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FutureInvest

Features and Benefits

Plan Benefit A unit linked insurance plan with investment opportunity
Minimum Term 5 years
Maximum Term 30 years (for Regular Savings); up to 101 years of age (for Whole of Life plan)
Minimum Age at Entry 1 day
Maximum Age at Entry 84 years last birthday
Maximum Age at Maturity 101 years last birthday
Minimum Sum Assured USD 5,000 (Primary Life)
Maximum Sum Assured
(Death Benefit + Guaranteed Installment Benefit + Family Income Benefit)		 USD 5 million
Maturity Benefit Regular Savings Plan: 100% of Fund Value at Maturity + Free Death Benefit + Free Critical Illness Benefit (if originally opted) + Free Hospital Cash Benefit (if originally opted)
Whole of Life: 100% of Fund Value at Maturity
Death Benefit Option A (inclusive):
Single Life: Sum assured at the time of death or the value of units, whichever is greater.
Joint Life:
On Death of Primary Life:
Sum assured at the time of death or the value of units, whichever is greater paid to the Secondary Life
On Death of Secondary Life:
25% of Sum Assured paid immediately and policy/benefits continue for the Primary Life
Option B (exclusive):
Single Life: Sum Assured Plus Fund Value
Joint Life:
On Death of Primary Life:
100% Sum assured + 100% Fund Value paid immediately OR Sum Assured is payable on death of Life Assured and the value of the Units payable at Maturity to the Secondary Life, if the option of Extended Investment Option is selected
On Death of Secondary Life:
25% of Sum Assured will be paid immediately and policy/benefits continue for the Primary Life
Investment Strategy
 A choice from Conservative, Balanced and Aggressive strategies depending on risk appetite
Bonuses Bonus Allocation: will be made by the Insurance company during the first year of policy (slabs depending on monthly premium installment)
Loyalty Bonus: 10% of annualized premium will be allocated as Loyalty Bonus on completion of every 3 years during the Premium Payment Term (PPT) on policies with PPT ≥ 5 years
Inbuilt 'Passive War Risk'
 Yes (free of cost) - the death benefit will be paid on event of accidental death of primary life as a result of war or war like operations should the war take place in country of residence or suddenly starts following travel outside country of residence
Full Surrender of policy
 Allowed after 2 years from commencement of policy. Depends upon the term of Policy. Surrender charges apply.

Partial Withdrawal
 Allowed after 2nd year of the plan. Amount up to 80% of Cash Value (Fund Value - Surrender charges)
Policy Loan
 Allowed after 2nd year of the plan. Amount up to 80% of Cash Value (Fund Value - Surrender charges) after transferring the Funds in to Conservative Strategy. Interest at prevailing rates fixed by the Insurance company will apply.
Free Look Period
 21 days from the Policy Commencement Date
Grace Period
 90 days from the last premium due date
Maximum Period for Policy Reinstatement
 24 months from the first unpaid premium due date
Premium Holiday
 Premium Holiday up to 2 years is allowed if the fund value remains sufficient to pay for the charges during the period. This benefit is allowed after the payment of 1st year premium in full and only once during the premium paying period
Scope of Cover
 Worldwide
Minimum Premium
 Monthly - USD 100 / AED 368
Quarterly - USD 250 / AED 920
Half Yearly - USD 480 / AED 1,472
Yearly - USD 820 / AED 2,208
Lump Sum - USD 500 / AED 1,840



Optional Benefits

  • Accidental Death Benefit (Additional) – The nominated beneficiary will receive double the Sum Assured only if Accidental Death Benefit Sum Assured is equal to Basic Sum Assured.
  • Permanent Total Disability (Accident & Sickness) – The policy holder / nominated beneficiary will receive the Sum Assured subject to a maximum Sum Assured of Permanent Total Disability.
  • Permanent Partial Disability (Accident) – The policy holder / nominated beneficiary will receive Sum Assured subject to a maximum Sum Assured of Permanent Partial Disability.
  • Critical Illness - Provides a lump sum amount on diagnosis of any critical illnesses covered under this Plan.
  • Terminal Illness - Provides a lump sum in the event of diagnosis of an advanced or rapidly progressing illness (covered under the Plan) wherein the life expectancy is no greater than 12 months.
  • Family Income Benefit (Additional) - On death of the Primary Life Assured, the Beneficiary/ Secondary Life will receive monthly allowance for the amount and period as covered under this rider.
  • Guaranteed Installment Benefit (Additional) - On death of the Primary Life Assured, all the premiums payable during the remaining premium paying period shall be paid by the Company.
  • Hospital Cash Benefit (Additional) - USD 50 to USD 500 per day for a maximum period of 30 days per policy year covered in the event of accident/ sickness requiring hospitalization.

