What are the key benefits of 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).

Who is eligible for ProVision?

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

Can a person be insured under more than one ProVision policy?

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

Can a customer switch from one coverage to a higher coverage?

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

Does this product have a requirement for a defined relationship between the owner and the insured?

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.

How does the amount of coverage selected for Provision affect the coverage maximum of $500,000 for OMNI products?

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.

Are there any medical questions / medical exam for the Insured?

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

How is the cash value calculated, and when am i eligible?

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.

Can the policy be assigned as collateral?

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.

What is the minimum premium?

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

Are the premiums and benefits indexed for inflation?

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

Are premium rates guaranteed?

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.

At policy issue, is back-dating allowed so the customer can take advantage of a lower premium rate?

No back-dating is permitted.

Can a policy be reinstated?

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.

How long must the policy be in force before benefits are paid?

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.

What is a covered accident?

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.

If the Insured is a passenger on a US (or country other than Jamaica) train or airline, does the common carrier benefit still apply?

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.

Does the Common Carrier definition include route taxis and mini-buses?

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).

How much do I get if I die in a plane crash at age 69?

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.

How quickly will NCBIC pay the Sum Insured?

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

If a customer has been paid the total permanent disability benefit (100% of Basic Sum Insured), and subsequently dies in a plane crash, is there a further benefit?

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.

If I have received a partial payment (e.g. loss of thumb), can I still surrender the policy at the end of the premium paying term and collect 50% of the Basic Sum Insured?

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

If I have received a partial payment (e.g. loss of thumb) or been hospitalized for 12 days and then die later in a plane crash, what benefit will I receive?

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.

What is the definition of terminal illness?

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

What happens if the terminal illness diagnosis is made in another country (e.g. US)?

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

Is there a recommended number of Beneficiaries?

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