Source: www.nationallifedaatgal.com                          Date: 13 August, 2010

The National Life Insurance LLC has introduced two new products. With its voluntary retirement plan, Mongolians now have the opportunity to be insured in two kinds of retirement plans. The first of these is the existing compulsory retirement plan where the premium is paid into the social insurance fund, while the second aims to set up an endowment fund for insured individuals. The new plan is not meant to compete with the State retirement plan, but targets those who are outside it. It offers greater choice to people on choosing the age from when they wish to draw pension. Employers can offer this plan to motivate their employees to work longer.

The insurance company, the only one providing life insurance in Mongolia, has also developed a family health insurance scheme to help people tide over the ever-increasing costs of medical treatment. The scheme covers accidents, illness, hospitalization or surgery. The company has listed the following salient features of the scheme:

·         Worldwide coverage - 24 hours a day/ 7 days a week/ 365 days a year.

·         Maximum annual cover is USD 1,000,000.

·         The client can choose the doctor and the hospital, in or outside Mongolia.

·         Coverage includes both outpatient and in patient expenses, yearly check-ups and local ambulance service.

·         Those opting for a high-end product will get worldwide emergency medical and travel assistance service from International SOS Medica to the limit of USD1,000,000.

·         Service utilized at the company’s recommended hospitals can be paid for by direct billing. In all other cases reimbursement will cover 80% of treatment cost, subject to the annual limit.

·         Every policy will be valid for one year and terms are flexible.

Three options are presently available:

§  Platinum plan – Worldwide coverage and overall annual limit is USD 1,000,000.

§  Gold plan – Worldwide coverage, excluding USA & Canada, except in emergency cases. Maximum annual limit is USD1,000,000.

§  Silver plan – coverage area is only Asian countries and annual limit is USD 300,000.