Group Term life Assurance
Affordable and Flexible Life Insurance Protection for Your Employees
Why companies have Group Term Life Assurance Plans
They are an important benefit that companies offer to their employees and dependents.
All employees should have some form of life insurance cover – if something happens to them while at work, their dependents have financial protection.
You also hire better talent and retain them longer. The new generation of people at work prefer a company that provides improved benefits and considers people as assets rather than costs.
What does it cover?
All employees get insurance cover for death an Total and Permanent Disablement.
Total and Permanent Disablement means that the person is considered forever incapable of pursuing gainful employment.
It also covers that total and irrecoverable loss of the sight in both eyes, loss by severance of both hands at or above the wrists, or both feet at or above the ankle, or the combined loss of sight in one eye and loss of severance of one hand or one limb.
Key Benefits at a glance
Death or Total and Permanent Disablement cover
Total Sum Assured paid out as a single payment
Is medical check-up and underwriting
Most employees can be insured without taking any medical check-up
Nominate your own beneficiary
Each employee may nominate their own beneficiaries who receive the payout should something happen to them.
18 to 65 as of last birthday. Up to 70 if members were insured before aged 65 on renewal.
Sums assured can be calculated by employee category, for example $50,000 each for senior managers, $20,000 each for managers, and $10,000 each for support staff.
Sums can also be calculated based on multiples of an employee’s salary. For example the equivalent of three year’s salary.
Other things to know
The annual premium is revised every year according to the age and total sum assured of the group. The premium can change based on an employee’s health or current conditions.
All eligible employees in a company must be insured, using either a salary linked calculation, or by employee category.
Employees in certain industry categories who are often exposed to physical or health risks may incur higher premiums or not be eligible.
Group Term Life Assurance plan starts from a sum assured of USD 5,000 per employee.