For Further Details
——————————————
Please provide your information below, and our dedicated sales team will get in touch with you shortly.
Product Benefits Summary
- Receive 100% of sum assured in case of death of the Insured Member due to sickness or accidental cause.
- Receive 100% of sum assured in case the Insured Member gets Total and Permanent Disability (TPD) due to sickness or accidental cause.
Product Features Summary
| Insured’s age | From 18 to 60 years old |
| Expired age | 61 years old |
| Sum assured | From $300 to $50,000 |
| Policy term | 1 year term Renewable at the end of each policy year is guaranteed without the need of any underwriting |
| Premium payment term | Equal to policy term |
| Premium payment mode | Annually, semi-annually, quarterly and monthly |
Product Detail
Part 1: Definitions
“Company” refers to Sovannaphum Life Assurance Plc. (Life Insurance Company)
“Policy” refers to life insurance policy which is a legal binding document issued by the Company stipulating major substance and detailed terms and conditions that are agreed between the Company and the Policyholder and/or Insured Member in the Insurance Contract.
“Insurance Contract” refers to the written agreement between the Company, Policyholder and the Insured Member in which the Company agrees to accept any specific risk, and in return receives premium paid by the Insured Member and/or Policyholder. The Insurance Contract consists of the Policy, riders, Policy Schedule, attachments, additional statement, endorsements, or requests for any changes 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/Insured Member and the Company.
“Premium” refers to the amount paid by the Insured Member and/or Policyholder to the Company as consideration for the obligations assumed by the Company.
“Non-contributory Insurance” refers to an insurance for which the Policyholder pays the entire premium.
“Contributory Insurance” refers to an insurance for which the Policyholder pays part of the premium and the Insured Members contribute the other or an insurance for which the Insured Members pay the entire premium.
“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.
“Policyholder” refers to a juristic person who is a lender and Primary Beneficiary as stated in this Policy.
“Borrower” refers to the Policyholder’s debtor who takes out a loan from the Policyholder.
“Policy Effective Date” refers to the date when the Insurance Contract begins.
“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 the premium and the Company approves the insurance of the Insured Member. This day is considered as the Insurance Contract effective date of such Insured Member under this Policy.
“Policy Anniversary” refers to the anniversary of Policy Effective Date, or the date of the policy renewal or the date otherwise specified in the Policy Schedule.
“Policy Year” refers to each period of 1 year after the policy becomes effective or from the anniversary date of the renewed policy years.
“Eligible Member” refers to the borrower who fulfills all required conditions as stated in Part 2, item 1 of this Policy: Qualification of borrower who is eligible to enroll in the insurance plan.
“Insured Member” refers to Eligible Member who enrolls in the insurance plan, according to the conditions in Part 2, item 2 of this Policy: Enrollment.
“Enrollment Date” refers to the day the Eligible Member enrolls in the insurance plan as an Insured Member.
“Expiry Date of Insurance Contract” refers to the date on which the Insurance Contract expires.
“Beneficiary” refers to any persons who are stated in the Insurance Application Form by the Insured Member to be the 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 the 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 would receive the benefits due under this Policy after deducting the eligible amount payable to the Primary Beneficiary (if any) upon the Death of the Insured Member.
“Accident” refers to sudden event caused by external factor with a result that is not the intention or determination of the Insured Member and which causes the Insured Member to die or suffer total permanent disability (TPD).
“Injury” refers to physical injury and is directly caused by an accident and is separated and independent of other causes.
“Total Permanent Disability (TPD)” refers to the Insured Member suffers from complete loss or 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. The Company reserves the rights to verify the validity and accuracy of the medical result certificate and/ or refer the Insured Member to a different hospital or different medical doctor, the expense of the later medical checkup shall be the responsibility of the Company.
In case of complete loss of arm(s) or leg(s) or eye(s), such certification could be carried out at any time.
