark

(1) This policy shall be terminated when the death or Total and Permanent Disability (TPD) benefit is paid.

Product Detail

“Company” refers to Sovannaphum Life Assurance Plc. (Life Insurance Company)

“Injury” refers to any physical injury directly caused by an accident and is separated and independent of other causes.

“Enrollment Date” refers to the day the eligible member enrolls in the insurance plan as an insured member.

“Policy Effective Date of Insured Member” refers to the date that the loan amount is disbursed from the policyholder to the insured member and the Company receives single premium, and the Company approves the insurance of insured member. This date is considered as the insurance contract effective date of such insured member under this policy.

“Expiry Date of Insurance Contract” refers to the date on which the insurance contract expires.

“Insurance Contract” refers to a written agreement between the Company and the insured member in which the Company agrees to accept any specific risk, and in return receives premium paid by the insured member. The insurance contract consists of the policy, life insurance certificate, riders (if any), attachments, additional statement, endorsements, or requests for any changes by the insured member approved and signed by the Company, insurance application form, health report by physician and health declaration, which all these documents are considered as the insurance contract between the policyholder and the Company.

“Accident” refers to any sudden event caused by external factor, which is not illness, with a result that is not the intention or determination of the insured member. Suicide or self-inflicted injury, whether sane or insane, is not considered as an accident.

 “Policy Schedule” refers to schedules identifying details of the policy issued by the Company considered as supplementary documents to the policy which comprise part of this insurance contract.

“Policy” refers to a life insurance policy which is a legally binding document issued by the Company stipulating major substance and detailed terms and conditions that are agreed between the Company and the insured member in the insurance contract.

“Premium” refers to the amount paid by an insured member to the Company as consideration for the obligations assumed by the Company.

“Total Permanent Disability (TPD)” refers to the insured member suffers from complete loss, permanent paralysis and permanently irrecoverable of:

• Two arms; or
• Two legs; or
• One arm and one leg; or
• Two eyes; or
• One eye and one arm; or
• One leg and one eye.

In this definition, complete loss and permanently irrecoverable of (i) eye(s) means physical loss of eyes or complete blindness, (ii) arm(s) means loss above the wrist, and (iii) leg(s) means loss above the ankle.

In case of permanent paralysis, the Total and Permanent Disability condition must be certified by medical doctor in commune health center or above no sooner than 180 days and not later than 270 days from the occurrence of the accident or the date the paralysis condition is verified.

In case of complete loss of arm(s) or leg(s) or eye(s), such certification could be carried out at any time.

“Policyholder” refers to a juristic person who is a lender and primary beneficiary as stated in the policy.

“Physician” refers to a contemporary physician who holds medical certificate recognized by the Ministry of Health and is legally registered with the Medical Council of Cambodia to practice medical treatments or surgical services, who is not the insured member or the insured member’s family member (including ascendant and descendant).

“Life Insurance Certificate” refers to a document issued by the Company to certify the fact that an insured member has purchased insurance from the Company.

“Insured Member” refers to the eligible members who enroll in the insurance plan.

“Beneficiary” refers to a person who is stated in the insurance application form by the insured member to be a beneficiary, according to the insurance contract, and who would receive the benefits due under this policy upon the death or total permanent disability (TPD) of insured member.

“Primary Beneficiary” refers to a juristic person who is a lender and policyholder.

“Secondary Beneficiary” refers to a person who is stated in the insurance application form by the insured member to be a beneficiary, according to the insurance contract, and who will receive the benefits due under this policy after deducting the eligible amount payable to the primary beneficiary (if any) upon the death of insured member.

“Terrorism” refers to the use of force or violent act and/or a threat by a person or a group of persons, either alone or on behalf of others or related to an organization or government for political, religious or cultist cause or other similar purposes, including an act aimed to cause the government or the public or a part of the public to be under a state of frightening or terrifying. 

“Borrower” refers to the policyholder’s debtor who takes out a loan from the policyholder.

The subject matter to be insured under this product are the insured’s body and life.

