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Concern for health and life is the basis of Al-Ittihad Al-Watani's personal insurance policies.
Al-Ittihad Al-Watani's personal insurance policies cover:
* Personal Accident
* Hospitalization
* Life Assurance:Term life, Decreasing term, Group credit life
* Unitrust
Personal Accident:
Personal accident insurance protects the insured against accidental death or bodily injury. Cover may be extended to include passive war risks.
Hospitalization:
Al-Ittihad Al-Watani offers medical coverage in case of hospital confinement and out-patient basis:
* In-Hospital covers daily benefit and hospital services expenses during the hospital confinement. Daily benefits and expenses incurred by the insured for reasonable and customary charges made by the hospital for room, board, and general nursing.
* Out-patient covers services delivered to the patient without need for a hospital confinement.
Life Assurance:
Life assurance is concerned primarily with family protection and investment, with various policies offered:
* Term Life is the simplest and most inexpensive life assurance. It provides for the payment of the sum assured, only if the life assured dies within a specified period.
* Decreasing Term consists of an assured sum, which decreases periodically. This insurance is usually effected in connection with a loan, when the loan is being gradually repaid.
* Group Credit Life Assurance is contracted because of the increasing volume of hire purchase and credit sales. It is a single collective policy designed to cover the outstanding debts on the debtor's death.
Unitrust:
Unitrust provides life coverage and the full benefits of a saving program. Savings from all policyholders are pooled to form a fund. The assured gets the benefit of any capital appreciation and interest earned by the fund. A Unitrust policy produces maturity payments, which increase with the rise in value of the trust investments. |
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