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The details of the products and conditions of the insurance contract

Manulife Group Credit Life

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

All Premiums applicable under this Policy shall be paid during the Premium Term as stated on the Insurance Certificate or subsequent Endorsement (if any).

Premium mode is available in annually and semi-annually options. Advance Premium Payment, Monthly and quarterly options shall be available upon special request from the Policyowner. The Company reserves the rights to accept or decline the request.

All Premium shall be paid to the Company on or before the Premium Due Date by the method specified by the Company.

• Grace Period

A Grace Period of thirty-one (31) days from the Premium Due Date will be allowed for each Premium payment, the Member’s Insurance will remain in force during this period. If by at the end of the Grace Period and the Premium is still unpaid, the Member’s insurance shall lapse, and all the benefits under this Policy will be terminated. On such termination, the Policyowner or member shall forfeit any premiums previously paid.

•Policy Reinstatement

After the Member’s Insurance is lapsed due the default in Premium payment after the Grace Period, all benefit(s) payable under this Member’s Insurance shall be lapsed too, except Policy cash value (if any). Within the six (6) months after default in payment of premium by the Member, the coverage can be reinstated under the following conditions:

 

·       The Member elects to resume payment of the premium charges, if any, to be collected by the Policyowner; and in case termination was made under (d) of "Termination of Member’s Insurance", the Member resumes payment on his indebtedness so that no payment is more than two (2) months overdue.                          

·       The Policyowner consents to the reinstatement of the insurance.

 

The date of reinstatement of the insurance shall be the date when Manulife determines that the evidence submitted to Manulife is satisfactory and that no payment on the indebtedness is made more than two (2) months overdue.

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:

·       any overdue Premium and fee(s) (if any) paid to the Company for the reinstatement purpose, plus 

·       The Company shall not cover any loss or insured event occurs during the Policy lapse period before the Policy Reinstatement Date.

 

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  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 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

 Not Applicable

6.    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

 

7.    Incontestability

Not Applicable

 

8.    Termination (to be revise)

This Member’s Insurance will be automatically terminated on the earliest of the following:

a.         Death or Total and Permanent Disability of the Member or Life Insured or;

b.         The Insurance coverage of the Member has been terminated or surrender or;

c.          The Insurance coverage of the Member has reach the expiry date;

d.         The Member having attained the maximum coverage age

 

9.    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.