This is a cost-effective yearly renewable term, non-participating, voluntary participation group insurance scheme specially designed for corporate employees and association members.
Participating employees or members will have a choice of 4 plans with different monthly premium amount to chose from. Monthly premium selected shall be deducted by the participating corporation or association HR or Finance department at source and remit to Forte Life Assurance.
This unique plan allows the participant to secure high protection at low cost. In addition, it also helps the participant to accumulate his own retirement funds at age 60. Furthermore, it allows participant an option to extend the coverage to their spouse and children too.
COVERAGE / PLAN
What are the covers and benefits provided?
The Forte Comprehensive Group Insurance provide participating members the following coverage and benefits:
Death benefit due to any cause – Lump sum payment equal to the sum assured.
Death benefit due to accidental cause – Lump sum payment equal to the sum insured which is equal to 200% of the death sum assured.
Total Permanent Disablement (TPD) due to illness or accident– lump sum payment equal to the sum assured.
Funeral expenses at USD 1,000 flat for all plans due to any cause of death except USD 5 plan at USD500.
Accumulated cash benefit (ACB) – The monthly premium collected shall be deducted against risk charge and all other applicable insurance expense. Any surplus amount will be deposited with Forte for accumulation and growing at an annual rate which will be declared by the company on a yearly basis.
For age 50 last birthday and above, all types of coverage and benefits will be adjusted to 75% of the selected sum assured. Monthly premium amount remains unchanged.
How much premium do I have to pay?
You have a choice to select a plan with minimum monthly premium at USD 5 to max USD 20. Your recommended total monthly premium contribution which consist of you, spouse and children if applicable should not be more than 10% of your monthly Gross income to ensure the plan selected reflect your needs and the family financial well being is well taken care of.
The minimum monthly premium is USD 5.
This product is applicable to life assured with standard risk only. Life assured with sub-standard risk will not be considered.
The premium will be deducted monthly by the employee’s HR or the member’s organization till age 60 or the employee resign, membership terminate date whichever is earlier.
Grace period: HR or the member’s organization are given 30 days of grace period after the due date to make your premium payment direct to Forte Life.
What are the major exclusions under this policy?
If the life assured whether sane or insane, commits suicide within twenty-four (24) months from the issue date or the reinstatement date, whichever is later, this policy shall become void and we shall return the premium after deducting any amount due to us under this policy.
Death benefit not payable if death resulted from committing or attempting to commit a criminal offence
Total and Permanent Disablement (TPD)
There are circumstances where TPD is not covered, for example:
Any attempt at suicide, whether sane or insane, or any intentional self-inflicted injuries;
Commission of a criminal act;
Under the influence of intoxicating liquor or as a result of drugs or substance abuse;
Acquired Immune Deficiency Syndrome (AIDS) or any complications associated with infection by the Human Immunodeficiency Virus (HIV)
You will not be covered for accidental death if it is due to an excluded event, for example:
Self-destruction or any attempt thereat or self-inflicted injuries while sane or insane;
Intoxication by alcohol or drugs/narcotics
Violation or attempted violation of the law or resistance to arrest;
Racing of any kind except on foot.
What are the fees and charges I have to pay?
All fees, charges and taxes are computed into the policy life insurance premium. There is no additional payment required from the policy owner.
What are some of the key terms and conditions that I should be aware of?
Importance of disclosure – you must disclose all material facts such as medical conditions, and state your age correctly
Free-look period – You may cancel the plan by returning the certificate within fifteen (15) days from the date of delivery of the certificate if the policy coverage does not meet your original intended purpose. The premium that you have paid (less any medical fee incurred, if any) will be refunded to you.
The accumulated cash benefits (ACB) balance at any one year will depend on your age risk charge, applicable insurance expense and the annual dividend rate declared by the company yearly.
If you cancel your plan before you attain the age of 60 or due to resignation from company or association, the ACB balance will be refunded to you. But, no ACB will be refunded for the first 12 months from effective date as stated in the certificate of insurance.
You should satisfy yourself that this plan will best serve your needs and that the premium payable under this product is an amount that you can afford for the whole duration of the contract.
All proposals are subject to underwriting approval.
Can I cancel my policy?
You may cancel the plan by giving a written notice to Forte Life Assurance (Cambodia) Plc. However, buying life insurance is a long-term financial commitment for the benefit of your family members. Therefore, it is advisable to consider very carefully before deciding to cancel the plan.
If you do not pay your premium within the grace period, your plan will lapse and the company will refund you the ACB balance should your plan already in force for more than 12 months.
What do I need to do if there are changes to my contact details?
Please contact Forte Life Assurance (Cambodia) Plc if there are any changes in your contact details to ensure all correspondence reach you at a timely manner.
Notification to Forte Life within 30 days in the event of loss
Submitted required claim document within 90 days
Claims will be processed and settled within 10 working days after summit all complete documents
For more information, please contact our claim department at Claim Department at 081 885 399 firstname.lastname@example.org