Security is the standout feature of the Optima plan, giving you a guaranteed level of life assurance protection and the peace of mind that goes with it. If an untimely death occurs, your dependents or nominees will receive the sum assured or the value of the investment account, whichever is greater. However, if the additional basis option is chosen, your dependents will receive the sum assured plus the investment account value.
The plan lets you combine investment and protection benefits to meet your present and future needs. The flexible Optima plan allows you to adjust this combination as your circumstances change.
How the plan works:-
Depending on your needs and circumstances, you can choose to invest any amount, in US Dollars, on a regular basis. 100% of your contribution will be invested to buy units in the Alliance Property and Managed Fund. The units purchased are credited to your personal Investment Account.
Depending on your needs and circumstances, you can choose to invest any USD amount on a regular basis. 100% of your contribution will be invested to buy units in the Alliance Property and Managed Fund. The units purchased are credited to your personal investment account.
You can choose any level of life cover depends on your age, plus additional benefits from a wide range available, to cater to your individual circumstances.
- You decide how long you want to contribute – which gives you full control.
- You can make payments quarterly, half-yearly or annually, depending on your cash flow situation.
- You can add to your regular investment by making lump-sum payments as and when your circumstances allow.
- You can adjust the mix of investment and protection to suit your changing circumstances, so you only pay for the level of protection you need.
- You can take your accumulated investment as a lump sum, regular income or a combination of the two, which can be paid anywhere in the world.
- You can continue with the plan even if you change jobs or move to a different country.
If your circumstances change, you may need your savings before the maturity period ends so Optima allows immediate access to your accumulated investment account. You can surrender the plan, or make a partial withdrawal at any time while continuing to make contributions and keep the plan in force.
Saving with Optima lets you enjoy a guaranteed level of life assurance on an inclusive basis. If death occurs, your dependents will receive the sum assured or the value of the investment account (whichever is greater). However, if the additional basis option is chosen, your dependents will receive the sum assured plus the investment account value. The plan gives you the flexibility to choose the level of life cover that best suits you.
If you are diagnosed with a rapidly progressing or incurable illness, where life expectancy is less than six months, 50% of the life cover will be paid in advance. The balance of life cover is payable on death.
This option allows you to automatically update your benefits each year subject to satisfactory health. As well as benefiting from peace of mind, you can guard against inflation and maintain the real value of your investment.
Following your fifth plan anniversary you will receive a bonus of 3% of your initial contribution every alternate year. If you invest over USD 2,500 per annum, your bonus increases to 5% of the initial premium. These bonuses give a substantial long-term boost to the savings in your investment account.
When your plan matures you can choose to receive a regular retirement income instead of a lump sum. Optima allows you to use the accumulated value of your investment account to receive a retirement pension that helps you maintain your standard of living. Your pension income can be paid to you in any part of the world, subject to the laws of each country.
Although the plan is designed to maximize returns until maturity. Alliance recognizes that you may be faced with unforeseen circumstances which prevent you from continuing with the plan. In this event you have the option to exercise any of the following alternatives:
- Encash your plan for the value of the Investment Account less a surrender charge.
- Stop paying the contribution but continue with the Life cover. Under this Automatic Cover Continuance option, the cost of the life cover and administration charges are met from your accumulated Investment Account and the life cover will continue until the value of your account is exhausted.
- Make the plan paid up. Stop the contributions and leave your Investment Account to continue to benefit from the investment growth of the fund.
In addition to flexible payments, the Optima plan offers seven additional major cover and benefit options, for only a small increase in your premium:
- Accidental death
- Accidental dismemberment
- Triple Accident Benefit
- Total or temporary disablement
- Waiver of premium
- Family income
- Critical illness
- Permanent Total Disability
Accidental Death Cover
If death occurs as a result of an accident, choosing this additional cover means you will receive double the basic sum assured.
Accidental Death and Dismemberment Benefit ( ADDB ):
In addition to accidental death cover, this option adds another layer of protection by covering a range of disabilities. If you become disabled due to an accident, you will receive either 50% or 100% of the basic sum assured, depending on the type of disability.
Triple Accident Benefit ( TAB ):
This option pays additional benefits in the event of accidental death, accidental dismemberment and accidental permanent, partial or temporary disability.
PERMANENT TOTAL DISABILITY BENEFIT:
It provides compensation in case of disability due to Accident or Sickness.
CRITICAL ILLNESS BENEFIT
The benefit payable, subject to a survival period of 31 days, is the Sum Assured for the Critical Illness Benefit, after confirmed diagnosis or occurrence of a critical illness or specified surgery.
WAIVER OF PREMIUM
If you suffer a lengthy illness or are unable to work due to an accident, paying your premiums can become a real burden. To help ease this potential worry, you can choose to waive your premium payments. After three months of incapacitation, Alliance will pay your premiums until you return to work or the plan matures, whichever occurs first.
FAMILY INCOME BENEFIT
This benefit is additional to the basic sum assured. It’s designed to provide your family with a regular income to meet your ongoing living expenses.
CRITICAL ILLNESS COVER
With greater affluence, health awareness and improved medical facilities, once fatal diseases like heart attacks and kidney failure can often now be treated, increasing our financial burden.
Alliance offers critical illness cover as a rider to help meet the costs of medical treatment should you suffer from serious medical conditions (see below). In this event, you will receive the sum assured under this rider, subject to terms and conditions.
- Multiple Sclerosis
- Major Bums
- Myocardinal Infarction
- Coronary Artery (Bypass) Surgery
- Renal Failure
- Major Organ Transplantation
The cash value of the plan is the bid value of units in your Investment Account
If the plan is terminated early, a surrender charge is levied to compensate the costs which would otherwise have been recovered over the period of the plan. The early surrender charge, expressed as a percentage of the cash value.
If death occurs, your beneficiary receives the basic sum assured or the full bid value of the units, whichever is greater. However, with an additional basis option, the sum assured plus the investment account value is paid to your dependents. The sum assured, in respect of additional benefits, is added to the basic death benefit.
|Age at entry||Minimum||Maximum|
|31 to 40||18||54|
|41 to 45||16||48|
|46 to 50||14||42|
|51 to 55||12||36|
|56 to 60||10||30|
|61 to 65||8||24|
The benefit payable on death will be the basic Sum Assured or the full bid value of the units whichever is the greater. However, if the additional basis option is elected, Sum Assured plus the Investment Account Value will be payable to the dependents.
The Sum Assured in respect of any additional benefits would be in addition to the basic death benefit.
Minimum – 18 years next birthday
Maximum – 65 years next birthday
The term of the plan can be for any period from 10 years on-wards, subject to a maximum age of 75 at maturity.