Group Life Assurance Plan is designed to provide Death in service benefits, which pays out in the event of the member’s death while still a member of the group. The benefits or Sum assured is usually fixed or related to a multiple of one’s annual salary. The benefit is determined by the Employer/Organization because the cost (Life cover premium) is borne by them. Group Life policy is based on the Yearly Renewable Term (YRT) where the premium for the year’s coverage is calculated. The premium is based on the individual’s age and the selected Sum assured. The premium for the whole scheme is the sum of the individual premiums.
The plan has the following additional / supplementary covers:

• Total Permanent Disability cover
• Funeral/ Last expenses cover
• Critical Illness cover
• Disability loss of income cover
• Retirement Plan

The employer could pay the totality of the premiums on behalf of the employees or participate up to a certain percentage considered adequate and the balance to be paid by employees themselves. This policy can serve as a security for loans. Master policy and individual certificates are issued.

Descriptions for the Supplementary Covers

Total Permanent Disability

Total permanent disability is defined as disability resulting from bodily injuries or illness which totally prevents the Assured from engaging in any business or occupation and from performing any work for compensation or profit and which disability has continued uninterrupted for a period of at least six (6) months.

Funeral/ Last expenses cover

The Insurer will pay the benefits as shown on the Scheduleof benefits or the endorsement in the event the Assured decease while in service.

Funeral/ Last expenses cover

Events on which the benefits become payable This benefit shall become payable if it has been diagnosed by a qualified Doctor that during the period of cover the Life Assured has suffered from or developed one of the following diseases:

• Heart Attack
• Coronary Artery Surgery
• Stroke
• Cancer
• Kidney/Renal Failure
• Aorta Surgery
• Replacement of Heart Valve
• Paraplegia - Blindness
• Major Organ Transplant
• Major burns
• Coma

Disability loss of income cover

Disability Loss of Income cover offers financial protection in the case of an Insured’s prolonged incapacity. The level of benefit is related to the Insured’s normal income. For the purpose of this cover, disability is defined as "totally disabled by reason of injury or illness from following the employee’s usual occupation or any other to which he may be reasonable suited by training, education or experience”. The Policy will commence payment of benefit after six (6) months continuous disability. The maximum benefit any Employee may receive from the scheme is 75% of pre-disability monthly salary for two years. Premiums will be waived in respect of an individual who is receiving benefits