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 of subscribing to a life insurance cover can be substantial.
Please email us at customerservice@bai.intnet.mu for any questions that you may have. We shall be pleased to advise you.
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 I need to know about 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?
BAI offers a diversified range of products. On a Corporate level, the company provides Group Life, Group Health and Group Pension schemes. These plans allow employers to provide cost-effective protection and savings to their employees.
To individuals, BAI offers a range of Pure Life, Endowment and Health plans. True to its repute of being innovative in its product and service offerings, BAI is the first local life insurance company to offer a plan specifically designed for ladies (BA Lady) and Shariah compliant plan (BAI Takaful Unit Linked), and the first comprehensive Universal Life Plan (BAI One) amongst others.
Our belief in being accessible and close to our client base has brought us to introduce new services such as the SMS service that allows registered clients to have access to policy-related information through their mobile phones. Further technological developments including a customer portal will bring added value to policyholders. We aim to make our clients live a convenient, pleasurable and seamless experience at every interaction.
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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?
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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 if
I already have life insurance?
Even if you already have life insurance, your needs for protection may change over time. Your life insurance needs should be reviewed regularly. Any of the events listed below should prompt you to sit down with your Insurance Advisor to make sure your plan is still appropriate.
• You recently got married
or divorced
• A child or grandchild is born or you have adopted a child
• 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 has retired or will retire
early
• You or your spouse has had a salary increase which further increased your disposal income
• You have refinanced your home mortgage in
the past six months
• You or your spouse has received an inheritance
Please contact one of our Customer Service Representatives or Insurance Advisors who will help you choose the right insurance plan to meet your needs. Whether you need Life Insurance, Education plans, Health coverage or Retirement options, take advantage of our products and services through our network of branches across the island or call us toll free on 800 1000 to get more information.
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How do I apply?
To be sure of the most appropriate plan for you and your family we suggest you consult one of our Customer Service Representatives or Insurance Advisors who will help you choose the right insurance plan to meet your needs. Whether you need Life Insurance, Education plans, Health coverage or Retirement options, take advantage of our products and services through our network of branches across the island or call us toll free on 800 1000 to get more information.
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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
BAI 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 800 1000, where our Customer Service Representatives will attend to your call on weekdays from 8:30am to 8:00pm and on Saturdays from 8:30am to 12:00pm
While some information may be communicated immediately, confidential matters will be dealt with by mail.
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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 of the policy
• After Cancellation of the policy
• After policy has been surrendered
• After death of life insured
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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:
- The policy will be lapsed if premiums have been paid for less than the non-forfeiture period.
- The policy will be reduced paid up if premiums have been 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 Policy Account or accumulated value becomes negative
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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 send to us your request for revival in writing
• 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 you of our acceptance.
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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 new policy contract.
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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 privileges 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 if
I lose my policy contract?
You can apply for a duplicate policy contract.
(I) How do I apply for a Duplicate
Policy?
• Go to the nearest BAI Branch.
• Present your ID Card to the Customer Service Representative. 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 Customer Service Representative.
• You will need to make provision and bear the cost of insertion 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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How do I
notify my change of address?
You can notify us of any change in address by letter, duly signed, which you can send to us:
• By postal mail – Include in this case a copy of your ID Card, and a recent utility bill not exceeding three months
• By delivering to our Customer Service Representative at a BAI Branch – Present originals of your ID Card, and a recent utility bill not exceeding three months
Kindly ensure:
• That you state against which policy(ies) the change should be applied
• That you state clearly whether the change is in respect of residential or mailing address
• That the photocopies are readable
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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 ‘Application for Change in Policy Contract’ form.
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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 BAI for proper records to be entered in our books and register.
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What conditions
apply to a policy loan?
A Policy Loan is a short-term personal loan against Cash Surrender Value of BAI life policies.
• Minimum Loan Amount - MUR5,000
• Maximum Loan Amount – 80% of CSV amount
Documents to be submitted upon application:
• Duly completed and signed loan application form
• Salary payslips for the last 3 months
• Bank statements for the last 3 months, duly certified by bank (if self employed 6 last months are required)
• Copy of life policy (original to be submitted on signature of loan contract)
• Copy of National Identity Card / passport
• Latest Utility Bill (not older than 3 months)
Other conditions:
• Security: pledge of life policy
• A handling fee is payable on loan disbursement
• Terms and Conditions apply.
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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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What are the documents I need to
submit?
(1) When Surrendering my policy:
• Original Policy Contract
• Cancellation form (signatures of both lives assured required 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
• Original Policy Contract
• Cancellation form (signatures of both lives assured required in case of joint policy)
• Copy of ID Card/ Birth Certificate of Insured
• Stop standing order instruction
(3) When claiming for an Accident Indemnity benefit (AIP Claim)
• Claim form (signatures of both lives assured required in case of joint policy)
• Original Medical Certificate
• Copy of ID Card/Birth Certificate of Insured
(4) When making a Death Claim
• Death Certificate of the Insured or Cremation Certificate if applicable
• 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
• Original Policy Contract, Copy of ID Card insured person
• In case of Accidental Death: Police report / Form PF60 or 100A and Newspaper cutting (if any)
• Stop standing order instruction
(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
• Original Policy Contract, Copy of ID Card/Birth Certificate
of Insured
• Police Report in case of accident
You will have to undergo one
or more medical examinations conducted by medical
practitioner/s appointed by BAI, if required.
(II) Loss of Limbs through Accident
• Physician Statement
• Medical Certificates
• Claimant Statement
• Original Policy Contract, Copy of ID Card/Birth Certificate
of Insured
• Police Report in case of Accident
(III) Terminal Illness
• Medical Certificates
• Medical Appointment Cards
• Original Policy Contract, Copy of ID Card/Birth Certificate
of Insured
• Request from Policy Owner
(IV) When requesting an assignment
• Formal Letter from Policy Owner
• Original Policy Contract
• Necessary documents from Assignee
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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)
• Your ID card
You can also call at any of our branch or call us toll free on 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.
Please Contact
Mrs Marilyn Piany
Customer Complaints Coordinator
BAI Co (Mtius) Ltd
BAI Centre
217 Royal Road
Curepipe
Direct Line: (230) 602 3112
Toll Free: 800 1000
Email address: customerqueries@bai.intnet.mu |
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Please Note:
The above "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.
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