The Life Insurance Agreement serves as the foundational document for establishing life insurance coverage in Singapore. It is used when an individual seeks financial protection for beneficiaries in the event of their death, or when incorporating insurance into their financial planning strategy. The agreement must comply with Singapore's Insurance Act 1966, MAS regulations, and includes essential elements such as coverage amounts, premium schedules, beneficiary nominations, and claim procedures. This document is crucial for both insurers and policyholders in clearly defining their rights, obligations, and the scope of insurance coverage.
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Key Requirements PROMPT example:
Life Insurance Agreement
"I need a Life Insurance Agreement for a high-net-worth client in Singapore who wants comprehensive coverage of SGD 5 million with additional riders for critical illness and disability, to be effective from March 1, 2025."
1. Parties: Identification of insurer and policyholder, including registration details and addresses
2. Background: Context of the insurance agreement and basic intentions of parties
3. Definitions: Key terms used throughout the agreement including policy terms, benefits, and technical insurance terminology
4. Policy Details: Coverage amount, premium payments, and policy term specifications
5. Beneficiary Designation: Named beneficiaries and distribution of benefits, including nomination procedures
6. Premium Payment Terms: Payment schedule, methods, grace periods, and consequences of non-payment
7. Claims Procedure: Process for making claims, required documentation, and timeline for settlement
8. Exclusions: Circumstances under which benefits will not be paid, including specific exclusions under Singapore law
1. Rider Benefits: Additional coverage options that can be attached to the base policy
2. Investment Component: Details of investment-linked portions for investment-linked policies
3. Loan Provisions: Terms and conditions for policy loans and their repayment
4. Surrender and Non-forfeiture: Terms relating to policy surrender, cash values, and non-forfeiture options
1. Schedule 1: Premium Schedule: Detailed breakdown of premium payments, including payment frequencies and amounts
2. Schedule 2: Benefit Schedule: Comprehensive listing of benefits, coverage amounts, and payment terms
3. Appendix A: Medical Questionnaire: Health declaration form completed by policyholder as required by Singapore regulations
4. Appendix B: Nomination Form: Beneficiary nomination details compliant with Insurance (Nomination of Beneficiaries) Regulations 2009
5. Appendix C: Policy Illustration: Illustrated values and projections as required by MAS regulations
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