ProVision

• Coverage is up to $4 million in the case of accidental death in a common carrier for the $1,000,000 level of coverage.
• Benefits from accidental death and injury payable up to age 70, with a 50% reduction between age 65 and 70.
• Premium payments cease after 25 years (or age 85, whichever occurs first) but full coverage continues.
• No medical required (although there are graduated death benefits in the first 2 years).

The owner must be at least 18 on the last birthday before the Policy Issue Date. The Insured can be between 18 and 70.

Yes – but overall maximum Basic Sum Insured of $1,000,000 applies.

No, customer must take out new policy for the additional coverage amount.

Yes, the relationship between the Owner and Insured must satisfy insurable interest. The owner insures self and husband/wife.

Tip: If a customer wants to purchase for a parent / aunt / uncle / child over 18, etc. set up the parent / aunt / uncle / child over 18 as both the Owner and Insured and the customer as the payor.

Note that the insured cannot be a minor.

For the purpose of maximum insurance coverage, the OMNI products and ProVision are considered as two separate types of products.

The maximum insurance coverage under OMNI products is $500,000.

A customer may also have the maximum coverage under the ProVision policy of $1,000,000.

NO, one declaration of health is made on the Application form.

The cash value is 50% of the Basic Sum Insured. It is available after 25 years of premium payments or when the insured reaches 85, whichever occurs first.

The policy can be assigned up to the coverage amount, at the discretion of the lending institution.

It should be noted that many lending institutions do not accept this type of policy.

Also if a minor is named as beneficiary it is even less likely that an institution would accept this product as collateral.

There is no minimum. The lowest premiums will be determined by a female, aged 18 and insured with the $250,000 coverage.

No, premiums and sum insured remain the same for the life of the policy (with premiums limited to 25 years or age 85).

Premiums are level for the duration of the plan.

However, NCBIC can increase the premium rates if we do so for all policyholders of this class.

No individual policyholder will be singled out for a premium increase.

No back-dating is permitted.

Yes, at NCBIC’s discretion and on payment of all missing premiums and interest and completion of a new Declaration of Good Health as required by NCBIC.

For death (other than by a covered accident) in the first 12 months after policy issue, the benefit is a refund of premiums.

For death (other than by a covered accident) in the 13-24 months after policy issue, the benefit is 50% of the Basic Sum Insured.

Full benefits are paid after 24 months.

No death benefit is paid for death by suicide in the first two years after issue or reinstatement.

Accidental Injury must be clearly by external, violent and visible means and excludes injuries sustained while:

• committing suicide or attempting to commit suicide, whether sane or insane
• committing, attempting or provoking an assault or criminal offence
• any riot, civil commotion, insurrection or war (whether declared or not)
• body or mental infirmity, or illness or disease of any kind
• the Life Insured is under the influence of any narcotic, alcohol or drug
• travel or flight in, or descent from, any aircraft, hot air balloon, or other flight, except as a fare paying passenger in a regularly scheduled airline.

Yes.  In addition, in Jamaica the common carrier definition also includes buses with a seating capacity of 40 or more that operate within the Kingston Metropolitan Transport Region and are licenced by the Transport Authority of Jamaica.

The bus must be licensed as such by the Transport Authority of Jamaica to carry 40 or more fare-paying passengers and the Insured must have paid a fare for travel.

 ‘Buses’ specifically do not include mini-buses. Route taxis, or any other taxis are not covered as part of the common carrier benefit.

Accidental death in all vehicles not included in the common carrier definition will be paid the regular accidental death benefit (2 times the Basic Sum Insured).

Beneficiary receives the Basic Sum Insured, plus 50% of the benefits for Accidental Death and Accidental Death in a Common Carrier.

If the coverage is $500,000, the benefit is:

$500,000 (Basic Sum Insured) + $250,000 (50% Basic Sum Insures for Accidental Death) + $500,000 (50% of 2 times Basic Sum Insured for Accidental Death in a Common Carrier) = $1,250,000.

NCBIC will pay within 48 hours of receiving a valid claim, all supporting documentation, and the case is not contestable.

No, once the sum of benefits is equal to the Basic Sum Insured is paid out, the policy terminates and no further benefits are paid.

No, the cash value of your policy is reduced by the amount of benefit paid prior to surrender.

You will receive the hospital / loss of thumb benefit at the time that the accident occurs. You will also receive the common carrier death benefit on the subsequent plane crash, provided the policy is still in force, less the amount already paid under the earlier benefit.

Terminal illness is defined as being certified by a doctor that the Insured is terminally ill and will not survive more than 6 months.

NCBIC will need the diagnosis to be certified by your own doctor in Jamaica, even if the diagnosis was originally overseas.

Recommend maximum of four. The estate can be included as one of the four.