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Product Benefits Summary
- Receive reducing sum assured benefits in case of Death or Total Permanent Disability (TPD) due to illness or accident. Sovannaphum Life will pay the benefits to the beneficiaries.
- Your family will have the peace of mind from the loan liability, and your business will live on.
- Easy and flexible premium payment.
- Short premium payment and longer protection.
Product Detail
1. Definitions
“Company” means the life insurance company as specified in the Life Insurance Certificate.
“Policy” means life insurance policy.
“Insurance Contract” means the Policy, Life Insurance Certificate, riders, attachments, additional statement, endorsements, or requests for any changes signed by the Company, Insurance Application Form, health report by physician and health declaration; all these documents are considered as the Insurance Contract between the Insured and the Company.
“Insured” means the person identified as Insured in the Life Insurance Certificate or attachment, who would be covered under Insurance Contract.
“Premium” means the amount paid by an Insured to company as consideration for the obligations assumed by the Company.
“Life Insurance Certificate” means document issued by company to certify the fact that an Insured has purchased insurance from company.
“Policy Effective Date” means the date when the insurance contract begins.
“Policy Year” means each period of 1 year after the policy becomes effective or from the anniversary date.
“Reducing Sum Assured” means the sum of Money the Company will pay to the Insured in the event of Death or Total Permanent Disability “TPD” as stated in the Policy’s Reducing Sum Assured schedule.
“Accident” means sudden event, caused by external factor with a result that is not the intention or determination of the Insured.
“Injury” means physical injury and is directly caused by an accident and is separated and independent of other causes.
“Beneficiary” means a person who is stated in the Insurance Application Form by the Insured to be a Beneficiary, according to the Insurance Contract, and who would receive the benefits due under this Policy upon the death of Insured.
“Primary Beneficiary” means a juristic person who is a lender.
“Secondary Beneficiary” means a person who is stated in the Insurance Application Form by the Insured 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).
“Total Permanent Disability (TPD)” means the Insured suffers from complete loss, permanent paralysis or permanent irrecoverable use 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 a registered hospital at provincial level 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.
2. Entirety of Insurance Contract
This Insurance Contract is based on the Company’s belief in the truth and accuracy of the Insured’s statement in the Insurance Application Form, health declaration and any other additional declarations signed by the Insured; 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 Insured 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. Any such 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 Insured in the document stated under the first paragraph of Entirety of Insurance Contract clause in Part 2.
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 complete only after the Company accepts such amendment and issues its endorsement.
3. Applicable Law
This policy will be governed by and construed according to the laws of the Kingdom of Cambodia.
4. Currency
These are described under “Currency” in the Life Insurance Certificate.
5. Incontestability of Insurance Contract
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 two years from the Policy Effective Date, excepted the Insured has no insurable interest, or the misstatement of the Insured’s age as to be outside the normal limit of business of the Company.
6. Rights and Exercise of Rights under the Policy
The rights and the exercise of rights in this policy, unless specifically assigned to any other person, shall be regarded as solely belonging to the Insured.
Any assignment of the rights and the exercise of the rights in the policy to another person shall be made only on approval by the Company upon delivery of prior written notice.
7. Insurance Application Form
The Insured shall submit an Insurance Application Form to the Company by using of the prescribed Company’s form.
8. Beneficiary under the Policy
The Insured is entitled to specify the Secondary Beneficiary besides the Primary Beneficiary. In case of death of the Insured, the Company shall pay any benefits due to the Primary Beneficiary first according to Reducing Sum Assured as stated in the Policy’s Reducing Sum Assured schedule but such amount must not exceed any outstanding debt that is owed by the Insured to the Primary Beneficiary. After the outstanding debt repayment (if any), the remaining benefits will be paid to the Secondary Beneficiary or estate of the Insured if the Insured has not specified a Secondary Beneficiary.
If more than one Secondary Beneficiary is specified and one of them dies before the Insured, the Insured 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 fails or is unable to notify the change of the Secondary Beneficiary to the Company, when the Insured dies, the Company shall pay an equal amount of any remaining benefits of the late beneficiary after debt repayment (if any) to each of the surviving Secondary Beneficiaries.
If the Insured is killed intentionally by a Secondary Beneficiary, the Company shall pay any benefits due according to the Reducing 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 has to repay 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. In case there is more than one Secondary Beneficiary, if any of the Secondary Beneficiaries is not a perpetrator, co-perpetrator, initiator or accomplice in the intentional killing of the Insured, once the Company has already paid any benefits due according to the Reducing Sum Assured to the Primary Beneficiary where the amount is equal to debt amount that the Insured has to repay, any remaining benefit amount shall be paid by the Company pro rata to such Secondary Beneficiaries by deducting the amount that the Secondary Beneficiary who kills the Insured is not entitled thereto. In this regard, the Company shall not pay any insurance benefit and not return entitled premium of a Secondary Beneficiary who takes part in the intentional killing of the Insured.
