Types of personal life insurance policies

1.  Mixed insurance on the life of a single person with profit sharing
Under this type of insurance, the insurance company undertakes to pay the insurance sum to the beneficiary identified in the contract in the event of the insured’s death within the contract period or at the end of the contract period if the insured remained alive, plus the profits due in both cases.

2.  Mixed insurance on the life of two persons with profit
Under this type of policy, the coverage includes two persons having family ties or business relations, whereby the insurance company undertakes to pay the insurance sum at the end of the insurance period if the two persons remained alive. But in the event of the death of either of them before the end of the insurance period, the company shall pay immediately the insurance sum to the other insured life person who remained alive plus the profits up to the date of death.

3.  Dowry and education insurance with profit sharing
The father obtains this type of insurance to secure an amount to be paid to his son or daughter as university education expenses or as a dowry upon marriage. The insurance sum is paid at the end of the insurance period to the contracting father if he is alive at the date of end of insurance if the insurance continued up to this date. But if the father passes away during the insurance validity, the policy shall be exempted from payment of the premiums due after the death of the father and the original insurance shall continue with the same conditions, but the policy shall not participate in the profits for the premium exemption period. But if the son passes away during the life of the father during the insurance validity, the company shall pay the original insurance sum plus the profits due up to the date of the death of the son, according to the following:

    a.  If the child’s age at death is above 5 years, the insurance sum shall be paid in full with the profits, and the insurance shall terminate.
    b.  If the child’s age at death is between 3 to 5 years, 50% of the sum shall be paid, with the profits and the insurance shall terminate.
    c.  If the child’s age at death is 1 to 3 years, 25% of the sum shall be paid with the profits and the insurance shall terminate.
    d. If the child’s age is less than one year, only the premiums paid shall be refunded and the insurance shall terminate at this point.

4.  Investment insurance with profits assured sharing
The basic insurance sum shall be paid at the end of the insurance period to the insured plus the policy’s share of the investment profits and other profits. The profit share shall be added on 31st of December of each year to the total basic annual premiums paid for one year or more (according to the compounded interest system). But if the insured passes away during the insurance validity, the company shall pay to the beneficiaries the full basic insurance sum, plus the policy’s share of the investment profits and other profits declared on the 31st of December before the date of death.

5.  Mixed insurance with early payments and profit sharing
This type of insurance is for 12 years - 15 years - 18 years - 21 years terms. If the insured remained alive up to the end of the insurance, the insurance sum shall be paid in the following form:

    a.  At the end of one third of the first insurance period. For example, if the insurance period is 12 years, the company shall pay one fourth of the insurance sum (KD 2500 if the insurance sum is KD 10,000) after four years, and the end of the second third (i.e. after another four years, the company shall pay a second fourth of the insurance sum (KD 2500 if the insurance sum is KD 10,000)and at the end of the insurance, i.e. after the passing of 12 years, the company shall pay the balance insurance sum, which is half, i.e. KD 5000 plus the profits according to our present example.
    b. But if the insured passes away during the insurance validity period, the company shall pay the full insurance sum without the deduction of any payments already paid to the insured, plus the profits which may have been accrued up to the date of death.

6. Temporary insurance
This type of insurance guarantees the payment of the insurance sum to the beneficiary determined in the contract in the event of the death of the insured, provided this death takes place within a specific period. If the insured remains alive up to the end of this period, the insurance company’s liability shall be discharged and the contract shall terminate.

7.  Borrowers’ life insurance for individuals
The insurance coverage is provided to the insured, whereby the insurance sum is paid in the event of death only during the insurance period, but it is different in that the insurance sum in any of the insurance years is less than the insurance sum in the previous year, i.e. the insurance sum decreases annually by a fixed amount. The premiums of this type of insurance are paid within a time period less than the original insurance period, mostly within a period equivalent to two thirds of the insurance period. This type of insurance is suitable to banks or investment institutions borrowers which offer these loans.

8.  Academic fees policy
This is a new policy offering insurance coverage to the parent of the student during the study stage up to the end of the secondary stage, whereby in the event of the death of the parent, the company shall pay the academic fees to the student up to the completion of the secondary education stage in the same school or in another school with the same level of academic fees.

This type of insurance provides the insurance protection to a number of persons who have a certain tie together according to a single policy, and mostly are either personnel in a company, establishment, members of a club, society, union or debtors to a commercial establishment (or bank). Among the benefits and coverage offered under the group insurance are the following:

   1. Life insurance.
  2. Total permanent disability resulting from illness (excluding an accident) insurance.
  3. Total permanent disability insurance resulting from an accident. Permanent partial disability insurance as a result of an accident.
  4. Temporary total disability insurance as a result of an accident. Workmen injuries insurance. Insurance of medical expenses as a result of an accident.
  5. Transfer of body insurance.

This policy is very important for you and for your family, as it insures your life against risk (accidental death or accidental permanent total disability.)

The definition of “accident” as per this policy: It is any incident or situation which occurs unexpectedly and surprisingly, which could not be foreseen and does not form a consequence, development or continuation of something. Rather, it occurs in an unexpected, unforeseen, and abnormal manner, whereby it cannot be avoided, such as abnormal incidents which are not repeated and do not fall within the natural range or course of matters, provided the accident occurs at a known place and time during the policy validity period.

Among the conditions of this policy is that the insured persons’ age should range between eighteen and seventy five years.

In the event of entitlement to compensation, it shall be paid according to the terms of the policy to be selected upon requesting the insurance.

It should be noted that the rates of this policy are very low and all categories of the society may purchase them. Its insurance benefits encourage everyone to acquire this type of policies.

  1. Group Medical Insurance
Your safety from diseases is our target, and that is why Zamzam Takaful Insurance Company is keen to provide tailor-made programs to suit the various needs of institutions and/or companies. It provides flexible and diversified programs of Medical insurance to ensure the protection you need in case of illness or accident. These programs may include a variety of benefits and services, such as covering surgeries in hospitals, outpatient treatment, dental treatment, pregnancy , lab tests and medications.

  2. Individual medical insurance (for individuals)
It is a policy that guarantees medical treatment in accordance with the terms and conditions for residents and their families who have reached the age of sixty, and whose educational qualification is high school or less. According to the requirements of the Public Authority for Manpower.

This policy provides insurance coverage to the insured during travelling outside the country against the losses he may be exposed to as a result of a number of non-excluded incidents ranging between the cancelation or shortening of the trip period, missing the departure time, urgent medical expenses, personal accidents, etc., and up to the loss of the travel bags or delay of their arrival on the right time. This policy is designed to provide comprehensive protection to travelers against travel related risks.

  Zamzam Travel Policy
This policy insures you and your family during your travel all over the world and contains numerous benefits of interest to you for the cheapest rates compared with its comparable policies in the insurance market, according to which you obtain a visa to any country in the world.