Life insurance

Life insurance

Life and Investment Insurances

One of the best and most comprehensive life policies in Razi Insurance Co. is offered as Tolu Plan. This policy is designed based on the insured request and is a proportional to  the insured income.This is a combination of three covers (life, medical, and accident).

Covers and Limits

End-period capital

If the insured person is alive, the reserve will be paid him or any other pre-determined person at the end of period.

The profit is 15% for the first 5-year and is 18% for the rest years.

Death capital

It is from 10,000,000 IRR up to 2,000,000,000 IRR which will be paid if the insured person dies for any reason or by accident.

In this case, balance deposit and death capital in the death year will be paid together.

Insured person must be between 0-70 years old.

Death capital by accident

If the insured is died by an accident, the death capital is paid up to 4,000,000,000 IRR including life insurance capital and regarding to the purchases capital.

Insured person must be at least 12 years old up to the end of policy period.

This hedge is calculated by a factor of death capital (0-4 times) by request.

Special diseases capital

Payment of treatment costs for expensive and hard diseases such as cancers, tumors, heart and brain halt, surgery of coronary artery, and grafting main organs (heart, liver, kidneys, lungs, bone marrow) for insured person up to 200,000,000 IRR as selected.

Insured person must be between 12-60 years old.

Disability and failure by accidents

Related indemnification up to 2,000,000,000 IRR will be paid, as selected.

Indemnification will be calculated by member failure percentage.

Insured person must be at least 12 years old up to the end of policy period.

Medical costs by accidents

In case of accident, 10% of death capital will be paid, as selected.

Insured person must be at least 12 years old up to the end of policy period.

Premium exemption hedge

In case of complete permanent failure by accidents, insured person is exempted of payment of premium.

This exemption starts from the day of accident up to the end of policy period with complete hedge and facilities.

Insured person must be at least 12 years old up to the end of policy period.

Policy facilities

Hedge from the start of the birth.

Insured people which is less than 1 year old can use this policy up to 30 years.

Since the goal of this policy is supplying future and capital for children, Razi Insurance Co. tries to provide maximum capital yield for them up to 13 years old, without excess hedges, and with minimum death capital.

Premium is determined by afford of policy holder and each installment is minimum500,000 IRR for each payment method.

Insurance companies usually receive installments monthly, bi-monthly, quarterly, quad-monthly, half-yearly, or annually.

The negative effects of inflation may be compensated by applying an annual growth factor.

Annual premium growth rate up to 20%.

Annual hedge growth rate up to 20%.

Insured person can pay excess amounts as deposits in any time during the policy period for investment, so his profit will be increased.

Payment of frequent loans equal to maximum 90% of redemption value after the second year, without surety, as bi-annual refund, provided settlement of previous loans.

Receiving part of reserve after the second year, maximum up to 90% of redemption value.

Policy profit is calculated daily, so payments for damages, loans, etc. will be calculated daily.

Not suspension of policy in case of deferred installments, provided having enough reserve (while reserve is enough for hedges and costs, the policy is valid).

Payment of incentive profits to those insured people that pay their installments in advance. Transfer of policy, regarding the related rules.

If a policy is redeemed or cancelled, it can be revived by request of policy holder.

Redemption of payment of direct taxes according to the articles 24, 136, and 137 of Tax Act.

Redemption of Heritage Act and payment of capital to the introduced people.

Indemnification against claims of creditors.

Possibility of changing conditions of policy during its period including decrement of increment of premium, death capital, excess hedges, etc. (this includes changeable conditions).

After start of age of 13, any changes in excess hedges will be possible by filling related medical form and approval of company.

Annual increment factors for premium and capital are permitted.

Inquiry tables for life policies in Tolu Plan

Example 1: If a policy holder intends to invest an initial reserve in Razi Insurance Co., he will receive the deposited amount after expiration of policy rather than his capital, after deduction of administrative costs and fees considering 18% profit. Table 1 shows related data for 10,000,000 IRR reserve.

Table 1

Insurance year

Insured
age

Accumulated
life reserve

Life capital

Death capital by accident

Special disease capital

Total reserve

1

30

6،000،000

60،000،000

120،000،000

18،000،000

16،863،556

5

34

36،630،000

72،930،360

145،860،720

21،879،120

69،735،322

10

39

95،625،600

93،079،680

186،159،360

27،923،940

217،769،159

15

44

190،635،600

118،795،860

237،591،720

35،638،800

562،628،794

20

49

343،651،200

151،617،000

303،234،000

45،485،100

1،331،679،837

25

54

590،083،200

193،506،000

387،012،000

58،051،740

2،999،060،811

30

59

986،965،200

246،968،220

493،936،440

74،090،340

6،546،005،042

 

Example 2: If a 30 years old person purchases a policy for 30 years, with annual payment of Rls.6,000,000, with annual premium increment factor of 10% and annual capital increment factor of 5%, considering all excess hedges including exemption of premium payment, diseases, and disabilities by accidents, Razi Insurance Co.

will pay him Rls.5,807,961,267 including guaranteed profit.

Table 2

Insurance year

Insured
age

Accumulated life reserve

Life capital

Death capital by accident

Special disease capital

Total reserve

1

30

6،000،000

60،000،000

120،000،000

18،000،000

5،299،556

5

34

36،630،000

72،930،360

145،860،720

21،879،120

47،315،296

10

39

95،625،600

93،079،680

186،159،360

27،923،940

172،674،479

15

44

190،635،600

118،795،860

237،591،720

35،638،800

471،927،285

20

49

343،651،200

151،617،000

303،234،000

45،485،100

1،149،246،704

25

54

590،083،200

193،506،000

387،012،000

58،051،740

2،632،122،617

30

59

986،965،200

246،968،220

493،936،440

74،090،340

5،807،961،267

 
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