TAKAFUL SMART TERM PLAN

​Peace of mind in a single payment
 
No one can predict what the future holds. In the event of an unforeseen circumstance, your family would be responsible for your outstanding debts.

With the Takaful Smart Term Plan from NBO, you can protect your family by insuring your loans and debts with a single one-time payment. After that, should the worse happen, your debt will be paid off and your loved ones will be left with no financial liability.
 
Takaful Smart Term Plan is a decreasing term Takaful plan whereby the amount of coverage reduces at a pre-determined rate over the policy period from full coverage to nil. 

Gone are the days of period premiums - all you have to do is make a one time contribution, calculated on an age basis, for long term financial protection and peace of mind in the long term.

 

​• A Shria compliant Takaful Plan

• Coverage for Worldwide death and Permanent  Total Disability cover due to any cause

• No hassle of paying regular premium

All customers of NBO residing in Oman between the ages of 18 to 64 years are eligible for Takaful Smart Term Plan.

Please complete the Application Form and visit your nearest branch to submit it to our staff who will guide you on the next steps.

1. Is the Coverage restricted to Oman?

No, get 24/7 worldwide coverage as a participant.

 

2. What are the eligibility requirements for plan enrollment?

The Participant should meet the following eligibility conditions as stipulated by the Bank.

The Participant shall be within the age criteria mentioned below.

 Minimum age at entry   :   18 completed years.

Maximum age at entry   :   64 completed years.

Maximum coverage age   :   70 completed years*

*65 years for PTD benefit

 The Participant should have a valid Oman residence card ID for expatriates or National Identity (Nationals only).

 

3. What are the Contribution payment options?

The plan offers coverage through a Single Contribution.

 

4. Is there cancellation under the Policy?

Yes. This policy entitles you full refund of Contribution if you decide to cancel within the first 15 days of enrollment. Further, there is a refund applicable for cancellation after 15 days. Please visit your nearest branch to find out more about a potential refund.

 

5. Will participants who are no longer residents of Oman still receive benefits of this plan?

No.

 

6. Can participants enroll in the plan if they already have a Life Insurance/Takaful Policy or similar plan with other Takaful /Insurance Provider?

Yes, as this Policy is independent of any other insurance/Takaful policy held by the Participant for Takaful Smart Term Plan.

 

7. Can the benefits under the plan terminate without customer instructions?

Yes, under the following circumstances

• the date the Takaful Policy is terminated
• the date the named Participant is no longer eligible within the definition of Participant;
• the date the benefits are paid to the extent of the Principal Sum Cover in respect of the Participant
the date the Participant(s) has attained the maximum coverage age. 

8. What is the turnaround time in case of a claim Settlement?
The claim settlement is processed in 15 working days from the date of submission of complete supporting documents.

9. What would be the documentation in case of a claim?

Death Claim

  • Copy of Death Certificate from appropriate Government Authority.
  • In case of death of the Participant outside Oman, the death certificate has to be attested by the Embassy of Oman.
  • Copy of Post Mortem Report (wherever legally required). 
  • Copy of Police Report (if death was due to an accident or unnatural event).
  • Copy of Medical Report with Detailed Diagnosis, onset of illness, Cause of Death if required by the Company.
  • Copy of passport with valid visa page/resident card and National Identity  (Nationals only).
  • Any other documents as may be required by Company to substantiate the death claim.

Permanent Total Disability Claim

  • Copy of Disability Certificate from the Competent Authority clearly specifying the percentage of disability to be 100%. (Certificate such as "unfit to work" are not acceptable).
  • Copy of Police Report (if disability is due to an accident).
  • Copy of Medical Report with detailed diagnosis, the date of onset, cause of disability and details of treatment given (if any).
  • Copy of passport with valid visa page / resident card and National Identity (Nationals only).
  • Copy of the up to date statement of debt/credit facility starting from the commencement date/debt start date.
  • Any other documents as may be required by the Company to substantiate the disability.
  • Note: Submission of Policy Schedule mandatory for all claims

 

10. What are the main exclusions?

  • Suicide in the first year of coverage from policy inception or reinstatement whichever is later.
  • Participation in a criminal or unlawful act committed by the Participant. 
  • Exposure to nuclear contamination; the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.
  • Acquired Immune Deficiency Syndrome (AIDS) or any syndrome or condition of a similar kind however it may be named which is diagnosed by a licensed medical practitioner, doctor or surgeon.
  • Civil war, war, invasion or warlike operations, act of foreign enemy, hostilities, revolt, mutiny, riots, strike, civil commotion, rebellion, revolution, insurrection, acts of terrorism.

Permanent Disability

  • A pre-existing disease; unless declared by the Participant and accepted by the Company.
  • The Covered person being under the influence of or due wholly or partly to the effects of intoxicating liquor alcohol and/or drugs except when administered in accordance with the prescription of a qualified Medical Practitioner;.
  • Military Service in the Armed Forces or Security Forces of any country or any authority; however; If Participant who is a Policeman or Armed Forces personnel dies or becomes permanently disabled while performing day- to -day course of duty excluding the activities involving combat/hazard/use of weapons, the Life Benefit under this Plan shall be payable.
  • 'No benefit will be payable for members of the Police or Armed Forces if the claim is due to any of the following events: Civil war, war, invasion or warlike operations, act of foreign enemy, hostilities, revolt, mutiny, riots, strike, civil commotion, rebellion, revolution, insurrection, acts of terrorism, any kind of training, exercise or assignment involving the use of ammunition or explosives of any kind.
  • Engaging in aviation other than as fare paying passenger on a regular route of a recognized airline.
  • 5. Disability resulting from engaging or taking part in dangerous sports including but not limited to polo, diving or riding or any kind of race; underwater activities involving the use of breathing apparatus or not; martial arts; hunting; mountaineering; parachuting; bungee-jumping.
  • Any Psychiatric, mental or nervous disorder of any nature.
  • Attempted suicide or intentional self-inflicted injury (whether sane or insane).

 

 

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