1.0 CLAIM MANAGEMENT

Introduction:
SIC LIFE intends to help bridge any financial gaps and ease your burden. As a result we pay genuine claims efficiently and speedily.

1.1 Types Of Claims:
There are various types of claims that are processed and paid by the company and these include:
1. DEATH CLAIMS
2. MATURITY CLAIM
3. PERSONAL ACCIDENT CLAIMS
        
Other payouts include:
i. POLICY LOANS
ii. PARTIAL WITHDRAWAL
iii. SURRENDER
iv. REFUNDS

2.0 General Claims Procedure and Requirements

2.1 DEATH CLAIM
• Death claim occurs when the Life Assured (the person upon whose life the policy is effected) is deceased
• The death benefits is to be paid to the pre- determined  beneficiary(ies)  at inception as stipulated on the proposal form
• In the event where the beneficiary (ies) is or are minor(s)
• A Trustee (someone nominated by the policy holder for whom he/she trusts would administer the Death benefit as he would have done)
• The Trustee would apply for and receive the benefit.
• In the event where no trustee is nominated, the biological surviving mother or father would apply for and receive the Death Benefit on behalf of the minor(s).
• Where there are no surviving parents or Trustee….
• A family member of the deceased client must provide “proof of death” of the demise of the biological parent of the minor.

2.1.1 CLAIMS PROCEDURE; DOCUMENTS REQUIRED FOR DEATH CLAIM
Submission of medical certificate of cause of death or in the absence of this any of the following is acceptable:
 A Letter from an opinion leader such as an Imam/a Reverend Minister/an Assembly man.
 Death certificate
 Autopsy report
 Coroner’s Report
o Completion of Death Claims Report ‘1’.
o Any national ID card of the claimant.
o Policy Certificate or Document
o A sworn affidavit of the claimant(s)
An interview section with claimant(s) may be required where necessary
NB.: The claim could be paid within 24 hours if all requirements are met.

2.2 MATURITY CLAIMS
Maturity claims could be made where the policy lives up to the full term.
Claims Procedure/Requirement;
 Completion of an application form.
 Provision of policy certificate.
 Provision of any national ID card.
NB: Turnaround time is three (3) hours if all requirements are met.

2.3 PRODUCT LINE CLAIMS
2.3.1 BANK ASSURANCE
Claims Procedure/Requirement;
a. Death
1. Submission of medical certificate of cause of death or in the absence of this any of the following documents is acceptable.
i. A Letter from an opinion leader such as an Imam/a Reverend Minister/an Assembly man.
ii. Death certificate
iii. Autopsy report
iv. Coroner’s Report
2. Completion of death claim report ‘1’.
3. Provision of a claim application letter on behalf of the deceased client from the bank.
b. Disability/Incapacitation Claim
1. A medical report
2. Amortization schedule from the bank/organisation.

2.3.2 LOAN PROTECTOR
Claims Procedure/Requirements;
a. Death Claim
1. A medical report (cause of death, autopsy etc )
2. A claim application letter on behalf of the deceased client from the bank.
3. An amortization schedule from the bank.
b.    Disability/Incapacitation Claim
1. A medical report (indicating extent of Disability/incapacitation)
2. An amortization schedule from the bank/Institution in question.

GROUP SECURITY PLAN
Claims procedure/requirements;
a. Death Claim
b. A medical report (cause of death, autopsy etc.)
c. A claim application letter on behalf of the deceased client from the bank.
b. Disability/Incapacitation claim
1.    A medical report (indicating extent of Disability/incapacitation)
2.    An amortization schedule from the bank/institution

2.3.3 PERSONAL ACCIDENT
Claims Procedure;
1.    Completion of a personal accident claim form.
2.    Provision of any national ID card.

2.3.4 MORTGAGE PROTECTION POLICY
Claim Procedure;
1.    Submission of medical certificate of cause of death or in the absence of this any of the following is acceptable.
i.     A Letter from an opinion leader such as an Imam/a Reverend Minister/an Assembly man.
ii.    Death certificate
iii.   Autopsy report
iv.   Coroner’s Report
2.   Provision of the policy certificate or document.
3.   A letter of claim from the institution.
4.   An amortization schedule from the bank/Institution

3.0 OTHER PAYOUTS

3.1 PARTIAL WITHDRAWAL

The policyholder can apply for a partial withdrawal two years after the inception of the policy and subsequently on the anniversary of the first partial withdrawal .

  • Claim procedure/requirement;
  • Completion of an application form.
  • Provision of any National ID card.

The partial withdrawal granted can be up to 60% of the cash value of the claimant.

NB: Turnaround time is three (3) hours if all requirements are met.

3.2 POLICY LOANS

The policy holder would be qualified to apply for a policy loan after one year from inception.

  • Claim procedure/requirement;
  • Completion of an application form.
  • Provision of any National ID card.

NB: Amount of loan granted would be 80% of the assured’s cash value. The interest rate payable is 15% per annum.

Repayment can be done through the following:

  1. By source deduction; that is directly from the employee’s Salary
  2. The Banks through Direct Debit Mandates (DDM).
  3. Repayment by cash/ cheque.
  4. Repayment through mobile money (dial *714*911# and follow the prompt or you can also call customer service line 0501-570652 for assistance)

NB: Turnaround time is three (3) hours if all requirements are met.

3.3 SURRENDER

The policy may be surrendered at least after three (3) years from the inception date.

Claims Procedure;

  • Provision of policy document(s).
  • Provision of any national ID card.
  • Completion of an application form.

NB: Turnaround time is maximum two(2) days if all requirements are met.

3.4 REFUNDS

Claims Procedure;

  1. Completion of an application form.
  2. Provision of payslips
  3. Provision of any national ID card.
  4. NB: Turnaround time is three (3) hours if all requirements are met.