All you need to know about insurance
If you want to make provisions for the welfare of your loved ones after your death but find the subject of life insurance confusing or intimidating, read on. It's easier to understand than you think, and the rewards can be substantial.

Please email us at customerservice@bai.intnet.mu for any suggestion on questions and answers that you may have. We welcome your input.

Click on links below for more informations.


Introduction to Life Insurance Product

Do I need life insurance?
What you need to know about insurance?
What are the advantages of life insurance?
How does investment with an insurance company work?
What is the BA Life Cycle?
What do I gain with life coverage?
How good are my returns?
How secure is my money?
Which policy is right for me?
What are my options?
What is a Cash Back Bonus?
What if I already have life insurance?


How To Apply or get Information

How do I join?
How can I contact someone at BAI for information?


Life insurance product management and details

Who is the "life insured"?
Who is the policyholder?
What is premium?
What conditions apply to a policy loan?
How do I revive a policy which has lapsed?
How do I pay my premium?
When do I stop paying my premium?
How do I notify my change of address?
Can I change my beneficiary?
What if I forget to make payment?
When does a policy terminate?
What if I lose my policy document?
Can I assign a policy?
How do I request information?
How do I make a complaint?
Why is my policy contract important?
What are my rights?
What is a claim?
What is Death Benefit?
What is Disability Benefit?
What are the documents I need to submit?
What is Accelerated Care Benefit?

Do I need life insurance?
The ability to earn an income can be considered as your family's most valuable asset because your income allows you to obtain other assets, particularly the necessities of life and, of course, the comforts. However, as we know, the ability to earn an income is not guaranteed. Yet, the need for income may continue for those who were financially dependent upon you. Consequently, your need for life insurance and the amount will depend on your personal and financial circumstances. If any of the following statements apply to you, you probably do need to consider life insurance:

• You have a spouse.
• You have dependent children.
• You have an ageing parent or disabled relative who depends on you for support.
• You have business or estate planning needs that life insurance can satisfy.
• Your retirement pension and savings are not enough to take care of your loved ones' futures against a rising cost of living.

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What do you need to know about life insurance?
Life insurance is a financial tool providing protection for your loved ones in the event of your death. You buy an insurance policy from an insurance Company, which promises to provide your beneficiary(ies) with a certain amount of money upon your death, in return for regular payments, known as premiums. The amount of the premiums generally depends on factors such as your age, gender, occupation, state of health and whether you intend to obtain periodic cash payments on your policy. Some policies may require a medical examination.

Certain types of life insurance may also provide other benefits for you and your family while you're still alive. Such policies can be used for future needs such as supplementing your retirement income or helping provide for a child's education.

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What are the advantages of life insurance?
Protection through immediate financial support - to the family in case of sudden death of the life insured.

• Savings - for the retirement of the insured, education of a child or any future project.

• Investment - by way of returns on the premiums. Some policies allow partial encashment at regular intervals (yearly, every three years or every five years).

• Loan - The insurance policy is often a prerequisite for collateral security for a loan.

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How does investment with an insurance company work?
Insurance companies pool small investments from many individuals and using a specialised team of highly skilled experts, they invest this pool in profitable investment vehicles.

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What is the BAI Life Cycle?
Life is a cycle of happy and sad events and our promise is to be with you every step of the way. Most of our investment plans are long term but they also contain regular cash bonuses which will assist you during the special and precious moments in your life. So, whether you are buying a car, a house or planning your children's education or simply taking that well-deserved holiday, you can have peace of mind, knowing that we stand by you.

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What do I gain with life coverage?
All investment schemes with BAI contain an element of life coverage. This ensures that if you do not survive your investment plan your beneficiaries will still enjoy the fruits of your effort and work. Life assurance is very important, as it makes you feel more secure, knowing that those whom you care for most will be able to benefit even after you are gone.

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How good are my returns?
The best returns on investment are from those opportunities that require large sums of money. With large investments the negotiating powers and economies of scale deliver high profits. What we do is combine many smaller individual investments to give us the power of a large investor. In this way we can make your money grow faster.

These funds are invested in various financial and non-financial institutions, stocks, shares, and bonds. The yield on these large investments give a high return on your personal savings.

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How secure is my money?
The economy of scale ensures that your money/investment is never exposed to risk in a manner which will make you feel insecure. This is not possible if you invest money directly into individual companies or stocks, since by the law of averages the risk is higher with a small investment base. When your money is pooled with other clients of BAI, the risk is spread to a very low level. Furthermore, the law regulates all insurance companies to protect their clients from any possible mishandling of funds.

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Which policy is right for me?
Life insurance is a long-term commitment. Before buying any policy, ask yourself these very important questions:

How much insurance do I need? If I were to die, what would my spouse and dependents need in order to live comfortably?
In addition to protection, what am I trying to accomplish with life insurance? Am I accumulating funds for educational costs? Providing for estate taxes? Do I need some additional supplemental income for my retirement or emergencies? Remember that term assurance pays a death benefit only, while endowment policies can supplement your income through withdrawals or loans against a policy's cash value.
How much can I afford to pay for a policy?
Is the insurance company I'm considering financially secure?