Part 2: Enrollment Qualifications, Enrollment and Termination of the Insurance Contract
1. Qualifications of Borrower who is eligible to enroll in the insurance plan
The Borrower of a Policyholder is eligible to enroll in the insurance plan under this Policy if all required qualifications below are fulfilled:
1.1 Be a natural and healthy person;
1.2 Be the Policyholder’s debtor who borrows from the Policyholder on the Enrollment Date;
1.3 Have reached the age of …… but not over……. years old; and
1.4 Fulfill all required qualifications for a loan request, according to the Policyholder’s conditions.
2. Enrollment
2.1 Eligible Member must fulfill all qualification requirements as stated in the Policy Schedule.
2.2 The enrollment of an Eligible Member, who already fulfills all qualification requirements on the Policy Effective Date, commences from the Policy Effective Date.
2.3 The Insured Member, whose insurance has been previously canceled, re-enrolling for membership shall be treated as a new member.
2.4 Each Eligible Member shall be insured under this Insurance Contract from the Enrollment Date, according to the stated conditions, and subject to acceptance by the Company of any other agreement for enrollment, upon receipt by the Company of an individual enrollment form, containing accurate and complete information, for group insurance benefit.
3. Termination of the Insurance Coverage of each Insured Member
Insurance Coverage of each Insured Member shall be automatically terminated upon any one of the following occurrences:
3.1 When the Master Insurance Policy is terminated; or
3.2 When the Company pays the sum assured to the Insured Member and/or beneficiary(ies) due to Death or Total Permanent Disability (TPD) in accordance with this insurance contract; or
3.3 The Insured Member reaches ….. years old at the policy anniversary; or
3.4 The Expiry Date of the policy is according to the stated coverage term in the policy schedule which starts from the Policy Effective Date of Insured Member until the end of the stated coverage term on the anniversary of the Effective Date; or
3.5 When the Insured Member fails any of the qualifications as stated in the policy schedule; or
3.6 When the Company receives notice of termination from the Insured Member or the Policyholder; or
3.7 When the Insured Member and/or Policyholder fails to pay the premium after the grace period ends.
4. Termination of Insurance Contract
The Company reserves the right not to renew the insurance policy on any anniversary dates, which shall be done in written form, and then the enforcement of this insurance policy shall end on such anniversary date of such year.
Part 3: Details of Benefits
1. In case of Death
In case the Insured Member dies due to sickness or accidental cause 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 policy schedule to the Primary Beneficiary but benefit amount shall not exceed the liability amount that the Insured Member owes the Primary Beneficiary at that time. After the outstanding debt is paid, the Company shall pay the remaining benefit (if any) to the Secondary Beneficiary (ies) stated in the Insurance application of the Insured Member in the proportions as specified to the Company or in equal amounts in case the ratio is not stated, unless there is a change of Secondary Beneficiary and the Insured member has notified the Company of such change in writing together with the required documents as specified by the Company and the policy of the Insured Member shall be automatically terminated.
2. In Case of Total Permanent Disability
2.1 In case the Insured Member becomes totally and permanently disabled due to sickness and accidental cause, where the total permanent disability can be proven to have been suffered before the Expiry Date of Policy and such disability has continued for at least 180 days, certified by a medical 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. If 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 policy schedule to the Primary Beneficiary, but the benefit amount shall not exceed the liability amount that the Insured Member owes the Primary Beneficiary at that time. After the outstanding debt repayment, the remaining benefits (if any) will be paid to the Insured Member and the policy of the Insured Member shall be automatically terminated.
2.2 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 Policy Schedule to the Primary Beneficiary but the benefit amount shall not exceed the liability amount that the Insured Member owes the Primary Beneficiary at that time. After the outstanding debt repayment, the remaining benefits (if any) will be paid to the Insured member and the policy of the Insured Member shall be automatically 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.
Part 4: General Provisions
1. Entirety of Insurance Contract
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. On 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 right 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 is made by the Policyholder and/or Insured Member in the document stated under the first paragraph of Entirety of Insurance Contract clause in Part 4.
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.
2. Applicable Law
This policy shall be governed by and construed according to the laws of the Kingdom of Cambodia.
3. Currency
It is described under “Currency” in the Policy Schedule.
4. Incontestability of Insurance Contract
Unless otherwise stated 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 two years from the Policy Effective Date, except in case the Policyholder and/or Insured Member has no insurable interest in such insurance.
The Company shall not contest the insurance of any Insured Member after it has been in force for two years from the Enrollment Date, except the misstatement of age or gender of Insured Member as to be outside the normal limit of business of the Company.
