If you are thinking of opening up a saving account to safeguard your children’s future, whether for their college / school fees, for their health and well being or to cope with any unforeseen event or emergency, we are presenting you the best saving account in Oman which is called ‘Al Amaal’.

a) Free Life Insurance Cover

• Parent (Father or Mother) whose age is upto 55 years and the child age is from 1 day to 23 years.
• Initial deposit of RO 100 is required to open the Al Amaal Account. Afterwards, parent can choose minimum standing order amount from RO 10 every month or can deposit any amount any time.

Insured Persons

New and existing Bank account holders who open Al Amaal Savings A/c.

 The insurance amount will be equal to 1 x (account balance as on value date) subject to a maximum of the OMR 25,000. Where ‘value date’ is defined as the last working day of the month prior to the month when Accident/Sickness occurred which led to a valid claim under the Policy.  

Benefits covered

Geographical Limit

Worldwide, 24 hours per day

Age Limitations

• Minimum Age at entry: 18 years
• Maximum Coverage Age: 55 years

Age of Children

1 – 23 years

Termination

Termination shall apply at the earliest of:

a)        Primary account holder (parent) reaches the age of 55 years

b)        Child reaches the age of 23 years

c)        Closure of Al Amaal Savings Account

d)        Payment of the death or disability benefit

e)        The premium due date, if the required premium is not paid

f)         Upon termination of the Policy by normal expiry or cancelation

g)        The account holder’s visa is no longer valid

Medical Underwriting Requirements

-       No Medical Underwriting or Health Declaration Required

-       However, claims are not payable if the event of death or disability was due to Sickness and happening within a period of 90 (ninety) days (Waiting Period) from the Policy Effective Date

Notification of Claim

Claims must be notified as soon as possible but in any case not more than 60 days after the occurrence of the incident-giving rise to the claim, together with any supporting evidence required as per the Policy Terms and Conditions.

Evidence of Claim 

·          Death Certificate indicating the cause of death.

·          Other documents as stated in the Policy Terms and Conditions

Pre-Existing Disease/Condition 

Pre-existing disease or condition is excluded for the first year from Policy Effective Date.

Exclusions

Applicable exclusions for Death and Disability Benefits:

a) War Exclusion 

Death or disability directly or indirectly occasioned through War or Warlike Operations. Where ‘War or Warlike Operations’ is defined as: Active War or Warlike Operations (whether war be declared or not), Invasion, act of foreign enemy, hostilities, civil war, civil commotion assuming the proportions of or amounting to a popular uprising, military rising, rebellion, revolution, insurrection, conspiracy, military or usurped power, riot or strike or mutiny, martial law, state of siege, terrorism, or any acts of any person acting on behalf of or in connection with any organization actively directed towards the overthrow by force of any Government or to the influencing of it by terrorism or violence. 

b) Atomic, Biological and Chemical Exclusion 

Death or disability directly or indirectly occasioned through Accidental or deliberate spread or use of atomic, biological or chemical material including death or disability directly or indirectly caused by, resulting from, or in connection with any action taken in controlling, preventing, suppressing or in any way relating to any event where atomic, biological or chemical material is involved.

 c) Criminal Acts Exclusion 

Death or disability directly or indirectly occasioned through any unlawful or criminal act committed by the Insured Person or by the beneficiary, claiming through or under him. 

d)  Consequent upon the Insured Person engaging in: 

i)          any adventure, dangerous or hazardous sports or activities such as but not limited to parachuting, mountaineering or rock climbing (with use of ropes or guides), potholing, winter sports (other than curling or skating), bungee jumping, diving with scuba apparatus, water skiing, hunting, show-jumping, steeple chasing; the professional practice or participation in any sport; riding or driving in any kind of race or endurance test; 

ii)        aviation, gliding or any form of aerial flight other than as a passenger in a fully licensed passenger carrying aircraft, provided that the term “passenger”, for the purpose of this Policy, shall not include any person who is a member of the crew of the aircraft or who is in such aircraft for the purpose of undertaking any technical operation therein; 

iii)       Or taking part in any Naval, military or air force operation.  

e)   Directly or indirectly caused by, contributed to, aggravated by: 

i)          Insanity, intoxication, alcohol or drugs not prescribed by a licensed medical practitioner 

ii)        Pregnancy, delivery and/or abortion 

iii)       Mental and/or nervous disorders 

iv)       Pre-existing disease or condition. The claim is payable if the Insured Person becomes disabled as a result of a pre-existing illness or condition, provided however that such an event happens after 12 (twelve) months from the Coverage Effective Date 

v)        Disappearance

f)    Occasioned by or happening through:

i)          Suicide or attempted suicide, intentionally self-destruction or self-inflicted injury, while sane or insane;

ii)        Human Immuno Virus (HIV) infection, Acquired Immuno Deficiency Syndrome (AIDS) or an AIDS related condition.