SMILE Loan Solutions provides coverage to the insured member in case of death or Total and Permanent Disability (TPD) due to accident.

4.1 Accidental Death Benefit

In case the insured member dies due to accident and the Company has received sufficient evidence of the insured member’s death, to its reasonable satisfaction, in compliance with the format and method stipulated by the Company, the Company shall pay the sum assured as stated in the life insurance certificate to the primary beneficiary but the benefit amount will not exceed the liability amount that the insured member owes the primary beneficiary at that time. After the outstanding debt repayment (if any), the remaining benefits will be paid to the secondary beneficiary (ies) and the insurance contract of the insured member shall be immediately terminated.

 

In case the insured member becomes totally and permanently disabled due to accident, where the total permanent disability can be proven to have been suffered before the expiry date of the policy and such disability has continued for at least 180 days, certified by a doctor no sooner than 180 days and not later than 270 days from the occurrence of the accident or the date the paralysis condition is verified, and the Company has received evidence of the insured member’s disability and considers, to the Company’s reasonable satisfaction, that the insured member has suffered total permanent disability, the Company shall pay the sum assured as stated in the life insurance certificate to the primary beneficiary but the benefit amount will not exceed the liability amount that the insured member owes the primary beneficiary at that time. After the outstanding debt repayment (if any), the remaining benefits will be paid to the insured member and the insurance contract of the insured member shall be immediately terminated.

In case the insured member becomes totally and permanently disabled due to the loss which can be clearly proven or there is a clear medical indication that the insured member becomes totally and permanently disabled, the Company shall pay the sum assured as stated in the life insurance certificate to the primary beneficiary but the benefit amount will not exceed the liability amount that the insured member owes the primary beneficiary at that time. After the outstanding debt repayment (if any), the remaining benefits will be paid to the insured member and the insurance contract of the insured member shall be immediately terminated.

For the above payout, if there are outstanding liabilities, the Company will deduct the outstanding liabilities from the entitled payout amount according to the policy.

Any payments made, as stated in the condition, to the beneficiary; shall be considered as the redemption of the burden that the Company has legally and redeem the Company from any legal prosecutions, and any other related claims.

Only single premium payment is available for this policy.

The payment of premium shall be paid in cash. Any payments of the premium made by a promissory note, cheque, draft, or by any other means, will be regarded as payment being made only when such instrument has been cashed.

The coverage shall become effective only after the premium has been paid and the Company approves to issue the policy.

Death and Total Permanent Disability (TPD) due to accidental claim resulting directly or indirectly from any of the following shall be excluded:

a. Suicide or attempted suicide, intentional self-inflicted injury, whether sane or insane within 2 (two) years after the policy effective date or reinstatement effective date of this policy, whichever is later; or

b. Committing or attempting to commit by the insured member or the beneficiary a criminal offence; or

c. Miscarriage, abortion, pregnancy or birth-giving or their complications, except the case is caused by accident; or

d. Using drugs or stimulators, abusively using alcohol or driving vehicle under the influence of alcohol as defined in the current laws and regulations; or

e. All forms of mental or psychiatric disorder; or

f. Injuries caused by insect bites including but not limited to mosquito bites and bee stings; or

g. Bacterial infection except infection or tetanus or rabies as a result of accidental wound; or

h. Participation in dangerous sports or activities including but not limited to diving in the water, climbing a mountain, parachute; or

i. Racing of all kinds, other than those on foot or bicycle and participation in professional or competitive sports where the insured member would or could earn financial gain in engaging in such sports; or

j. Being in an aircraft of any type, or boarding or descending from any aircraft, except as a fare-paying passenger in an aircraft that is on a regular scheduled route operated by a commercial airline; or

k. While the insured member is piloting or operating as a crew member in any aircraft; or

l. War, either declared or not, invasion or act of foreign enemy, civil war, revolution, rebellion, riot, terrorism; or

m. While the insured member is serving as a soldier, police or volunteer in a war or suppression; or

n. While the insured member is engaging in a brawl or taking part in inciting a brawl; or

o. Radiation or radio activity from any nuclear fuel arising from the combustion of nuclear fuel and self-sustaining process of nuclear fission.

