Manulife Group Credit Life
The details of the products and conditions of the insurance contract
Subject of insurance
Manulife Group Credit Life is a life insurance product which subject of insurance is life and physical (Total and Permanent Disability).
1. Eligible
• Policy Owner: 18 – 55 Years
2. Premium Payment
• Premium Payment
This is a single premium policy.
All amounts payable to Manulife shall be payable in the currency stated in the Insurance Certificate, which are Khmer Riel (KHR) or US Dollar (USD).
• Grace Period
A Grace Period of thirty-one (31) days from the Premium Due Date will be allowed for each Premium payment, the Policy will remain in force during this period. If by at the end of the Grace Period and the Premium is still unpaid, the Policy will lapse.
•Policy Reinstatement
After the Policy is lapsed due the default in Premium payment after the Grace Period, all benefit(s) payable under this Policy shall be lapsed , except Surrender Benefit (if any). The Policyowner can request to reinstate the Policy within two (2) years from the date the Policy is lapsed. At the Company’s own discretion, this Policy can be reinstated if:
a) a written request or any form as prescribed by the Company is made by the Policyowner; and
b) subject to the underwriting rules, the Life Insured is within the eligible age limits at the time of reinstatement; and
c) evidence(s) of insurability satisfactory to the Company; and
d) payment of all overdue premiums with fee(s) (if any).
After the Company receives the required document(s) and the listed requirements above are fulfilled, the Company shall process to evaluate the Policy Reinstatement Request. The Company reserves the rights to ask for additional document(s) as necessary for the underwriting process. In the event the Company approves this request, the Policy shall be reinstated. However, if the Company reject this request, the Policy shall not be reinstated and remain lapse, then the Company shall refund back to the Policyowner of:
a) any overdue Premium paid and fee(s) (if any) paid to the Company for the reinstatement purpose, plus
b) Surrender Benefit (if any) ; minus
c) Medical examination expense for reinstatement paid by the company (if any
3. Insurance Benefits
• Death Benefit
Upon the death of a member during the term of the policy, the death benefit payout is 100% of the insured amount per specify in the Insurance Certificate. The Policyowner will receive the death benefit to the extent of the outstanding loan balance only. Any amount of death benefit payable in excess of this Indebtedness shall be paid beneficiary.
A Member’s insurance under this Policy will terminate upon the payment of benefit for that Member.
• Total and Permanent Disability Benefit
Upon total disability of member during the term of the policy, the total disability benefit payout is 100% of the insured amount accelerated from death benefit per specify on the Insurance Certificate. The Policyowner will receive the Total Disability benefit to extent of the outstanding loan balance only. Any amount of total disability benefit payable in excess of this Indebtedness shall be paid to member.
A Member’s insurance under this Policy will terminate upon the payment of Total Disability Benefit for that Member.
4. Exclusion
The liability of Manulife shall be limited only to the return of premiums paid on behalf the Member under this Policy without interest to the policyowner if it was premium finance or to the member if it was member’s contribution, if:
Exclusions for Non -accidental Death Benefit
The Member’s death results directly or indirectly, in whole or in part, from any of the following:
a) Suicide or attempted suicide, whether the Life insured (Minor)/ Life Insured (Policyowner) is sane or insane, within two (2) years from the Policy Issue Date (this exclusion is not applicable after two (2) years period per stated above); or
b) A committed criminal offense, or an attempted commitment of a criminal offense by the Life Insured (Minor)/Life Insured (Policyowner) , or Beneficiaries (please refer to Section 8. Beneficiary); or
c) Acquired Immune Deficiency Syndrome (AIDS) or any complications associated with infection by the Human Immunodeficiency Virus (HIV).
d. pre-existing conditions which originated before the Member’s effective date of insurance. circumstances.
Exclusions for Non-accidental Total and Permanent Disability Benefit
The Member’s total disability results directly or indirectly, in whole or in part, from any of the following:
a. Attempted suicide or any self-inflicted injury, whether sane or insane; or
b. the Member being under the influence of alcohol or the taking of any drug, except under the direction of a registered medical practitioner; or
c. war or any act of war, whether declared or not, riot, insurrection, civil commotion, strikes, terrorist activities, whether or not the Member/ Member/ Life Insured was participating therein;
d. commitment or attempted commitment of a criminal offense by the Policyowner, Member or Beneficiary or Beneficiaries (Please refer to Section 8. Beneficiary); or
e. acquired Immune Deficiency Syndrome (AIDS) or any complication associated with infection by the Human Immunodeficiency Virus (HIV); or
f. pre-existing conditions which originated before the later Member’s effective date of insurance.
5. Free Look Period
Refer to the duration of twenty-one (21) calendar days from the Policy Issue Date. During this Free Look Period, the Policyowner can surrender the Policy upon a written request to the company with the Original Insurance Contract attached (For E-Contract, Policyowner is required to attach Insurance Certificate only). After the Company received all the required documents, the Company will terminate the Policy then refund back to the Policyowner as the following:
a) total Premium paid; less,
b) any expenses occured for the underwriting process (if any); less,
c) any amount owed to the company (if any).
6. Grace Period
A Grace Period of thirty-one (31) days from the Premium Due Date will be allowed for each Premium payment, the Policy will remain in force during this period. If by at the end of the Grace Period and the Premium is still unpaid, the Policy will lapse .
7. Dispute Mediation
•Complaint Procedures
Any complaint received will be resolved or provided clarification to the complainant within five (5) working days to determine the root cause and the appropriate course of action in accordance with regulatory requirements and the Company’s standard operating procedures.
•Dispute Resolutions
For any dispute arising in relation to the conduct of insurance business, the disputing parties may bring the case to the Insurance Regulator of Cambodia for mediation before filing a lawsuit to arbitration or a competent court, except a criminal case
8. Incontestability
The Company can cancel or void the Policy if the Company discovers any inaccurate statement or suppression of a material fact by the Policyowner or any of the Life Insureds on a material matter within two (2) years from the Policy Effective Date, or Policy Issue Date (whichever is later) that impacts the underwriting decision on this Policy. Such non-disclosure or misrepresentation could be found in the application for this Policy, any medical evidence forms, or any written statements and answers provided as evidence of insurability. However, this clause shall not apply to a misstatement of age or gender.
9. Termination
This Policy will be automatically terminated on the earliest of the following:
a) Death or Total and Permanent Disability of the Life Insured due to Accident or Non-Accident; or
b) Policyowner’s request to surrender the Policy; or
c) The Policy has lapsed for twenty-four (24) months consecutively or has matured.
10. How to claim
Are you looking for how to process a claim? Click here:
https://www.manulife.com.kh/en/services/claims.html, or You can also call our hotline 1800 211 211 for free of charge.