This coverage will provide a benefit to the beneficiaries if the covered individual dies during the defined covered period. As with other types of group benefits, group term life insurance is generally cheaper than comparable individual policy coverage. For this reason, group term life insurance is often a key component in employee benefit packages.
This benefit is payable on death from illness (natural causes) or accidental. The amount payable, called the sum assured, is either a fixed sum for all members in a particular category as predetermined by the employer or is determined as a multiple of the annual salary as set by the employer. The benefit is normally paid out as a lump sum to either the employer or the designated beneficiaries of the deceased employee / member.
• Basic Life cover - Natural / Accidental death
• Personal Accident Cover
• Accidental Death - An additional amount equal to the Basic Life Cover will be paid in the event of accidental death.
• Permanent Total Disability - If an employee becomes totally and permanently disabled due to an accident or a sickness, thus preventing him / her from following any occupation, an amount equal to Accident cover will be offered.
• Permanent Partial Disability - A percentage of accident cover will be paid if an employee becomes permanently partially disabled.
If a member contracts a specified critical illness for the time (the first diagnosis). The specified illnesses are cancer, kidney failure, Paraplegia, heart attack for the first time in their life, Stroke, Coronary artery bypass surgery, and major organ transplant, etc. the accepted Critical illness sum assured will be payable.
• Financial assistance for 36 critical illnesses
• Lump sum payment on a diagnosed critical illness, after 30 days of survival date of diagnosis.
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