Group Life and Disability Plan

Like all well run companies, yours will rely on your people to succeed. It’s therefore crucial to offer the best benefits package you can, to attract talented people and to retain a motivated workforce. It’s also worth remembering that many employees today see these benefits as a key consideration when assessing the employment market.
The key to the success of any business lies in the strength of its people. Your employees’ well-being and job satisfaction is vital to the growth and prosperity of the organization. Recent surveys indicate that employee benefits are increasingly becoming the criteria that employees value most when looking for a job.

If you are looking for a customized solution, we can offer a host of benefits that you can pick and choose from, to create a plan to suit your unique requirements. We also offer Pre-packaged Plans for small to medium size employers.

Basic Life Cover (Death due to any cause) :
This provides a lump-sum payment in the event of death due to any cause of any employee anywhere in the world, including :
We offer 3 types of Basic Life Cover plans:

A. Multiples of Salary Plan
In this plan, the benefits are determined by a multiple of the employee’s earnings – be it 12 / 24 / 36 or even 48 or more multiples of monthly gross or basic.

B. Flat Amount Plan
– The amount of insurance is identical for all eligible employees.

C. Class Plan
– In a “class schedule”, the amount of insurance varies according to the occupation or salary level classification.

You can attach one or more of the following riders or supplementary contracts to the Basic Group Life cover:

Accidental Death (AD) Benefit : This rider usually provides a double indemnity in the event of death due to an accident. Coverage is usually equivalent to the life cover.

Permanent Partial Disability (PPD) : This benefit becomes payable if an employee becomes partially disabled, on a permanent basis, as a result of Sickness or Accidental bodily Injury. A percentage of the coverage amount is paid based on the extent of disability.

Temporary Total Disability (TTD) – (Due to Accident only) : An employee sustains an injury through accidental means and due to such injury is unable to perform duties pertaining to his occupation, this benefit provides PKR 3,000 installment fortnightly for up to twelve months

If an employee becomes totally disable due to an accident or disease and is prevented from engaging in any business or occupation for remuneration or profit and he dies within the next twelve months, this benefit pays a lump-sum death benefit equal to the amount of his Life Insurance.

If an employee becomes terminally ill and his life expectancy is diagnosed to be twelve months or less, this benefit pays an advance of fifty percent of his Life Insurance amount up to a maximum of Rs. 1,000,000.

A Voluntary Life Plan program offers the group members an opportunity to purchase group term life coverage on payroll deduction basis.  This programs offer an important option for employees who wish to increase their life insurance coverage.

Basic Life Coverage is required to offer this benefit and quotation must depend on meeting the minimum requirement

Dependent Life Insurance is designed to provide a lump-sum benefit in the event of the death of an insured dependent.

Credit related insurance is generally designed to fulfil an individual’s loan obligation or any other financial obligation that requires regular payment for purchasing a certain type of service in the event the individual cannot pay his obligations if a specific insurable event occurs such as loss of life & permanent disability.  It provides a specific level of insurance protection over a specific period of time. Benefits will satisfy or reduce a debt obligation when an insured individual incurs a valid claim as defined by the policy.

This generally involves the marketing of voluntary term life insurance coverage to a large number of potential customers. This product is typically marketed through either an association or members of an affiliation, financial services company (ex., bank, credit card, etc.) rather than an employer.

Last updated Thursday 18th April 2024