Group Term Assurance Plan

Group Life Insurance policy is taken by employer to cover lives of his employees. It can be included in employee welfare package to attract talented employees and retain them in service.

  • Group Life Insurance policy is taken by employer to cover lives of his employees. It can be included in employee welfare package to attract talented employees and retain them in service
  • Company pays premium every year to Allied Insurance and the contract is between company and Allied Insurance.
  • Sum Assured is decided by company. It can be a uniform amount for all employees e.g. 50,000 or 100,000 etc or it can be related to employee’s salary. E.g. 24 times monthly salary of each employee can be decided as his sum assured
  • In event of unfortunate death of employee Allied Insurance will pay sum assured to the company who will in turn pay it to beneficiary nominated by deceased employee.
  • Premiums are small and nothing is paid on maturity. Premiums depend on employee’s age and number of employees (group size).
  • Policy can be revived every year.  Group Term policy is ideal to secure lives of employees.
  • Local and Expatriate employees can be covered under policy.

 

 

Description

Sum Assured (MVR): 50,000 / 100,000 / 150,000 per member.

Period of Coverage: One year from commencement (renewable every year).

Who are Covered: Local & Expatriate employees

Annual Premium: Premium per member is shown in excel sheet attached.  

Policy Documentation: Allied will issue a master policy covering all members admitted to the scheme.

Coverage Details: In event of unfortunate death of member due to natural or accidental causes Allied Insurance will pay Sum Assured (MVR 50,000 / 100,000 / 150,000) to the company for benefit of beneficiary appointed by deceased member.

Coverage of Exit and New Entrants: Members who join the scheme after commencement date will be automatically admitted into the scheme. Annual premium will be calculated on proportionate basis e.g. For a Sum Assured of MVR 100,00 a member aged 30 years joining the scheme after 3 months, annual premium for his age = 180, premium payable = 9/12*180 = 135.00. Similarly for members who leave premium will be refunded proportionately.

Documents Required: Statement mentioning name, date of birth, date of joining, ID / Passport No. for each member

Claim Payment: In event of unfortunate death of a member due to natural or accidental causes Allied Insurance will pay claim amount (MVR 50,000 / 100,000 / 150,000) to the company who will in turn pay this amount to beneficiary appointed by member.

Claim Submission: In event of a claim the company will submit letter intimating death of member, death certificate, and police reports (in case of accidental death) or any other document requested by Allied Insurance.

Next Steps?

News and Updates

  • Allied Insurance strengthens their CSR Initiative with New Pledges

    Allied Insurance Company of the Maldives launches new pledges under CSR initiative “Green for Good”. Reaffirming commitment for an environment friendly workspace. The new pledges were launched at the Opening Ceremony of 10to10 Dive held in Angsana Ihuru by Banyan Tree Group’s Sustainability Director and Banyan Tree Global Foundation’s Coordinating Director Dr. Steve Newman.

    August 31st, 2019
  • Ayady Takaful commences “2017 Surplus Distribution”

    Allied Islamic window; Ayady Takaful holds a press briefing session regarding “Distribution of Surplus” for the year 2017. As announced at Allied Special Event 2019, Ayady customers can submit claim forms till 31st March 2019, 4pm. Surplus application forms will be available online from Ayady website; www.ayady.mv as well as from Ayady Customer front office located in H.Orchid (In front of Velaanaage)

    February 11th, 2019
  • Allied Insurance Company welcomes New Managing Director Mr. Mohamed Shafaz

    State Trading Organization plc appoints Mr. Mohamed Shafaz as the new Managing Director of Allied Insurance Company of the Maldives, effective from 31st January 2019. The appointment was made following the resignation of former Managing Director Mr. Ahmed Ameel.

    January 31st, 2019