Important Notes

  • Only CBD customers with valid UAE/GCC visa are eligible to apply
  • The Policy can be issued in the name of individuals only
  • The premiums for the Life assured can be paid by a Third Party

Required Documents

  • Completed and signed application form
  • Signed illustration
  • Passport Copy with valid UAE/ GCC residency visa
  • Copy of standing order form (for payments by Account Debit) and Credit Card Authorization form (for payments by credit cards)
  • Medical and/or Financial Questionnaire (if applicable)
  • Any other document as required by Orient (as applicable)

Eligibility Criteria

CBD Individual Customers:

  • With valid UAE/GCC nationality or residence visa
  • Within the age bracket of 1 day to 84 years at last birthday

FAQs

How long does it take for a claim to be settled?

Discharge receipt will be issued by Orient within 14 working days post receipt of the valid documents. Claim amount will be provided post receipt of the signed.

What documents are required to settle a death claim if client’s Death occurs outside the UAE?

In case of death claim following documents are required:
  • Copy of Death Certificate (attested by UAE Embassy in the country where the Death has occurred as well as Ministry of Foreign Affairs in UAE)
  • Copy of Police Report (if necessary
  • Copy of Succession Certificate
  • Nominee Details
  • Death Claim Form and other documents as maybe required by the Company case to case basis.
* Orient may request for originals

What documents are required in case of a maturity claim?

To claim maturity we require:
  • Original Policy Document
  • Passport Copy
  • Visa Copy

Who should be contacted in case of a claim?

You can directly contact Orient Insurance PJSC in case a claim arises. The e-mail id is orient.service@alfuttaim.ae and contact no is +971 4 253 1300.


In case, client leave's UAE, what happens to the Status of the policy?

The cover is worldwide and continues subject to receipt of regular premium, if you are planning to leave UAE, you to inform us about your new destination. Depending upon your new place of residence, the Insurance Company reserves the rights to revise the rates.


What do you mean by cash value of the policy?

The Cash Value at any point in time will be the sum of the value of units of each Fund allocated to the Policy. The Cash value can be determined by multiplying the number of total units held by the prevalent Unit Price less the applicable Surrender Charges.

Are there any bonuses in this plan?

Loyalty bonus & additional bonus are available with FutureInvest:
  • Loyalty bonus: 10% of Annualized Premium allocated as Loyalty Bonus on completion of every 3 years during the Premium Payment Period (PPT) on policies with Payment term ≥ 5 years.
  • An additional bonus allocation shall be made during the first year of the Policy depending on the monthly premiums: (Not applicable for Version 2 : ≥7 years)
Monthly Installment# (USD)  Bonus Allocation (%)
   500 – 999
 2 % of each premium
 1000 – 1499
 3 % of each premium
 1500 – 1999 4 % of each premium
 2000 – 2999
 5 % of each premium
 > 3000
10 % of each premium

Can I partially en-cash the policy?

Partial encashment is possible after the 2nd year of the policy.

Can I have multiple beneficiaries? Can I change Beneficiary during the policy term?

You can add and change beneficiaries anytime during the policy term; however, in case of minor below 18 years age, guardian must be notified. The beneficiary can also be chosen as per “UAE Shariah Law”.


If the policy lapses, within how many months can it be re-instated?

Reinstatement is allowed within 2 years from the first unpaid premium due date.

What are the riders currently available?

Following riders are available for Policyholder aged 18 years & above at additional cost :
  • Passive War Risk - (PWR) - In Built, no extra cost
  • Accidental Death Benefit - (ADB)- Additional Rider
  • Permanent Total Disability – Accident & Sickness (PTD -A & S) - Accelerated Rider
  • Permanent Total Disability – Accident (PTD- A) - Accelerated Rider
  • Guaranteed Installment Benefit - (GIB) - Additional
  • Hospital Cash Benefit (HCB)- Additional
  • Critical Illness (CI) - Accelerated
  • Family Income benefit (FIB) - Additional
  • Terminal Illness (TI) – Accelerated.

Note: Secondary life can only opt for riders taken by the Primary life.

What is the grace period if premium payments are not made, before the policy lapses?

The grace period for making payment is 90 days from the premium due date.

 Premiums up to 90 daysNo Health Questionnaire required  
 After 90 days but within 180 days Health Questionnaire
 After 180 days Health Questionnaire + Medical examination as per Underwriting guidelines



What would be the charges if I decide to surrender the plan?

The charges depend on the premium payment term that you selected for the plan:
Payment Term Policy Year 
 1 2 3 4 5 6
 3 100%30% 20% 0% 0% 0%
 5 100% 40% 20% 15% 10% 0%
 ≥ 7 v1 100% 60% 50% 30% 10% 0%
 ≥ 7 v2 100% 100% 0% 0% 0% 0%

What will my family get in case of my Death?

