Allied Insurance launched a life insurance plan for women and a savings plan for secondary education in the Maldives late Sunday.
The “Kamana” life insurance plan for women and secondary education savings plan were launched by Minister of Economic Development, Mohamed Saeed, at a ceremony held by Allied Insurance to mark the third anniversary of President Abdulla Yameen Abdul Gayoom’s government.
Kamana: a solution for working women
Speaking at the ceremony, Allied’s Life Insurance Manager Srinivasan Ramakrishnan stated that women play significant roles in every sector of the Maldivian economy. However, he noted that women face major challenges in their careers and declared that “Kamana” is their solution.
Women aged 18 – 48 are eligible for this life insurance scheme, which provides a minimum compensation of MVR 50,000. Clients can choose a variety of time periods between 12 – 24 years.
Kamana compensates a variety of expenses such as:
Emergency Fund – Five percent of the amount insured will be placed in a special fund every two years after the first two years. This fund can be used in circumstances such as sudden unemployment or emergency situations such as a no-pay leave.
Funds for after the plan ends – Clients will receive the bonus of their insured amount and the remaining money in their Emergency Fund after their plan ends.
Inheritors’ Fund after the death of the client – Total 150 percent of their insured amount, as well as the bonus and Emergency Fund, will be given to the client’s inheritor should the former pass away in the middle of the Kamana plan.
Funds for major medical treatments – Fifty or hundred percent of the insured amount will be available as expense for medical treatment should the client contract a major disease. All the advantages of the plan will also be available in the future without having to pay the premium fee.
Funds for permanent cripple wounds – Total insured amount will be available should the client become permanently crippled due to an accident or such circumstance. Premium fees will also be exempted in the future.
Compensation for accidental death – Total insured amount will be given should the client pass away due to an accident or other circumstance.
Savings Plan for Secondary Education
This insurance scheme compensates the expenses of children’s secondary education. Parents can apply for this scheme on behalf of children under the age of five years. The plan offers the option for parents to decide on the amount to be insured and premium fees. The schemes insures a minimum amount of MVR 50,000.
Under the savings plan, the money will be available once the child reaches the age of 13 with 15 percent of the insured amount released until they reach 18 years. Once the child passes age 18, the bonuses and 25 percent of the insured amount will be given.
Under the savings plan for secondary education, premium fees will be exempted should the child’s parent pass away. The child will also receive a guarantee of advantages from the plan.
Allied Insurance already offers a scheme for higher education savings. The company’s range of insurance plans include Life Insurance, Health Insurance, Travel Insurance, Expatriate Insurance, Marine Vessels Insurance and an Islamic insurance window under the name of Ayady Takaful.