1. Life Insurance Policy
   1. This group life insurance policy has been brought to you by Modern Exchange through GIG, Bahrain
   2. The Life Insurance is for an amount of KD 5,000
   3. The Insurance is valid only for natural or accidental death
2. Eligibility Criterion
   1. All Customers doing 10 remittance transactions on the online or App platform, within a period of 12 months, automatically become eligible for this Life Insurance Policy
   2. The policy will be automatically renewed in the next year, if the eligibility criterion is met on the date of the expiry of the policy
   3. Online Foreign Currency Delivery, At Branch - Foreign Currency Sale / Purchase and remittance transactions are not included in the Life Insurance program criteria
   4. If the qualifying transaction is cancelled, the policy shall immediately terminate and the customer will requalify only upon undertaking a fresh qualifying transaction
3. Age Criterion
   1. Maximum age eligibility for entry into the Insurance cover is 64 Years of age at the time of undertaking the qualifying transaction
4. Validity
   1. The GIG Life Insurance Policy is considered effective from your last qualifying transaction, for a period of 1 year
5. Nomination
   1. The customer is required to nominate the beneficiaries of the Life Insurance, in case of an untimely event
   2. The nominee(s) can be from amongst the existing beneficiaries or will needed to be added as a beneficiary with full bank details
6. Cancellation / Expiry
   1. The Policy will expire once the customer reach 65 years of age
   2. The customer can choose to Opt Out for the policy at any-time
7. Authorization
   1. I hereby authorize Modern Exchange to obtain from the Public Authority for Civil Information, my business and residence addresses.
8. Exercise of the Policy
   1. The policy discharge shall be on the basis of the terms set out by GIG and may undergo changes from time to time
   2. The customer’s nominees need to initiate the claim process within 85 days of the date of the event. This claim needs to be a physical form to be submitted to the Admin Manager at the Modern Exchange Office located at 1st Floor, Ahmed Saleh & Sons Building, Block 10, Near KPTC Bus Stand, Murgab, Bahrain
9. Disclaimer
   1. Modern Exchange reserves the right to amend any of these Terms and Conditions at any time and any amendment announced by Modern Exchange by any means – electronic or at branches, means as deemed appropriate, shall constitute a valid and effective amendment as from the date thereof and shall be binding upon all customers