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Group Life Insurance

 

What is Group Life Insurance?

 

Group Life Insurance Scheme has been designed to cater to the needs of employers for the protection of their employees against death or disability. Group life insurance provides cover to group of people namely employees of a business organization, members of an association or a  labour union / group under a single contract. Group Life Policy offers cover for varied benefits on a worldwide cover. These Policies are issued to the Employers or Associations or Labour Unions whereby they benefit by insuring their Employees / Registered members under a wider policy than the statutory Workmen’s compensation Policy. Moreover, the cover is on a 24 hour basis anywhere in the world.

Group life insurance policy is very flexible and is designed to cater for the changing needs of the employers. Addition of new employees and removal of staff who are no more in employment can be done during the term of the policy. Under this scheme an employer can provide maximum protection to his employees at the lowest possible cost.

 

 

 

In order to cover members in a Group Life, there will be always a requirement of minimum number of members

Benefits offered in the Group Insurance Contract

 

Ø  Death Due to Any cause

Ø  PTD Accident & Sickness Own or Similar Occupation

Ø  PPD Accident & Sickness

Ø  TTD Accident and Sickness

Ø  Medical Expenses Due to Accident

Ø  Repatriation Expenses

Ø  Terminal Illness / Accelerated Living Benefit

Ø  Long Term Disability  / Short Term Disability

Ø  Critical Illness

 

Benefits detail -

     

Ø  Death Due to Any cause – In an  unforeseen event of death due to any cause (as defined in our policies), the Insurance Company shall pay the benefits equivalent to the sum insured.

Ø  PTD Accident & Sickness Own or Similar Occupation –In the event of a member being totally and permanently disabled as a result of an accident & sickness to the extent of being unable ever again to follow his own occupation or any other occupation, the insurance Company shall following 12 months of such continuous disability, pay the Sum Insured equivalent to the basic life Sum Insured.

Ø  PPD Accident & Sickness – In the event of a Member suffering, as a result of an accident & sickness, the loss by physical separation, or the total loss of use of, any limb or organ of the body or the total and irrecoverable loss of sight as set out in the Continental Scale of Benefits, the Company shall pay the respective percentage of the Sum Insured

Ø  TTD Accident and Sickness –  In the event of a Member being totally unable to follow his normal occupation as a result of being continuously and totally disabled by reason of Accident / Sickness, the Company shall pay  100% weekly basic salary. This payment is made for a maximum period of 52 weeks or 104 weeks , subject to a Nil day-waiting period (subject to minimum of 7 days waiting period in the case of Sickness) of the pre-disability earnings of the Member for as long as the disability continues.

Ø  Medical Expenses Due to Accident – Actual cost of medical Expenses due to accident subject to the maximum limit agreed shall be paid to the member per annum.

Ø  Repatriation Expenses – shall reimburse the actual cost of Repatriation of the mortal remains or the disabled member to his home country subject to the maximum limit agreed in the policy

Ø  Terminal Illness / Accelerated Death Benefit–Where the life expectancy of the member is lesser than  6 months this benefit becomes payable. To qualify for this benefit, the Employee must have been diagnosed as being terminally ill while insured under the Policy.

Ø  Long Term Disability / Short Term Disability: -  In the event that an insured person becomes totally disabled as a result of illness or bodily injury or debility for which medical evidence must be provided, an income benefit based on the agreed amount of annual salary up to a maximum of 80% of salary (with a cap of not exceeding certain sum insured per annum will be become payable after a waiting period until death or attainment of retirement age. As escalation benefit            of 5% or so can also be considered to mitigate the economic inflation if any. On similar lines of Long Term Disability, Short Term disability can also be offered               but the same will be limited to the date of recovery of illness or injury subject to a maximum period of 2, 3 or 5 years or up to the Retirement age whichever is less.

Ø  Critical Illness– Benefit paid as a lump sum if an insured suffers from one of the insured critical illnesses in accordance with the definitions described in the policy from the date of diagnosis or surgery with the waiting period of 120 days.