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Family Shield
What is Family Shield?
Family Shield is a 100% Capital Guaranteed Endowment Product. It is primarily a tool for providing future financial security for your family and ensuring a healthy return on your investment.
What are the major advantages and benefits of Family Shield?
The major advantages of Family Shield are:
- 100% Capital Guaranteed.
- Capital protected by Societe Generale.
- No medical examination required.
- No administration charges or fees.
Major benefits include:
- Family income benefit.
- Full waiver of future premiums.
- Guaranteed maturity benefit.
- Terminal bonus on policy maturity.
Who are Société Générale?
They are the fourth largest Euro-zone bank in Asset Management with over EUR 311 billion under management. They are present in 80 countries across the world and have more than 88,000 employees. Société Générale’s business focus is in three major areas;
- Retail Banking.
- Asset Management and Private Banking.
- Corporate and Investment Banking.
Who are Oman Insurance Company?
They are the largest composite insurance company in Dubai and the Northern Emirates and the only insurance company to receive the Dubai Quality Award.
- Gold Category.
- Assets in excess of AED 1.3 billion.
- Paid up capital of AED 65 million.
- Financially rated BBB + by Standard & Poor.
- Present in all the Emirates with a network of 12 branches.
Who can invest in Family Shield?
Anyone between the ages of 20 and 50 years old. For applicants over the age of 45, a simple health check up may be required and the insured person’s age should not exceed 65 at maturity. In the case of the insured being aged 50 or more at entry is 50, the percentage of protected maturity value will be reduced according to age and policy term.
Is everyone eligible for application based on a declaration of good health
Applicants within the 20 to 45 year age bracket are eligible to apply based on a declaration of good health. Applicants above the age of 45 may be subject to a medical check up.
What are the payment methods? Can I change this?
Premium can be paid either by credit card or direct debit to RAKBANK. Payment by cheque is accepted for annual premium payments only. All cheques should be made payable to ‘Oman Insurance Company’. The mode of payment may be changed at any stage by providing a signed original request from the applicant.
How frequently are premiums paid? Can I change the frequency?
Premiums can be paid on a monthly, quarterly, half yearly or annual basis. However, in case of monthly payments, the mode of payment is limited to credit cards or direct debit from a RAKBANK account. Frequency can also be changed by providing a signed original letter, at least 7 days before premium payment date.
What do I receive when the policy matures?
On policy maturity, Oman Insurance pays the policyholder or beneficiary:
- 100% of the capital contributed – guaranteed.
- A terminal bonus based on the actual investment returns earned on the invested funds, which can be up to a 7% gross return on the savings part of the premiums. (The actual return credited to you will be net of risk premiums and the company’s expenses).
What happens if I die or in the event of accidental total disability?
The following benefits are automatically activated:
- Family income benefit: Monthly payments are made to the beneficiary equal to monthly premium payout being made.
- Waiver of premium for the balance of the policy term.
- Guaranteed maturity amount as assured on policyholder’s application and as mentioned on the policy document.
- Terminal bonus as applicable.
Please explain total permanent disability.
Total permanent disability is disability resulting from bodily injury due to an accident. Such disability prevents the assured from engaging in any and every business or occupation and from performing any work for compensation or profit, and which disability has continued uninterrupted for a period of at least six months.
What are the charges applicable on this policy?
This is a unique policy that levies no administration charges or fees for running the plan.
What is the minimum and maximum amount of contribution and what is my guaranteed maturity value?
5 Year Term Plan * | |
| Monthly Premium (AED) | Guaranteed Maturity Value (AED) |
| Minimum: 200 | 12,000 |
| Maximum: 6,000 | 360,000 |
10 Year Term Plan * | |
| Monthly Premium (AED) | Guaranteed Maturity Value (AED) |
| Minimum: 200 | 24,000 |
| Maximum: 3,000 | 360,000 |
15 Year Term Plan * | |
| Monthly Premium (AED) | Guaranteed Maturity Value (AED) |
| Minimum: 200 | 36,000 |
| Maximum: 2,000 | 360,000 |
* The above figures are for standard age and risk only. For non standard age and risk, maturity value shall be confirmed upon satisfactory fulfillment of any underwriting requirement.
For monthly premiums in excess of AED 6,000 under 5 Year Plan, AED 3,000 under 10 Year Plan and AED 2,000 under 15 Year Plan, the proposer may be required to undergo medical examination.
In addition, a terminal bonus based on the actual investment returns on the invested funds, which can be up to 7% gross return on the savings part of the premiums. (The actual return credited to you will be net of risk premiums and the company’s expenses).
What if I am over age or I want to invest a higher amount?
In case you are over the maximum permissible age or want to provide a higher premium contribution, you will have to undergo a medical examination. Based on the examination report, you will be advised on the higher risk which may affect the guaranteed maturity value.
How and when do I get the terminal bonus?
The terminal bonus is based on the actual returns on the savings portion of the contributed premiums, generated by Société Générale over the term of the policy. In addition to the guaranteed minimum maturity value, excess returns or bonus will depend upon actual investment returns being generated by Société Générale and will be provided as an additional terminal bonus on maturity of the policy.
What happens to my policy if I miss a premium or stop paying further premiums?
The policy will lapse after 31 days of non-payment of any due premium. It can be re-instated within 365 days, subject to paying all due premiums along with any penalty.
Am I allowed to partially encash the policy?
No, partial encashments are not allowed.
Can I have multiple beneficiaries? Can I change a beneficiary during the policy term?
Multiple beneficiaries are not allowed. However you may fill out different application forms to provide benefits to multiple beneficiaries, subject to the maximum contribution possible under one name. Exceptions require approval. You may change the beneficiary at any time during the policy term.
Do I have to have a RAKBANK account to start the plan?
No, it is not mandatory to open a RAKBANK account, however if you do have a RAKBANK account, it can be used to pay your premium through direct debit, or alternatively, premiums can be paid by any credit card.
Can I surrender my policy before maturity? What will my encashment value be?
Yes, the policy can be encased before maturity. However, encashment would be based on a percentage of total contributions as per the surrender value table below.
No. of complete years of premium | Surrender value for policy term of: | ||
| Payment | 5 years | 10 years | 15 years |
| 1 | Nil | Nil | Nil |
| 2 | Nil | Nil | Nil |
| 3 | 56% | 47% | 29% |
| 4 | 73% | 55% | 38% |
| 5 | 86% | 61% | 46% |
| 6 | 67% | 52% | |
| 7 | 74% | 58% | |
| 8 | 85% | 64% | |
| 9 | 87% | 74% | |
| 10 | 89% | 76% | |
| 11 | 79% | ||
| 12 | 81% | ||
| 13 | 83% | ||
| 14 | 85% | ||
| 15 | 86% | ||