If the death and Total Permanent Disability (TPD) due to accident claims resulting directly or indirectly from exclusions a to o, the Company shall return the total actual premiums paid, without interest in the part of that such particular insured member is entitled to, to the heir(s) of insured member or the insured member.

In returning the premium or paying the Death and Total Permanent Disability (TPD) due to accidental benefit, the Company is entitled to deduct any outstanding obligations owed under this policy.

Suicide or attempted suicide or intentional self-inflicted injury occurred later than 2 (two) years after the policy effective date or reinstatement effective date of this policy, whichever is later, is not considered as accident.

The Company provides global coverage to the insured member.

8.1 Beneficiary under the Policy

The insured member is entitled to specify the secondary beneficiary besides the primary beneficiary who is the policyholder. In case of death or Total Permanent Disability (TPD) due to accident of the insured member, the Company shall pay the sum assured as stated in the life insurance certificate to the primary beneficiary but the benefit amount will not exceed the liability amount that the insured member owes the primary beneficiary at that time. After the outstanding debt repayment (if any), the remaining benefits will be paid to the insured member, the secondary beneficiary (ies), or heir(s) of the insured member if the insured member has not specified a secondary beneficiary. The policy of the insured member shall be immediately terminated.

If only one secondary beneficiary is appointed and the secondary beneficiary dies before the insured member or at the same time, the insured member must notify the change of secondary beneficiary to the Company in writing. If the insured member fails or is unable to notify the change of secondary beneficiary to the Company, when the insured member dies the Company shall pay benefits to the insured member’s heir(s).

If more than one secondary beneficiary is appointed and one of them dies before the insured member or at the same time, the insured member must notify the change of secondary beneficiary or the conditions of benefit payment to the other secondary beneficiaries who are still alive, to the Company in writing. If the insured member fails or is unable to notify the change of the secondary beneficiary to the Company, when the insured member dies the Company shall pay an equal amount of any remaining benefits of the late secondary beneficiary after debt repayment (if any) to each of the surviving secondary beneficiaries.

In case the new secondary beneficiary is the insured member’s parent, spouse or child, the change of secondary beneficiary will be effective from the day the insured member expresses such intention by notifying the Company in writing so that the Company will record the change in the policy or issue a policy endorsement. However, the Company will not be liable, if the amount payable under the policy has been paid to the original secondary beneficiary without its knowledge of the change in secondary beneficiary from insured member.

In case the new secondary beneficiary is not the insured member’s parent, spouse or child, the change of the secondary beneficiary will be effective on the day the Company approves and records such change in the policy or issues a policy endorsement.

If the insured member is killed intentionally by a secondary beneficiary, the Company shall pay any benefits due according to the sum assured to a primary beneficiary who is not a perpetrator, co-perpetrator, initiator or accomplice in the killing, where the amount is equal to debt amount that the insured member has to repay to the primary beneficiary. The Company shall not pay any insurance benefit and not return entitled premium of the secondary beneficiary who takes part in the intentional murder of the insured member.

In case there are more than one secondary beneficiary, if any of the secondary beneficiaries have not taken part in the intentional murder of the insured member, the Company will pay the pro rata of any remaining benefit amount after being paid to the primary beneficiary to the secondary beneficiary who took no part in the murder of the insured member by deducting the portion that the murderer is not entitled thereto. The Company shall not return the entire amount of this portion of premium.

9.1 Amendment of Policy

Any amendments to this policy will be valid only when the Company accepts the said amendment and will be effective when the Company has recorded it in the policy or issued an endorsement thereto, by the person authorized to act on behalf of the Company.

If the insured member has misstated age or gender to the Company, and thereby, the Company collected a lower premium than it would have collected; the amount that the Company must pay hereunder shall be reduced to the value of coverage that such premium could buy. In case the insured member has paid the premium exceeding the rate according to the actual age or gender, the Company will return all excess premiums.

