We believe in any corporation, employees are the most valuable asset to a company. Keeping employees happy and motivated is a key component of growing your business in highly competitive market. What if something unfortunate happens to them resulting in the loss of employment capability; what will happen to their family members and their loved one’s financial well-being.
To protect your company’s talents, we especially designed a tailored-made Group Term Life insurance product to all the caring and responsible employers. Group Term Life is a yearly renewable term assurance product with low premium and high protection sum assured. It allows one lump sum payment to the corporate employee’s family if something unfortunate (a covered event) happens to a corporate employee.
COVERAGE / PLAN
What advantages group term life product has to offer?
Cost-Effective and Affordable Premiums – Since this is a compulsory Group insurance plan, the premium quoted is the most cost effective as compared to any types of life insurance.
Customized Group Insurance Plan – The corporate employer is given the freedom and flexibility to design and reward the employee with extra benefits as per their age, salary, position and seniority in the company.
Minimum Medical Examination – Medical free limit or sum assured that does not require medical examination for acceptance on Group Term Life plan is much higher than the individual life plan. Therefore, it is simple and hassle-free to enroll in the Group plan.
Worldwide 24-hour Coverage – The Group Term Life plan offers worldwide 24-hour coverage as per the insured events.
Tax Benefits – The Group Term Life insurance premium is an expense allowable as a tax-deductible item.
How to calculate the sum assured for my corporate employees?
You can choose to insure all your full time, active working employees with one of the following 3 methods:
Insure all your corporate employees with the same assured amount irrespective of their position.
Example: USD 10,000 sum assured for each and every one of your employees.
Insure your corporate employees with different sum assured as per their position or seniority.
Example: USD 30,000 for managers, USD 20,000 for officers and USD 10,000 for non-officer workers.
Insure all your corporate employees based on their monthly salary multiplied by 12, 24 or even up to 36 times.
Example: The manager’s monthly salary is USD 1,000. Employer is insuring all staff at 24 times of their monthly salary, sum assured suggested is USD 24,000.
There is a lot of flexibility for the corporate employer to tailored made your own plan based on your employee’s sum assured depending on your size, company structure and financial budget.
In addition, the corporate employer has the flexibility to add on new employees joining the company and remove those who resign on a monthly basis. By doing so, all active, working, full time employees will be covered once the plan starts.
What are the major exclusions under this policy?
Not Payable Cause of Death
The life assured, whether sane or insane, commits suicide within twenty-four (24) months from the Insurance effective date
Death as a result of committing or attempting to commit a criminal offence
Total & Permanent Disablement (TPD), and Accidental Partial & Permanent Disability Benefit
The Company shall not cover any loss or disability on the Insured Person that is caused directly or indirectly, wholly or partly, by any of following events:
Suicide, attempt suicide, or self-inflicted injury, while sane or insane;
While the Insured Person is positive for the Human Immune Deficiency Virus (HIV) infection, or has any Acquired Immune Deficiency Syndrome (AIDS), or AIDS related diseases;
War (whether declared or not), invasion, act of foreign enemy, civil war, revolution, insurrection, civil commotion, riot, strike, popular rising against the government, and terrorism;
While the Insured Person is committing a felony or while the Insured Person is being arrested, under arrest, or escaping the arrest;
While boarding, alighting from or travelling as a passenger in an aircraft which has no license for carrying passengers and does not operate as a commercial airline;
While the Insured Person drives or performs duties as a crew of any aircraft;
While the Insured Person performs duty as military, police or volunteers and participate in the war or crime suppression;
Any known defective physical impairment, illness or injury which is not informed or notified to the Company before the date the Insured Person first became eligible for the Insurance;
Injuries arising from the actions of an Insured Person while under the influence of alcohol or drugs of harmful nature, to the extent of being incapable of controlling senses. For the purposes of this part, any blood alcohol level exceeding 0.8grams per liter in blood will be definitive as under the influence and no claims shall be payable under any circumstances whatsoever.
Additional Accidental Death Benefit (ADB)
No Accidental Death Benefit will be payable if Accidental Death of Insured is caused directly or indirectly wholly or partly, as a result of following events:
the Insured Person committing any breach of law;
the Insured Person being under the influence of alcohol or drugs other than in accordance with the direction of a registered medical practitioner.
the Insured Person’s self-inflicted injuries whether sane or insane,
the Insured Person taking part in any naval, military or air force operation during peace time,
the Insured Person participating or training for any dangerous or hazardous sport or competition or riding or driving in any form of race or competition,
the Insured Person’s suicide, whether sane or insane,
the Insured Person participating in any aviation, gliding or any form of aerial flight other than as a fare paying passenger of a recognized airline on a regular route and on a scheduled timetable,
Death occurs as a result of war, invasion, civil war, rebellion, or riot.
How does group term life work?
The plan can be starting from a group of minimum 10 employees with different type of coverage that you can choose from:
Death due to all causes
Death due to natural causes or illness only
Accelerated Total and Permanent Disability Benefit (TPD)
Not enough protection? We have more Additional Benefits you can add on:
Additional accidental death benefit (ADB)
Accelerated Additional partial and permanent disability benefit (PPD)
This is a compulsory participation plan open to all full time and active working corporate employees.
Minimum age of entry – 18
Maximum age of entry – 65
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 email@example.com