Group Term Assurance

Group Life Insurance policy is taken by hotel and resort operators to cover the lives of employees and can be included in the employee welfare package.

Group Term Assurance is a group life insurance policy 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.

Details:

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

Related Documents