At BAI we provide you with peace of mind. We have an efficient claims settlement background, excellent customer service and competitive premiums.

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What are my options?
We have a bouquet of insurance plans just for you. Please contact one of our Customer Service Representatives who will help you choose the right insurance plan to meet your needs.

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What is a Cash Back Bonus?
The Policyholder is entitled to a cash back every 3 or 5 years depending on which type of plan.

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What if I already have life insurance?
Even if you have life insurance, bear in mind that need changes and, as it changes, so do your needs for protection. Your life insurance needs should be reviewed regularly. Any of the changes listed below should prompt you to sit down with your insurance agent to make sure your plan is still appropriate.

• You recently got married or divorced
• A child or grandchild is born or adopted
• Your health or your spouse's health has deteriorated
• You have begun to provide care or financial help to a parent
• A loved one will require assistance or long-term care
• You have recently purchased a new home
• Your children or grandchildren are about to enter school or university
• You or your spouse retired or will retire early
• You or your spouse was promoted recently
• You have refinanced your home mortgage in the past six months
• You or your spouse has received an inheritance

Contact one of our Customer Service Representatives who will help you to choose the right insurance plan for your needs.

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How do I join?
To be sure of the most appropriate plan for you and your family we suggest you consult one of our salespersons in the field or representatives at your local BAI branch.

Otherwise please call us tollfree on (230) 800-1000 and we will guide you through the rest of the process.

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How can I contact someone at BAI for information?
You can write to us at:

Head of Customer Service
BAI Co. (Mtius) Ltd
BA Centre
217, Royal Road
Curepipe

You can also Fax us on (230) 670 3384, or email us at customerservice@bai.intnet.mu or simply call us toll-free on (230) 800 1000, where our Customer Service Representatives will attend to your call any day of the week from 8am to 8pm.

While some information may be transmitted immediately, confidential matters will be dealt with via postal mail.

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Who is the "life insured"?
The person on whose life the policy depends.

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Who is the policyholder?
The legal owner of the policy and finally the one paying the premiums.

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What is premium?
It is the contributions paid by a person for buying and maintaining an insurance policy.

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What conditions apply to a policy loan?
A loan is given only if you have a BAI policy. Available to customers who have a Life Insurance Policy with our company holding a Cash Surrender Value. Maximum amount of 80% of Cash Surrender Value of Life Insurance Policy(ies).

Documents to be submitted upon application:
• Application forms duly signed by applicant(s)
• Originals of relative Life Insurance Policy(ies)
• Identity Card(s)
• Utility bills or Bank Statement(s) not older than three months
• Payslips or Bank Statements for last three months
• Charges: Handling fees of Rs500
• Security: Assignment of Life Insurance Policy which should be free of any pledge or assignment
• Repayment terms: Negotiable but in any case repayment period would not exceed 5 years

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How do I revive a policy which has lapsed?
If your policy has lapsed on account of non-payment of premium within the specified due date, you can apply to reinstate it, if:
• You write to us with your request
• You pay all the required premiums and interest due
• You give us satisfactory evidence, at your own expense, of continued good health

The reinstatement will take effect only if we accept your application and we will notify our acceptance to you.

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How do I pay my premium?
Premium payment can be made as follows:

• By cash at any counter
• By standing order
• By check-off or salary deduction

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When do I stop paying my premium?

• After Maturity
• After Cancellation
• After policy has been surrendered
• After death

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How do I notify my change of address?
You can notify us by letter about the change of address together with copy of ID card and a recent utility bill not exceeding three months and your policy contract.

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Can I change my beneficiary?
Yes. You can change beneficiary/ies nominated by you at any time until the maturity date. All you need to do is to inform us about the change by completing the required form.

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What if I forget to make payment?
Reminder letters will be sent every month to inform clients about arrears status until final letter "Mise en Demeure" (MED) is sent if payment remains unpaid.

A grace period of 30 days is allowed for full settlement after a MED letter.

If payment still remains unpaid after the grace period, the policy will become inactive as follows:

Lapse status if premiums paid for less than the non-forfeiture period.
Reduced paid-up status if premiums paid for at least the duration of the non-forfeiture period.

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When does a policy terminate?
A policy terminates when any one of the following occurs:

(a) We receive your written request for Full Cash Surrender

(b) The Insured dies

(c) We lapse the policy in accordance with Article 1983-21 of the Civil Code before it has acquired a Non-forfeiture Value

(d) The accumulated value or Policy Account first becomes negative

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What If I lose my policy document?
You can apply for a duplicate policy document.