5. Insurance Application Form
The Policyholder shall submit an Insurance Application Form for Eligible Member applicants to the Company by using the prescribed Company’s forms.
6. Required Information
6.1 The Policyholder shall keep all documents related to each Insured Member under this Insurance Contract, filed by each individual. The document shall identify the Insured Member’s name, gender, age or date of birth, sum assured, policy effective date, policy expiry date, beneficiary and other details as necessary to act in compliance with the law, and conditions under this Insurance Contract.
6.2 The Policyholder shall submit documents and proofs on matters related to the Policy to the Company as required by law or reasonably requested by the Company. The Policyholder shall allow the Company to inspect all documents relating to this Policy that were sent by any persons to the Policyholder.
7. 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 sickness or accidental cause of the Insured Member, the Company shall pay the sum assured as stated in the Policy Schedule to the Primary Beneficiary where the amount does not exceed the liability amount that the Insured Member owes the Primary Beneficiary at that time. After the outstanding debt is paid, the remaining benefits (if any) will be paid to the Insured Member or the Secondary Beneficiary (ies) or heir(s) of the Insured Member if the Insured Member has not specified the Secondary Beneficiary.
If only one Secondary Beneficiary is specified and the Secondary Beneficiary dies before the Insured Member or at the same time, the Insured Member/Policyholder 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 specified and one of them dies before the Insured Member or at the same time, the Insured Member/Policyholder must notify the change of Secondary Beneficiary or the conditions of benefit payment to the other 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.
8. Change of the Secondary Beneficiary
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.
9. Intentionally Killed by Secondary Beneficiary
In case there is only one Secondary Beneficiary, and if the Insured Member is killed intentionally by the Secondary Beneficiary, the Company shall pay any benefits due according to the sum assured to the Primary Beneficiary who is not a perpetrator, co-perpetrator, initiator or accomplice in the killing, where the amount is equal to liability 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 killing 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 paying 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 amount of this portion of premium.
For the above payout in case of murder by Second Beneficiary, the Company shall be entitled to deduct therefrom the debt owned under this policy.
10. 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 for the Company.
11. Misstatement of Age or Gender
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 and/or Policyholder 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 and/or Policyholder whichever the case may be.
12. Premium Rate
The Company shall have the right to change the rate at which the premiums shall be calculated:
12.1 On any Policy Anniversary, or
12.2 The date on which conditions, classification, number of Insured Members, sum assured, or risks is changed substantially from the original, and the Company notifies the Policyholder at least 31 days in advance.
In any event, the Company shall issue to the Policyholder the endorsement notifying such change.
13. Premium Adjustments
Premium adjustments (if any) shall be made on the Premium Due Date unless provided otherwise.
14. Premium Payment
The premium payment must be paid before, or on the premium due date in accordance with the mode of payment as specified in the Policy Schedule, either at the Company’s Headquarter or at the Branch of the company or to an authorized agent of the Company in writing by the company or other payment modes according to an agreement between Insured Member and/or Policyholder and the company.
The first premium shall be payable at the Policy Effective Date and subsequent premiums shall be due and payable on the Premium Due Dates determined by the Policy Schedule. The Company shall issue an official receipt for the payment of the premium.
If the Company allows to change payment of premium by an installment less than a year, the amount of the premium of the Insured Member, who dies or suffers Total Permanent Disability (TPD), to be paid to the Company and has not yet completed a year shall be a debt for which the Company will be entitled to deduct from the benefit payable under the Policy.
15. Grace Period
If the Insured Member and/or Policyholder fails to pay the premium when it falls due, the Company will leniently allow a grace period of 31 (thirty one) days from the due date. During the grace period, the policy is still in force. If the Insured Member dies or gets total permanent disability during the grace period, the Company will deduct the outstanding premium in that policy year from the amount which the Company will pay under this policy without charging interest.
16. Renewal Policy
This Policy is issued for the term of one year and can be renewed at the end of each Policy Year that the Company issues an official receipt for the payment of the premium due on the following Policy Anniversary, to be paid by the Insured Member and/or the Policyholder on that date.
