What is a Comprehensive Personal Plan (CPP): Know the Benefits and Features

A Comprehensive Personal Plan (CPP) is designed to provide financial security for you and your loved ones in the event of unforeseen circumstances, such as accidents or medical emergencies. Unlike other insurance policies that may include extended coverage for third parties, such as domestic help, the CPP is focused exclusively on personal cover, ensuring that your family remains financially protected when faced with unexpected events.

With a monthly premium of just OMR 1.775, you can offer domestic and commercial employees comprehensive insurance coverage for future financial protection and monetary assistance to their families in case of an unfortunate occurrence. In a way, such a plan is helpful for you as well, to reduce future financial liabilities.

Take a look at some of the features of the plan.

Features of CPP

CPP offers a range of benefits tailored to meet the unique needs of individuals and families in Oman. This plan is available to both Omani nationals and residents, providing comprehensive coverage to safeguard against various risks that may arise within the country. However, it's important to note that the benefits under this plan are only valid if the event occurs within Oman, ensuring localized protection where you need it most. The insured person within the age bracket of 18 to 54 years is eligible for this insurance plan. The company will pay a maximum pay-out amount of OMR 8,500 to the nominee of the policyholder, under the accidental death benefit.

Benefits of CPP

• Natural and Accidental Death Benefit: In the event of the sudden death of the insured due to natural causes or an accident, the insurer will pay a lump-sum amount to the nominee.
• Accidental Medical Expenses: The policy will cover any medical expenses incurred by the insured towards the treatment of injuries sustained from an accident.
• Permanent Total Disability due to Accident (PTDA): In case the insured suffers grievous injuries due to an accident, which leads to loss of income despite being trained for the job for 12 continuous months, the insurer will pay an amount to their family as monetary support.
• Permanent Partial Disability due to Accident (PPDA): This covers accidents leading to irrecoverable loss of sight, loss of organ, or limb.
• Repatriation Expenses: The policy will pay for the repatriation of the mortal remains of the insured to their home country upon death.
• Total Temporarily Disability due to Accident (TTDA): If the insured person suffers temporary disability due to an accident, leading to a loss of income, the policy will pay an amount to support their families during that period.

Steps to Create a Comprehensive Personal Plan

1. Self-Assessment:

• Start by evaluating your current financial situation, health status, career goals, and family needs. Identify your strengths, weaknesses, opportunities, and threats (SWOT analysis).

2. Set Clear Goals:

• Define your short-term and long-term objectives in each area of your life. Ensure your goals are specific, measurable, achievable, relevant, and time-bound (SMART).

3. Develop Strategies:

• Create actionable strategies to achieve your goals. This includes budgeting, investment planning, health routines, career development activities, and family security measures.

4. Monitor and Adjust:

• Regularly review your plan to track progress and make necessary adjustments. Life circumstances change, and your plan should be flexible to adapt to new challenges and opportunities.

A Comprehensive Personal Plan (CPP) is an important product to consider if you are hiring or renewing the contract of foreign domestic help. Make sure to read the policy document and terms and conditions beforehand. It is also important to know about the exclusions so that hassles can be avoided in the future.