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Retirement Savings
Plan
Retire with RO
25,000
Retire with enough money so that your life
then can be as comfortable as it is today.
All you need to do for that is plan well
and save a little, starting today. In
keeping with our aim to provide you with
innovative new products, we’ve created a
plan that will take care of your tomorrows
- comfortably.
What is Al
Rafeeq?
Al Rafeeq offers you savings and
protection plans for every aspect of life.
From holiday to motor cover, from
childcare to retirement... all easy and
affordable, customized to your needs and
your budget.
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How can you shape your retirement years
with the Al Rafeeq Retirement
Savings Plan?
The focus of the Al Rafeeq Retirement
Savings Plan is to enable you to lead a
life of security and dignity in your
retired years, without straining your
pocket today. All you have to do is
transfer a small, affordable sum of money
towards your retirement savings plan every
month. What you are assured of is
protection in the form of a lump sum when
you need it most, along with an added
bonus upon maturity. The younger you are
and the earlier you start, the better your
retirement savings.
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How
the Al Rafeeq Retirement
Savings Plan
works for you
The first step to planning ahead is to
start early. It’s easy with the Al Rafeeq
Retirement Savings Plan, because it is
designed around you!
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Tell
us how many years are there before you
plan to retire (anywhere between 10 to
30 years)
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Tell
us how much you can afford to pay
comfortably, on a regular basis i.e.,
Monthly, Quarterly, Half Yearly or
Annually (your premium, this can start
at as less as RO 10 per month).
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Unique benefits of your Plan
Maturity benefits
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Guaranteed sum assured (your targeted
savings amount) as a lump sum.
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Plus, bonuses to multiply your savings
(bonus is profit shared by the insurer
declared every year as Reversionary
bonus).
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You
also have an option of withdrawing after
the maturity date, a small sum regularly
every month (just like your pension),
out of the above lump sum.
Protection benefits
In case the unfortunate befalls you during
your savings period, your family will be
compensated adequately with the following
benefits:
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Full
Sum Assured (policy value) is paid
immediately as a lump sum to your
family.
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Plus, all bonuses declared and accrued
till this time.
To
illustrate:
A 30-year-old person is planning for the
retirement age of 60 years. He takes a 30
years policy with basic Sum Assured RO
11,500. He will need to pay a small
premium of just RO 30 every month. At the
end of the policy term, he avails of RO
25,000 (approximately) as a lump sum
retirement amount or he can choose a
monthly pension of RO 140 (approximately)
for the next 15 years.
|
30 years |
Age |
|
30 years |
Term |
|
RO 11,500 |
Sum Assured |
|
RO 30 |
Monthly Premium |
|
RO 25,000 |
Estimated Maturity Value
|
|
RO 140 |
Average Monthly Pension on
Retirement |
Assumptions
*Please note that the maturity value
illustrated above includes the sum assured
and also an additional bonus @ 4% per
annum for the entire term, as declared by
the insurer. Bonus is declared every year
on the basis of the profits and therefore
is not guaranteed.
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The driving force behind al Rafeeq
National Life is Oman’s largest life
insurance company. As the pioneer in the
field, the Company is ISO 9001:2000
certified and has been a household name
since 1983.
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The BankMuscat road to convenience
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For the first time, this
unique range of products comes through a nationwide network of
over 90 branches. To you, this means easy access
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Easy premium payment
options: You choose the mode of payment, by cash/direct debit to
your account/financing of your insurance premium
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You also have the option of
repaying your premium conveniently by way of monthly
installments
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Expert advice from your Al
Rafeeq Advisor, who will recommend the package that best, suits
your individual needs
To know more about the Al Rafeeq Retirement Savings Plan, please
contact your nearest BankMuscat branch
How to apply for cover?
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