If the Company can prove that at the time of conclusion of the insurance contract, the actual age of the insured member is outside the premium limit according to the Company’s general business practices, this insurance contract shall be voidable by the Company. In case the Company voids the insurance contract, the Company shall return premium after deducting the outstanding obligation (if any) to the insured member or the beneficiary, whichever the case may be.

The renewal of insurance contract is not applicable under this policy.

11.1 Cancellation of Insurance Contract

The insured member shall give 10 (ten) day written notice to the Company in advance if the insured member wishes to cancel the insurance contract before expiry date. In case of cancellation, the Company shall return 90% (ninety percent) of the premium for the remaining period to the insured member.

The insured member has the rights, for any reasons, to return the insurance contract together with the written cancellation request within 21 (twenty one) days after the Company has delivered the insurance contract. If returned, the insurance contract will be considered void from the beginning.

The Company shall refund the paid premium, deducting the actual health examination fee and any debts (if any) owed to the Company by the insured member. The Company reserves rights to charge the operation service fee.

An insured member who has already claimed any benefits from this insurance contract cannot cancel this insurance contract.

Insurance of each insured member shall be automatically terminated upon any one of the following occurrences:

a. When the Company completely pays out the sum assured by the insurance contract of each insured member; or

b. The insured member reaches the age of … years on the policy anniversary date; or

c. The expiry date of insurance contract as stated in the life insurance certificate issued for each insured member.

The Company may terminate this insurance contract by giving a prior written notice not less than 30 (thirty) days, in case there is evidence that the insured member conducts fraud to make use of the benefits under this policy either for the insured member or others. In such event, the Company shall return 90% (ninety percent) of the premium for the remaining period to the insured member.

13.1 Qualification of Claimants

The claimant can be insured member, beneficiary (ies) or legal representative.

13.2.1 Notification of Death and Autopsy

Upon the insured member’s death, the policyholder or beneficiary must notify the Company within 30 (thirty) days from the date of the insured member’s death, unless there is a reasonable cause for the delay in notifying the death, or they are not aware of the existence of the policy.  In such case, the Company must be notified within 30 (thirty) days from the day the policyholder or beneficiary becomes aware of the existence of the policy.

The policyholder or beneficiary shall provide an official death report or official evidence certifying the death of the insured member to the Company, and upon the Company’s reasonable request, the policyholder or beneficiary shall provide any additional documents to the Company at the policyholder’s or beneficiary’s own expense.

The beneficiary shall consent and cooperate for the autopsy of the insured member when the Company deems it necessary, in compliance with applicable laws and religious code.

The Company shall be liable as bound by this policy when the policyholder or beneficiary or the insured member’s party act in compliance with the requirement(s) hereof.

When there is a claim made upon the incurrence of Total Permanent Disability (TPD), the insured member or insured member’s party must notify the Company within 30 (thirty) days after the day that the disability is diagnosed or the occurrence of the accident and submit the proof of physician’s diagnosis and additional proofs as required by the Company, and the expense is to be borne by the insured member, unless there is a proof that the insured member has other significant and acceptable reason for the absence but had informed the Company as soon as possible.

The Company has the right to request physical examination of the insured member as it deems appropriate, during the claim underwriting process.

a. In case of death caused by accident

1. Completed death claim form,

2. Life insurance certificate (original copy),

3. Certified copies of secondary beneficiary’s ID card and family book and also along with the original copies,

4. Certified copy of certificate of death and also along with the original copy,

5. The consent letter of secondary beneficiary or heir(s) to disclose personal data,

6. Medical report from doctor in case of death in the registered hospital or registered clinic,

7. Certified copy of accident report which is certified by investigator (police),

8. Certified copy of autopsy examination report,

9. Other documents as deemed necessary by the Company to replace or support any of the documents mentioned above.

b. In case of Total Permanent Disability (TPD) caused by accident

1. Completed claim request form of Total Permanent Disability,

2. Medical report as determined by the Company,

3. Life Insurance Certificate (original copy),

4. Certified copy of insured member’s ID card and also along with the original copy,

5. Other documents as deemed necessary by the Company to replace or support any of the documents mentioned above.

The Company shall pay the claim to the insured member or beneficiary (ies) within 14 (fourteen) working days when the Company received sufficient claim documents and approved the claim.

