The Uniqueness
During the years that a person is supporting a family, the need for insurance is greatest, and as earnings increase during that period, the need increases. You get older you may get married, have children, buy a house, buy a car and incur more financial debt and obligations.

Allianz Life Insurance Lanka has been able to offer the local customers a highly profitable and productive insurance plan. The Universal Life Plan is an international product offered by Allianz globally, which has been localized to suit the needs and requirements of the Sri Lankan insurance market.

The Universal Life Plan is a fairly new form of life insurance which is kind of a permanent policy that features flexible premiums. Under the universal life you are able to raise or lower the value of the policy, depending on the amount of the premium you want to pay.

The Features

• The possibility of adjusting the basic sum assured without any alteration of the basic premium
• The possibility of providing a tailor- made life insurance cover
• The transparency of the policy
• The possibility of building an investment account
• The ability to join the immediate family members
• The declaration of an annual dividend complying with the economic and financial situation of the country
• Low Risk Premium
• The age limit is 18 - 70 years of age
• The possibility to pay top-up premiums and get partial withdrawals
• The Term is 5 - 30 years in length

Entry age	18 – 60 Years
Maximum age at maturity	70 Years
Policy term	5 – 30 Years
Premium payment	Same as policy term
Min / Max policy term	Same as premium paying term
Top up premium	Allowed (Minimum LKR 5,000)
Partial withdrawals	Allowed (*Subject to conditions)
Premium frequency	Yearly, half-yearly, quarterly, monthly
Surrender option / paid up option	Available

Further with the Allianz universal plan offers exclusively designed optional rider benefits provides financial security to your family in the event of accidental death, disability or financial burden of the costs associated with recovering from a medical crisis covering 24 Critical events and With the specially designed Health packages where you can plan ahead and have the full control in unexpected medical situations which are listed below.

• Supplementary Term Rider Benefit
• Accidental Death Benefit
• Total and Permanent Disability Benefit
• Partial and Permanent Disability Benefit
• Critical Illness Benefit
• Spouse Cover Benefit
• Hospitalization Benefit
• Family Surgical and Hospitalization Expenses Benefit

Life Assurance

Life Insurance or Life Assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount at regular intervals or in lump sums.

Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one's retirement will begin to take precedence. Clearly, as your life changes your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage.

The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.

Uniqueness of Universal Life Insurance as a Life Assurance

Universal life insurance (UL) is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for a higher internal rate of return.

A universal life insurance policy includes a cash account. Premiums increase the cash account. Interest is paid within the policy (credited) on the account at a rate specified by the company. Mortality charges and administrative costs are then charged against (reduce) the cash account. The surrender value of the policy is the amount remaining in the cash account less applicable surrender charges, if any.

Universal life insurance addresses the perceived disadvantages of traditional Life Insurance. Premiums are flexible. Depending on how interest is credited, the internal rate of return can be higher because it moves with prevailing interest rates (interest-sensitive). Mortality costs and administrative charges are known (transparent to the policyholder).

1. Supplementary Term Rider Benefit (STR)

This benefit could be added to the basic cover with the purpose of increasing the value of the life cover.

Features

• The ability to take the maximum benefit six (06) times of the basic sum assured
• The applicable age limit is 18 – 64 Years

Benefits

• Ability to maximize the life cover
• The benefit will be granted at death

2. Accidental Death Benefit

The uncertainty of life is such that a lot of people face death due to accidents. Of which many are untimely and premature deaths. As a result, the dependants would be burdened with financial constraints. This benefit helps the Insured to increase the value of the life cover and fund themselves for their future survival.

Features

• The ability to take the maximum benefit three (03) times of the basic sum assured
• The insured has the ability to obtain a maximum limit of Twenty five million rupees (LKR 25,000,000)
• The applicable age limit is 18 - 64 years

Benefits

• Ability to maximize the life covers at the time of accidental death
• The benefit will be granted at a death due to accident

3. Total and Permanent Disability Benefit

A devastating experience that the family dependants might face is the bread winner or the care-taker of the family becoming bed-ridden; totally and permanently disabled due to Accident and Sickness. At this instance the dependants of the family would be in dire need of financial assistance. Hence this benefit will offer them a great financial security if the family heads happened to face such a tragic event.

Features

• The ability to take the maximum benefit three (03) times of the basic sum assured
• The insured has the ability to obtain a maximum limit of Twenty five million rupees (LKR 25,000,000)
• The applicable age limit is 18 – 64 years

Benefits

• The benefit will be granted at a permanent disability due to accident or sickness

4. Partial and Permanent Disability Benefit

The whole of the human body is essentially important for balance and normal function on a day to day basis. Yet as many people are engaged in diverse activities, sometime risky and dangerous, in order to make a living, unfortunate physical harm and injury to the physical body can curtail the earning capacity of a person. Invariably it is understood that the parts of the human body cannot be fixed in such a way that a car can be. However Allianz Life Insurance Lanka has designed an attractive benefit to compensate such injury in order to facilitate the normal life style of the entire family.

Features

• The ability to take the maximum benefit three (03) times of the basic sum assured
• The insured has the ability to obtain a maximum limit of Twenty five million rupees (LKR 25,000,000)
• The applicable age limit is 18 – 64 years

Benefits

• The benefit will be granted at a partial & permanent disability due to accident (conditions inclusive)

5. Critical Illness Benefit

Normal life style can unexpectedly take a turn for the worst due to contracting deadly diseases requiring expensive medical treatment and care. Undoubtedly irrespective of race, gender, creed, nationality etc. any person can be made a victim without prior warning. Since Sri Lanka is a third world country with a very poor public health system, good treatment and care is expensive. Hence the Allianz Life Insurance Lanka has designed an attractive benefit which makes good treatment accessible and affordable.

Features

• The insured has the ability to obtain a maximum limit of Twenty five million rupees (LKR 25,000,000)
• The applicable age limit is 18 – 64 years

Benefits

• The benefit will be granted at a diagnosis of critical illness subject to conditions
• The spouse too could be added
• The mental stress of the family members is reduced
• Offers the cover for about 24 critical illnesses

Some of the major ailments covered:

• Cancer
• Myocardial Infarction
• Stroke
• Coronary Artery (Bypass) Surgery
• Renal Failure
• Major Organ Transplantation

6. Spouse Cover Benefit

The term spouse generally indicates that the life partner (husband or wife) can be included. Both parties play an equal and vital role to nurture a family. It is an obvious fact that the human life cannot be measured by money, because it goes beyond the worth of money. Yet the functions that both partners perform in the family to sustain the dependants carry an economic value that cannot valued in rupees and cents. Allianz Life Insurance Lanka has designed an attractive benefit to be given to the spouse of the Life Assured for an affordable premium.

Features

• Ability to obtain a life cover to spouse without getting a separate policy

Benefits

• The benefit will be granted at a death of the spouse

7. Hospitalization Benefit

All human beings are prone to sicknesses and some may hospitalization. This benefit has been included to assist Allianz Policyholders to mitigate expenses, both medical and non-medical, that one may incur whilst being hospitalized.

Features

• Spouse and 4 Children could be added
• Age of children should be below 21 years
• The applicable age limit is 18 – 60 years

Benefits

• Ability to recover expenses incurred when hospitalized
• Benefit Doubles for ICU admission

8. Family Surgical and Hospitalization Expenses Benefit

This is a cover designed to reimburse medical expenses in the event of a family member being hospitalized.

Features

• Spouse + 4 Children could be added
• Age children should be below 21 years
• For spouse and Main Life the applicable age limit is 18 – 64 years

Benefits

• Ability to recover expenses incurred during hospitalization (Settles bills)