Group Life Plan

The group life plan is a simple annual Master Policy issued to cover a group of persons, under which a company can become a policyholder on behalf of its employees. Via this arrangement each employee receives a certificate as evidence of their participation in the plan.

The main purpose of a group life plan include

• To provide benefits in the event of the death of an employee.
• Making funds available for last illness and burial expenses.
• To enables the company to provide financial assistance to the family

Key Advantages

• Full Tax relief is granted on the premiums paid.
• Cost of coverage lower than an individual plan.
• No evidence of insurability medical test is necessary, only required if the cover exceeds the free cover limit.
• Your company is able to attract and retain high quality employees.
• You can assist employees, without accessing current income.
• Provides a full proof 24 hours cover against death/disablement resulting from accident and diseases.

Who pays the cost of the insurance cover and is it expensive?

• Company bears the full cost of cover, which is decided by the benefits included in the plan and the composition of the group.
• Full tax relief is granted on the claims proceeds paid by the Company.
• Administration costs of group coverage are less; premium rates are lower than on individual policies.

How are the benefits under the plan determined?

The sum assured on each employee can either be a fixed amount for each employee, or an amount related to the employee's salary.