9. Change of the Secondary Beneficiary
In case the new Secondary Beneficiary is the Insured’s parent, spouse or child, the change of the Beneficiary will be effective from the day the Insured 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 Beneficiary without its knowledge of the change in Beneficiary.
In case the new Beneficiary is not the Insured’s parent, spouse or child, the change of the Beneficiary will be effective on the day the Company approves and records such change in the Policy or issue a Policy endorsement.
10. Amendment of policy
Any amendment 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 has misstated age or gender to the Company, and thereby, the Company collected a lower premium than it would have collected had the mis-statement not occurred; 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 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 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 or the Secondary Beneficiary, whichever the case may be.
12. Premium Payment
The premium payment must be paid before, or on the due date by being paid on an annually, semi-annually, quarterly or monthly basis at the Company’s Headquarters or a Branch of the Company or to the agent authorized in writing by the Company or other payment methods according to an agreement between the Insured and the Company. The Company will issue the premium receipt as evidence.
In case where the Company leniently allows the premium to be paid on the premium payment mode except annually, the portion of premium not yet paid to the Company, shall be a debt for which the Company will be entitled to deduct from the amount payable under the policy.
The Insured can change the mode of payment by the Insured submitting a request for the change of the mode of premium payment in writing to the Company. The change will be effective when the Company approves such request.
The payment of premium shall be paid in cash. Any payment of the premium made by a promissory note, check, draft, or by any other means, will be regarded as payment being made only when such instrument has been cashed.
13. Grace Period
If the Insured fails to pay the premium when it falls due, the Company will leniently allow a grace period of thirty one (31) days from the due date. During the grace period, the policy is still in force. If the Insured dies 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.
14. Lapsation
If the Insured fails to pay the premium within the grace period under article 13, this policy will be lapsed, as from the payment due date, except in a case that the policy remains in force by virtue of any other provisions contained in the policy.
15. Policy Cancellation
The Insured shall give ten (10) days written notice to the Company in advance if the Insured wishes to cancel the insurance before expiry date. Based on reasonable grounds, the Company will refund the premium to the Insured ninety (90) percent after deducting premium for the period that the policy has been in force.
16. Notice of Death and Autopsy
Upon the Insured’s death, the Beneficiary must notify the Company within thirty (30) days from the date of the Insured’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 day the Beneficiary becomes aware of the existence of the Policy.
The Beneficiary shall provide an official death report or official evidence signifying the death of the Insured to the Company, and upon the Company’s reasonable request, the Beneficiary shall provide any additional documents to the Company at the Beneficiary’s own expense.
The Beneficiary shall consent and cooperate for the autopsy of the Insured 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 Beneficiary or the Insured’s party act in compliance with the requirement(s) hereof.
17. Notification of Total Permanent Disability (TPD)
When there is a claim made upon the incurrence of Total Permanent Disability (TPD), the Insured or Insured’s party 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 on their own expenses. Unless there is a proof that the Insured has other significant and acceptable reason for the absence but had inform the Company as soon as possible.
The Company has a right to request bodily examination of the Insured as it deems appropriate, during the claim underwriting process.
18. Required Documents for Claim Consideration to Submit to the Company are as Follows
a. In case of death caused by sickness
1. Completed Death Claim Form
2. Life Insurance Certificate (original copy)
3. Certified copies of Beneficiary’s ID card and family book and also along with the real ones
4. Certified copy of certificate of death and also along with the real one
5. The consent letter of Beneficiary or heir to disclose personal data
6. Medical report from doctor in case of death in the registered hospital or registered clinic
If claim in case of accidental death or others, it will be required additional documents besides described documents as follow:
1. Certified copy of daily record related to the case which is certified by detector
2. Certified copy of Autopsy examination report
b. In case of claim based on Total Permanent Disability (TPD)
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 Insurance’s ID card and also along with the real one
19. Exclusions
Exclusions for Death and Total Permanent Disability (TPD) Benefits
Death and 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; or
b. Committing or attempting to commit by the Insured or the Beneficiary a criminal offence; or
c. Pregnancy or birth-giving or their complications; or
d. Using drugs or stimulators, abusively using alcohol or driving vehicles under the influence of alcohol as defined in the current laws and regulations.
If the death or Total Permanent Disability (TPD) of Insured claims resulting directly or indirectly from the exclusions a to d, the Company will only refund the total actual premiums paid, without interest, to the heir(s) of the Insured.
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.
20. Dispute Resolution
In the event of any dispute arising from the Insurance Contract, such dispute shall attempt to be settled 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, the dispute shall be settled by arbitration pursuant or court system.
21. Free-Look Period
The Insured has the right, for any reason, to return this Policy together with the written cancellation request within twenty one (21) days after the Company has delivered the Policy. If returned, the Policy will be considered void from the beginning. The Company shall refund the paid premium, deducting the actual health exam fee, and any debts (if any) owed to the Company by the Insured. The Company reserves right to charge the operation service fee.
An Insured who already claims for Policy benefits cannot cancel this Policy.