The claim payment can be made by a promissory note, cheque, draft, or by any other means.

If any claim under this policy is in any aspect fraudulent or if any fraudulent means or devices are used to obtain the benefit under this policy, the Company shall have no liability in respect of such claim.

The Company shall not be liable to pay any compensation under this policy unless the insured member or beneficiary (ies) have complied properly with the insurance contract and condition of this policy.

The information provided to the Company shall be kept confidential, and no personal information shall be disclosed to a third party without the insured member’s consent, unless it is required or authorized by applicable laws and regulations.

For all disputes arising from this insurance contract which is relevant to the insurance business, any party of the dispute can submit the dispute to the Insurance Regulator of Cambodia for mediation and resolution before filling a lawsuit to arbitration or a competent court, except dispute related to criminal offence.

This contract shall be executed under the jurisdiction of the Kingdom of Cambodia.

17.1 Insured Member’s Duties to Provide Information

The insured member is obliged to declare and provide the Company with complete and correct information as required by the Company for the Company to underwrite. It is the insured member’s duty to inform the Company of any changes in the state of health, occupation or activity of the insured member between the enrollment date or last medical examination and the policy effective date of insured member. Medical checks, if any, shall never supersede the insured member’s duty to disclose complete and correct information under this clause 17.1.

The Company shall, at any time this policy is in force, be entitled to a unilateral suspension of this policy and keep all premiums paid when this policy is suspended if the insured member intentionally provides incomplete or incorrect information.

The rights and the exercise of rights under this policy, unless specifically assigned to any another person, shall be regarded as solely belonging to the insured member.

Any assignment of rights and exercise of rights of the policy to another person shall be made only on approval by the Company upon delivery of prior written notice.

This insurance contract is based on the Company’s belief in the truth and accuracy of the policyholder’s and insured member’s statement in the group insurance application form for the policyholder, insurance application form for the insured member, health declaration and any other additional declarations signed by the insured member; and that the premium has been duly paid in full. In light of this belief, the Company hereby enters into the insurance contract and issues the policy.

In case that the policyholder and/or the insured member knowingly misrepresents any statement or has known of or should have known of any material facts, but fails to disclose any such fact to the Company which might cause any change to the subject to be insured, the Company reserves the rights to charge extra premium or refuse to enter into the insurance contract (if the policy has not been issued). After the policy has been in force, any such intentional misrepresentation or failure to disclose material facts to the Company shall render this insurance contract voidable. In such a case, the Company may void the contract and deny to pay a contractual claim.

The Company shall not deny any liabilities by relying on any statement other than that made by the policyholder and/or insured member in the document stated under the first paragraph of entirety of insurance contract in clause 17.3.

A life insurance agent or broker has no power to correct or amend this insurance policy, or to extend premium payment anniversary date or to disclaim the submission of notice or evidence for claim processing according to the requirements of this policy. Any amendment to this policy shall be completed only after the Company accepts such amendment and issues its endorsement.

It is described under “Currency” in the policy schedule.

Unless stated as otherwise in this policy, when the policy is in force, the Company shall not contest the entirety of the insurance contract after it has been in force for 2 (two) years from the policy effective date, except the policyholder and/or the insured member have no insurable interest in such insurance.

The Company shall not contest the insurance of any insured member after it has been in force for 2 (two) years from the enrollment date, except the misstatement of age or gender of the insured member as to be outside the normal limit of business of the Company.

The policyholder or insured member shall submit an insurance application form for eligible member’s applicants to the Company by using of the prescribed company’s form.

The Company shall issue the life insurance certificate to each insured member to verify that such individuals are entitled to receive coverage under this policy.

This policy will be governed by and construed according to the laws of the Kingdom of Cambodia.