 Option A (Inclusive): Sum Assured OR Cash Value whichever is higher
 SINGLE LIFE JOINT LIFE
 On Death of Primary Life 
 On Death of Secondary Life
 Sum assured at the time of death or the value of units, whichever is greater Sum assured at the time of death or the value of units, whichever is higher is paid to the Secondary Life. In case where Secondary Life is not alive, the benefits will be payable to the beneficiary
 25% of Sum Assured paid immediately and policy/ benefits continue for the Primary Life. The benefits are payable to the Primary Life.
 Option B – Sum Assured plus Fund Value
 SINGLE LIFE JOINT LIFE
 On Death of Primary Life 
  On Death of Secondary Life
 Sum Assured Plus Fund Value. 100% Sum Assured paid immediately + 100% Fund Value on Maturity. Benefits are paid to the Secondary Life. In case where Secondary Life, the benefits will be payable to the beneficiary 25% of Sum Assured will be paid immediately and policy/ benefits continue for the Primary Life. The benefits are payable to the Primary Life.

How can I pay the renewal premium for my policy?

Chose the payment method that suits you, you can pay it by Standing Order, Credit Card, Cheque & Third Party Payments allowed from Parents, Grand Parents, Spouse or Company.

Can I pay all my premiums in advance for the entire term of the policy?

You have an option to select the Limited Payment terms for 3, 5, 7 years and above or equal to Plan term.

How much life cover does this plan offer?

  • Minimum Sum Assured is USD 5000/- (Primary Life)
  • Maximum Sum Assured is USD 5 million (Primary Life); you can opt for higher covers as well based on approval from Orient Insurance
  • Maximum USD 200, 000 (for children Aged below 18 years).

What is the minimum premium for FutureInvest?

Minimum premium for FutureInvest is:
  • For monthly payments: AED368 or USD100
  • For quarterly payments: AED920 or USD250
  • For half yearly payments: AED1,472 or USD 400
  • For yearly payments: AED2,208 or USD600
  • Lump Sum: AED1,840 or USD500.

What is the term of FutureInvest?

  • For Regular Savings Plan, minimum plan term is 5 years and maximum is 30 years.
  • For Whole of Life Plan: minimum plan term is 5 years till you reach the age of 101 years.

    What currencies are available in FutureInvest?

    FutureInvest is available in both AED and USD.

    What are the benefits of FutureInvest?

    With FutureInvest you will get:
    • Wealth accumulation opportunities through investments in your choice of funds
    • An option of whole of life cover along with a number of additional benefits that can help protect against the financial impact of severe illness and accident
    • Flexibility to change the plan as your circumstances change
    • Premium payments for a limited period, and life cover and investment opportunity that can be continued for an extended period of time.

    What will I get on maturity of the FutureInvest?

    On maturity of FutureInvest you will receive a combination of sum assured and/or fund value as per option A or B that you selected along with extended covers (if applicable):
    • Option A – sum assured or Fund value, whichever is higher
    • Option B – sum assured plus fund value, and free extended cover benefits (with Regular Savings Plan only) which include:
      Free Death Benefit + free Critical Illness + free Hospital Cash benefit (Critical Illness & Hospital Cash Benefit applicable if originally opted).

    How frequently can I make premium contributions to FutureInvest?

    You can make them monthly, quarterly, half yearly or yearly. Lump sum/ Ad-hoc Payments can be made at the time of commencement or any time later for an active Policy.

    What is the age requirement to apply for FutureInvest?

    To apply for FutureInvest you should be 1 day to 84 years old at entry and not exceeding 101 years at the maturity of the plan.

    What are the eligibility criteria to apply for FutureInvest?

    To apply for FutureInvest you should be:
    • CBD customer with valid UAE or GCC residence visa.
    • 1 day to 84 years old at entry and not exceeding 101 years at the maturity of the plan.

    What is FutureInvest?

    FutureInvest is a unit linked plan that offers you savings, investment and protection all in one product. This product is designed not only to protect you and your savings during uncertain events, but also to ensure your peace of mind. There are two options available to suit your needs: Regular Savings Plan or Whole of Life Plan.

    Disclaimer

    This Product is offered by Orient Insurance PJSC for CBD Clients and is subject to their approval. Terms and Conditions of the Insurance policy shall apply. The insurance cover shall only start after the issuance of policy by Orient Insurance. Details presented are for your information only. CBD is neither responsible for, nor guarantees or warrants the quality, fitness for purpose, suitability of the Product / Covers being offered and does not accept any liability and will not be liable for any loss or damage arising directly or indirectly to the client taking the Insurance or beneficiaries or any others.

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