17. Policy Cancellation
The Company may cancel this Policy by advance notice in writing of not less than 30 days if there is obvious evidence that the Insured Member conducts intentional fraud to make use of the benefits under this Policy either for the Insured Member or others. In such event, the Company shall return ninety (90) percent of the remaining premium to the Insured Member/Policyholder after deducing premium for the period that the policy has been in force.
The Policyholder shall give 10-day written notice to the Company in advance if the Policyholder wishes to cancel the Policy before the expiry date. Based on reasonable grounds, the Company will refund ninety (90) percent of the remaining premium to the Insured Member/Policyholder after deducing premium for the period that the policy has been in force.
18. Notification of Death and Autopsy
Upon the Insured Member’s death due to sickness or accidental cause, the Policyholder or the Beneficiary must notify the Company within thirty (30) days from the date of the Insured Member’s death, unless it can be proved that there is a reasonable cause for any 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 thirty (30) days from the date the Policyholder or the Beneficiary becomes aware of the existence of the Policy.
The Policyholder or the Beneficiary shall provide an official death report or official evidence signifying the death of the Insured Member to the Company, and upon the Company’s reasonable request, the Policyholder or the Beneficiary shall provide any additional documents to the Company at the Policyholder or the Beneficiary’s own expense.
The Policyholder or the Beneficiary shall consent and cooperate for the autopsy of the Insured Member when the Company deems it necessary, in compliance with the law and with respect to any applicable 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.
19. Notification of Total Permanent Disability (TPD)
When there is a claim made upon the incurrence of Total Permanent Disability (TPD), the Insured Member or Policyholder must notify the Company within thirty (30) 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 as necessary at their own expenses, unless there is a proof that the Insured Member has other significant and acceptable reason for the delay in notifying the Company but had informed the Company as soon as possible.
The Company reserves the right to request bodily examination of the Insured Member as it deems appropriate during the claim assessment process.
20. Required Documents for Claim
a. In case of Death Claim due to sickness
1. Complete Death Claim Form
2. Certified copies of Beneficiary’s ID card, Insured Member’s ID card and family book and also along with the original ones
3. Certified copy of certificate of death and also along with the original one
4. The consent letter of Beneficiary or heir(s) to disclose personal data
5. Medical report from doctor in case of death in the registered hospital or registered clinic
6. Power of Attorney and Consent for the Disclosure of Information related to Medical History
b. In case of Death Claim due to accident
The documents mentioned in (a) are also required with two additional documents as follows:
1. Certified copy of daily record related to the case which is certified by detector
2. Certified copy of autopsy examination report
c. In case of claim based on Total Permanent Disability (TPD)
1. Complete Claim Request Form of Total Permanent Disability
2. Medical report as determined by the company
3. Certified copy of Insured member’s ID card and also along with the original one
4. Power of Attorney and Consent for the Disclosure of Information related to Medical History
21. Exclusions
Exclusions for Death and Total Permanent Disability (TPD) Benefits
Death or Total Permanent Disability (TPD) claims resulting directly or indirectly from any of the following shall be excluded:
a. Suicide or attempted suicide, self-inflicted injury, whether sane or insane within two years after the Policy Effective Date, or the effective date of any reinstatement of this Policy whichever is later, which is applied to the policy that is renewed for the third year; or
b. Committing or attempting to commit by the Insured Member or the Beneficiary a criminal offence; or
c. Using drugs or stimulators, abusively using alcohol or driving vehicles under the influence of alcohol as defined in the current laws and regulations; or
d. Any pre-existing diseases that the Insured Member has been diagnosed, advised or treated.
If the death or Total Permanent Disability (TPD) Claim of the Insured Member results directly or indirectly from the exclusions a to d, the Company will only refund the total actual paid premiums, without interest, to the Policyholder, or the Insured Member, or the heir(s) of the Insured Member.
In returning the premium or paying the death or Total Permanent Disability (TPD) benefit, the Company is entitled to deduct any outstanding obligations owed under this Policy.
22. Dispute Resolution
In the event of any dispute arising from the Insurance Contract, the parties shall attempt to settle the dispute amicably between the parties to the dispute based on peaceful negotiation and reconciliation between the disputing parties. If such reconciliation fails to settle the dispute, any dispute party may bring the case to MEF for mediation before filling a lawsuit to arbitration or a competent court.