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What is Meada? |
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Meada is a type of micro insurance of CHC to cover
the debts which our clients have borrowed in case
they are dying by accident based on the policy to be
claimed. When this case happened, their relatives
will never worry how to repay to CHC-Limited. In
contrast, they will gain beneficiaries from us like
100% for borrowers, 25% for his/her spouse and 15%
for each child of the loan request amount. |
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We always think ahead/Life is
just a dream (Photo of Reincarnation Cycle) |
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Every one in this world wish to live long time as
much as possibly they can even though they are
fighting with hunger and poverty. Moreover they
really love to live with their family with peace,
joy and hope together today and ever as much as
possibly they can. We try hard and spend our most of
time to win it for long-term distance based
completely on our individual resources, knowledge,
skills, concepts, experiences and tactics how
effective we use. Moreover we would prefer living in
the prosperity and comfort of lives. We do not want
these for our own self, but also we want to see this
happening to our next generation.
Eventually, it is just a dream and wishes of us all
world passengers, we cannot estimate and order by
the right time as wanted for future things
happening. We can completely not do it even small
things. We just handle it when it is being happened.
Especially no one exactly knows what to happen
nearby, when to die and how to get dead and we
cannot avoid this.
If so, what are we going to deal with these? CHC-Limited
has been trying to bring and promote the micro
insurance service to the poor in Cambodia to buy
this service to insure their debts when they are
borrowing from CHC-Limited. This service will be
beneficiary (Reimbursed 100% for Borrowers, 25% for
the legal spouse and 15% for each child) for them
when they are dying by accident during they are
under the debts of CHC-limited. They will never have
more burdens left if the case happens. |
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The purposes of Meada |
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Who we serve? |
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The people living in Cambodia are able to
use the service because they are |
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Aged 20 up to 55 |
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Cambodian Identity |
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Under CHC-Limited’s debt |
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His/her legal spouse and their 5 single
children |
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Product Summary |
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Single Premium rate |
6% of the initial loan amount, per annum,
half of this is client savings |
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Borrower Eligibility |
Voluntary participation of clients aged
20-55 (existing CHC age limits) |
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Spouse eligibility |
Ages 16-55, if legally married and living
with the client. |
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Children eligibility |
Ages 5-20, living at home. Single or widowed
parents may cover their children. |
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Borrower life benefit |
100% of the original loan amount. The
remaining balance of the loan will be
extinguished and the balance paid to the
beneficiaries |
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Spouse life benefit |
25% of the original loan amount (will CHC
give pay this as cash or apply it to the
outstanding loan?) |
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Child life benefit |
15% of the original loan amount (will CHC
give pay this as cash or apply it to the
outstanding loan?) |
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Limitations for new CHC clients under 3
months, or those that have not renewed their
loans for 6 months or longer |
Only accidental deaths of the client and
family are covered during the first 3 months
of the loan. This is aimed to reduce the
risk of adverse selection against the
program. |
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Exclusions |
Provoked murder, suicide, participation in a
criminal activity, war, natural calamities
and epidemics. |
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Coverage term |
Coverage is co-terminus with each loan. It
begins on the effective date of the loan and
ends when the loan is repaid in full or on
the scheduled maturity date, whichever is
earlier. |
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Savings |
Savings will be returned with accrued
interest if the client dies or after 5 years
if the client survives. After 5 years,
savings will be returned only when the
client formally requests the release of the
savings. The savings from each loan is
treated independently and locked in for 5
years. note 3 |
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Performance Result |
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Items |
1st
quar-07 |
2nd
quar-07 |
3rd
quar-07 |
4th
quar-07 |
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MFI's
Clients |
1,587 |
1,130 |
1,414 |
1,556 |
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Meada's
clients |
276 |
300 |
601 |
217 |
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% of
Meada
compare
to MFI |
17.4% |
26.5% |
42.5% |
13.9% |
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Number
of
Spouse |
230 |
294 |
466 |
175 |
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Number
of
children |
629 |
681 |
1319 |
452 |
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Amount
of net
premium |
$3,119.03 |
$3,279.82 |
$6,517.44 |
$2,939.43 |
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Amount
of
Saving |
$3,119.03 |
$3,279.82 |
$6,517.44 |
$2,939.43 |
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Total
sum
insured |
$99,330.86 |
$109,842.77 |
$196,027.86 |
$76,095.11 |
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Incentive
to staff |
$285.64 |
$302.30 |
$540.91 |
$182.75 |
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Claim
payment |
- |
- |
$316.96 |
$389.21 |
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Saving
withdrawal |
- |
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$2.94 |
$15.00 |
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| Copyright 2007 © CHC-Limited,
All rights reserved. |
| Website:
www.chcmfi.com, Email: meada@chcmfi.com |
| Phone/Fax: 023 998 226 |
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