Making sure that employees have life insurance, and that your investments are covered for all eventualities makes good business sense.
The Group Life insurance policy is tailor-made to cover a group of employees with the same employer, and provides a benefit for each policy member in the event of death in service. The benefits payable upon death of the employee may be extended as either a lump sum, or alternatively as a multiple of salary. No evidence of health is required for employees included in a Group policy, provided that certain criteria are met.
Group Life insurance packages can be arranged to include one or more of the following policies:
Level Term Life Insurance
Level Term Life Insurance provides a fixed amount of cover, known as the sum assured, that becomes payable if the death of the insured occurs within the term of the policy.
Options in addition to main benefits
Subject to certain exclusions and different premium levels, and depending on time and age limits, we also offer the following optional benefits in addition to the policy main benefits:
Accidental Death Benefit
This benefit offers payment of an additional death benefit to the beneficiary if death of the Life Insured occurs due to an accident. A claim on this additional benefit terminates the policy.
Permanent Total Disability Accident and/or Sickness
This offers payment of an additional benefit which covers the Life Insured in case of an injury which renders him/her unable to work in an own or any other occupation. A claim on this additional benefit does not necessarily terminate the policy.
Partial Permanent Disability Accident only
The permanent partial disability covers disability by accident and if the disability meets the criteria, a lump sum payment will become payable. The payment would be limited to a percentage of the amount specified in accordance with the scale of dismemberment contained in Your Policy. Payment is subject to terms and conditions.
Critical Illness
The Critical Illness Benefit covers various illnesses and if diagnosed as suffering from one of the named illnesses, a lump sum payment will be paid. Payment is subject to terms and conditions.
Note: Life Protection plans only pay on death within the specific term of the policy, should the insured survive the duration of the policy, no benefits would be payable. These policies cannot be discontinued for cash or converted to a paid-up policy. The Perla Unit-Linked plans are life assurance policies which are tied to a number of funds. These funds and the income from them can go down as well as up and is not guaranteed, and the investor may not get back the amount originally invested especially if the plan is surrendered within 5 years from its commencement date. Past performance is not necessarily a guide to future performance. Changes in the rate of exchange of currencies, particularly where overseas securities are held, may also affect the value of your investment.
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