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Product Benefits Summary
- Receive 100% of sum assured in case of death or Total and Permanent Disability (TPD) due to illness or accident.
- Your family will have peace of mind from loan liability, and your business will live on.
- Easy with single premium payment.
Product Features Summary
| Insured’s age | From 18 to 65 years old |
| Expired age | 70 years old |
| Policy term | 1 to 10 year(s) |
| Premium payment mode | Single premium |
Product Detail
1. Definitions
“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, whether sane or insane, is not considered as an accident.
“Policy Surrender Value” refers to the amount payable to the insured member who surrenders a life insurance policy (if any).
“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 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.
“Policyholder” refers to a juristic person who is a lender and primary beneficiary as stated in this 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 or the Insured’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.
“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 insured member.
“Primary Beneficiary” refers to a juristic person who is a lender and policyholder.
“Borrower” refers to the policyholder’s debtor who takes out a loan from the policyholder.
2. Subject Matter Insured
The subject matter to be insured under this product are the insured’s body and life.
3. Scope of Coverage
SMILE Smart Loan Protection provides protection to the insured member due to death or Total and Permanent Disability (TPD) from illness or accident.
4. Insurance Benefit
4.1 Death Benefit: Upon death of the insured member during the policy coverage period from illness or accident, 100% of the sum assured will be payable.
4.2 Total and Permanent Disability (TPD) Benefit: In case the insured member suffers from Total and Permanent Disability (TPD) from illness or accident, 100% of the sum assured will be payable.
5. Premium Payment
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.
6. Exclusions
Death or Total Permanent Disability (TPD) claims 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 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 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.
If the death or Total Permanent Disability (TPD) of insured member claims resulting directly or indirectly from the exclusions a to c, the Company will only refund the total actual paid premiums, without interest, to the heir(s) of the insured member or 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 (if any).
7. Insurance Coverage Area
The Company provides global coverage to the insured member.
8. Qualification of Beneficiary
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 illness or 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.
8.2 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.
8.3 Intentionally Killed by Secondary Beneficiary
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. Amendment of Insurance Contract
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.
9.2 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 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.
10. Renewal of Insurance Contract
Renewal premium is not applicable under this policy.
11. Termination of Insurance Contract
11.1 Termination of Insurance Contract
Insurance of each insured member shall be automatically terminated upon any one of the following occurrences:
• The insured member reaches the age of …. years on the policy anniversary date; or
• The expiry date of insurance contract as stated in the life insurance certificate issued for each insured member; or
• When the Company completely pays out the sum assured by the insurance contract of each insured member; or
• The day the Company receives notice of termination from the insured member according to the life insurance certificate. In case of termination under this clause 11.1 the Company shall pay the policy surrender value (if any) to the insured member.
11.2 Policy Surrender
The insured member is entitled to terminate an insurance contract by surrendering this policy and receiving the policy surrender value according to the amount prescribed in the policy surrender value schedule and other benefits entitled to receive (if any).
However, the termination of this policy shall be completed only after the Company consents to such termination in writing.
12. Cancellation of Insurance Contract
12.1 Cancellation of Insurance Contract
The Company may cancel this insurance contract by giving a period written notice not less than 30 days, in case there is evidence that the insured member conducts intentional fraud to make use of the benefits under this policy either for the insured or others. In such event, the surrender value will be payable according to the amount prescribed in the policy surrender value schedule and other benefits entitled to receive (if any).
12.2 Free-Look Period
The insured member has the rights, for any reasons, to return insurance together with the written cancellation request within 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 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.
13. Claim
13.1 Qualification of Claimants
The claimant can be insured member, beneficiary (ies) or legal representative.
13.2 Claim Procedure
13.2.1 Notification of Death and Autopsy
Upon the insured member’s death, the policyholder or beneficiary must notify the Company within 30 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 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.
13.2.2 Notification of Total Permanent Disability (TPD)
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 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.
13.3 Required Documents for Policy Surrender and Claim
a. In case of policy surrender to receive policy surrender value
1. Completed policy surrender request form,
2. Life insurance certificate (original copy),
3. Certified copy of insured member’s ID card and also along with the original one.
b. In case of death caused by sickness
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 ones,
4. Certified copy of certificate of death and also along with the original one,
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. Other documents as deemed necessary by the Company to replace or support any of the documents mentioned above.
c. In case of death caused by accident, the above documents are also required with two additional documents as follows:
1. Certified copy of accident report which is certified by investigator (police),
2. Certified copy of autopsy examination report
d. In case of 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 insured member’s ID card and also along with the original one,
5. Other documents as deemed necessary by the Company to replace or support any of the documents mentioned above.
13.4 Maximum Duration of Claim Payment
The Company shall pay the claim to the insured member or beneficiary (ies) within 14 working days when the Company received sufficient claim documents and approved the claim.
13.5 Claim Payment Method
The claim payment can be made by a promissory note, cheque, draft, or by any other mean.
13.6 Fraud
If any claim under this policy is in any respect fraudulent or if any fraudulent means or devices is used to obtain the benefit under this policy, the Company shall have no liability in respect of such claim.
13.7 Condition Precedent
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.
14. Confidentiality
The information provided to the Company shall be kept confidential, and no personal information shall not be disclosed to a third party without the insured’s content, unless it is required or authorized by applicable laws and regulations.
15. Dispute Resolution
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.
16. Jurisdiction
This contract shall be executed under the jurisdiction of the Kingdom of Cambodia.
17. General Provision
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.
17.2 Rights and Exercise of Rights under the Policy
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.
17.3 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. 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.
17.4 Currency
It is described under “Currency” in the policy schedule.
17.5 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, except the policyholder 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 the insured member as to be outside the normal limit of business of the Company.
17.6 Life Insurance Certificate
The Company shall issue the life insurance certificate, including an attachment of the surrender value schedule to each insured member to verify that such individuals are entitled to receive coverage under this policy.