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Group Life Cover
Group Life Cover
This is a life cover that pays a lump sum in case of death (due to illness and/or accident) of an employee of an organization while in service.
The cover is on 24/7/365 days and is worldwide. The organization gets to choose benefit amount payable e.g. 2 times annual salary per employee, 3 times, 4 times etc. or alternatively a fixed sum assured irrespective of the salary.
The cover can be packaged to include additional cover for:-
- Critical Illness-On first diagnosis of a critical illness, the policy pays to take care of immediate medical needs and manage the illness. Examples of critical illnesses include Heart attack, Coronary Artery Surgery, Stroke, Cancer, Paraplegia, Blindness etc.
- Last expense cover-this cover pays a pre-agreed amount to take care of funeral expenses following death of the employee. The amount is payable within 24 hours of notification of death.
- The premium charged may be based on the total wage roll for the group or on a fixed amount to be paid to a member in the event of death while in service of the employer. The group is not subjected to medical examination except for certain employees where adverse medical conditions are disclosed in the application form.
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