(I) How do I apply for a Duplicate Policy?
• Go to the nearest BAI Branch.
• Present your ID Card to the officer. You will be asked to fill in a Duplicate Request Form, that you also need to take to the Police Station for stamping.
• You should report the loss of your policy to the Police Station where a memorandum (PF 77 form) will be issued to you after an entry is made in the Police Diary Book.
• You will need to pay a Duplicate fee of either Rs100 for Homeservice policies or Rs200 for Freelance for a first duplicate or Rs500 for any duplicate requested thereafter.
• You will be given the format for the notice to be published in newspapers by the company officer.
•You will need to make provision for the notice to be published in two daily newspapers in wide circulation for three consecutive days.
• You will need to bring back to us the PF 77 form duly stamped by the police, along with all six newspapers in which the notice has appeared. A photocopy of ID will also be taken.
• After submission of all relevant documents, your Duplicate Policy contract will be issued one month after the last publication of the notice after verifying that no complaints have been lodged with the Company following the publication of the notice in the newspapers.

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Can I assign a policy?
Unless otherwise stated in the policy contract, a policy can be assigned and notification of this assignment has to be given to the Company for proper records to be entered in our books and register.

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How do I request information?
We treat all BAI account details as confidential. Information will only be released to a Policyholder upon a written and signed request.

To speed up this process, kindly provide the following:

• Your name (or that of the insured)
• Date of birth
• Policy number (if available)
• Contact details

You can also call at any of our Customer Service Counters or branches or call us toll-free on (230) 800 1000 to request information.

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How do I make a complaint?
Excellent customer service is our top priority. Your feedback is very important.

If you feel that our service has fallen short of your expectations, tell us about it. All complaints will receive prompt attention.

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Why is my policy contract important?
Your policy contract is an important document in our relationship. It sets out the contractual priviledges to which you are entitled. Please take time to read the document carefully. If you are uncertain about anything, please contact us.

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What are my rights?
At BAI, it is important to us that you are aware of your rights.

Should you feel that your policy does not meet your needs, we will cancel the contract, depending on the nature of your cancellation request.

In fact, it is your right to a refund of premium if you contact us within 30 days of receiving your policy contract.


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What is a claim?
It is a request made by a client or his representatives for benefits payment on the occurrence of an insured event.

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What is Death Benefit?
It is the amount payable, as per policy conditions, in the event of death of the life assured.

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What is Disability Benefit?
It is the amount payable, as per policy conditions, in the event of disablement of the life assured.

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What are the documents I need to submit for the following:

(1) When surrendering my policy:
•Policy contract
•Cancellation form (Signatures of both lives assured in case of joint policy )
•Copy of ID Card/ Birth Certificate of Insured
•Stop standing order instruction

(2) When stopping to pay premium to convert policy to Reduced Paid Up
•Policy contract
•Cancellation form
•Copy of ID Card/ Birth Certificate of Insured
•Stop standing order instruction

(3) When claiming for an Accident Indemnity benefit (AIP Claim)
•Claim form
•Original Medical Certificate
•Copy of ID Card/Birth Certificate of insured

(4) When requesting a death claim
• Death certificate of the insured - Cremation certificate
•Birth Certificate and National Identity Card of the Insured
•Affidavit
•Cause of Death Certificate
•Birth Certificate of beneficiary/ies
•Marriage Certificate (if Beneficiary is married)
•Claimant statement
•Policy contract, Copy of ID Card
•Sales Unit Leader's report
•In case of Accidental Death: Police report / Form PF60 or 100A and Newspaper cutting (if any)
•Stop standing order

(5) When requesting for a Total and Permanent Disability

(I) Disability through Illness/Accident
•Written notification of your disability arising from the accident
•Medical Certificates
•Medical Appointment cards
•Physician statement
•NPF Forms/Social Security Card (if any)
•Employer's Certificate/Retirement
•Policy contract, Copy of ID Card/Birth Certificate of Insured
•Police Report (Accidental)

You will have to undergo one or more medical examinations conducted by medical practitioner/s appointed by us, if required.

(II) Loss of Limbs through Accident
•Physician statement
•Medical Certificates
•Claimant statement
•Policy contract, Copy of ID Card/Birth Certificate of Insured
• Police Report (Accidental)

(III) Terminal Illness
•Policy contract
•Medical Certificates
•Medical Appointment cards
•Policy contract, Copy of ID Card/Birth Certificate of Insured
•Request from Policy Owner

(IV) When requesting an assignment
•Formal Letter from Policy Owner
•Policy contract
•Necessary documents from assignee

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What is Accelerated Care Benefit?
It is the payment of any part of the Eligible Death Benefit, prior to the date of death of the insured under the provisions of benefit.

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Please Note:
The following "frequently asked questions" (“FAQ”) have been compiled for information purposes only and are not offered as and do not constitute insurance, financial or legal advice. If you have additional questions that are not covered in the aforementioned list, please feel free to contact us, we shall be happy to assist you.