Group
Insurance is an instrument for providing life insurance coverage
(protection) to a number of individuals under a single contract
(policy) who are associated together for a common interest other
than insurance. It is the most cost effective means to provide immediate
financial support to an insured member and/or his family in case
of devastating events like-death, disability, disease as well as
retirement. Group Insurance has already established its importance
as a component of “Employee Benefit Package” in Bangladesh.
Exclusive features of Group Insurance are:
Insurance coverage to a number of individuals under a single contract
-
Simple insurable conditions
-
Easy administrative procedure
-
Prompt claim settlement
-
Affordable premium
-
Tax exemption on premium
Delta
Life offers a host of Group-Life Insurance schemes from which an
organization/ employer may choose for benefits of its members/employees,
as may best serve their interest according to organizational setup.
To be treated as a group, the following criteria need to be fulfilled.
-
A “Group” Should comprise of at least 15 members
-
It should be a legitimately organized body
Group
clients of Delta Life Insurance Company Limited include:
-
Semi-Government organization, autonomous bodies
-
Private, Non-Government Organizations (NGO's)
-
Educational & Financial Institutions
-
Public Limited Companies
-
Associations, Business organizations etc
Group
Life Insurance Schemes offered by Delta Life are of two types:
-
Traditional Schemes: for insurance coverage of members/employees
of a group
-
Exclusive Schemes: for insurance coverage of clients of financial
institutions
Traditional
Scheme:
These are the commonly offered “Group-Life Insurance”
schemes and are also known as Basic Schemes: These
are:
- Group
Term Life Insurance Scheme (GT): --------------------------}
Short Term Contract
- Group
Term Life with Premium Refund Scheme (GTR)------ }
- Group
Endowment Life Insurance Scheme (GEN)------------- }
Long Term Contract
- Group
Pension Scheme (GP)-----------------------------------}
There are several variants of Basic Schemes.
Examples of two variants of GTR are
GTR-100/10: Group Term Life with 100% Premium
Refund after 10 years
GTR-50/10 : Group Term Life with 50% Premium
Refund after 10 years
Salient
features of the Basic Schemes:
| Group
Term Life (GT) |
- Insurance
coverage worldwide round the clock.
- Contract,
Initially for three years and is Renewable.
- Simple
Claim procedure
- Prompt
claim settlement upon death of an insured.
- Option
to alter sum assured at any time.
- Exclusion
& Inclusion of members under coverage at
any time.
- Premium
Rate- comparatively lowest among the basic schemes.
- Option
for supplementary covers to enhance benefit.
- Profit
Sharing options for large groups.
|
| Group
Term Life Insurance with Premium Refund (GTR) |
- Insurance
coverage worldwide round the clock.
- Contract,
initially for ten/fifteen years.
- Simple
Claim procedure
- Prompt
claim settlement upon death of an insured.
- Exclusion
& Inclusion of members under coverage at
any time.
- Reasonable
Premium Rate, but higher than GT Scheme.
- Refund
of basic premium (full/partial) on completion of term
or retirement.
- Payment
of Surrender Value in case of Policy
discontinuation & exclusion
- Conversion
Privilege to take Individual Life Insurance Policy
in lieu.
- Option
for supplementary covers to enhance benefit.
|
| Group
Endowment Life Insurance: (GEN) |
- Insurance
coverage worldwide round the clock
- Continuous
Contract, unless terminated by either party
- Simple
Claim procedure
- Prompt
claim settlement upon death of an insured.
- Exclusion
& Inclusion of members under coverage at any time.
- Premium
rate- age dependant and variable
- Payment
of sum assured as per contract on retirement.
- Payment
of Surrender Value in case of discontinuation.
- Conversion
Privilege to take Individual Life Insurance Policy in
lieu.
- Option
for supplementary covers to enhance benefit
|
| Group
Pension Scheme |
- Provides
for quarterly/ yearly pension based on last salary
- Continuous
Contract, unless terminated by either party
- Scope
for taking “Death in Service” benefit.
- Scope
of taking “Joint life last survivor pension”
benefit.
- Scope
for life pension with/without guaranteed payment
period.
- Exclusion
& Inclusion of members under coverage at
any time
- Premium
rate- age dependant and variable
- Payment
of Surrender Value in case of discontinuation
- Option
for supplementary covers to enhance benefit
|
| Features
& Benefits |
Basic
Schemes |
Group
Term Life (GT) |
Group
Term Life with Premium Refund (GTR) |
Group
Endowment Scheme (GEN) |
| Age
Limit for Insurance Coverage |
18
years to 60 Years |
18
years to 60 Years |
18
yrs. to the age of retirement (max. 60 yrs) |
| Duration
of Contract |
3
years in each spell |
10
years or 15 years in each spell |
Continuous
Contract, if not terminated |
| Scope
for Inclusion & Exclusion |
Yes |
Yes |
Yes |
| Scope
for Alteration of Sum Assured |
Yes |
Yes |
Yes |
| Premium
Rate |
Single
& Fixed (irrespective of age), Low |
Single
& Fixed (irrespective of age) |
Variable;
age dependant premium rate |
| Benefits: |
| Death
(payment of Insured amount on death) |
Yes |
Yes |
Yes |
| Maturity
Benefit |
None |
None |
Payment
of Sum Assured as per contract
during retirement |
| Premium
Refund |
None |
Refund
of Premium as per contract on retirement or completion of
term. Payment of surrender value in case of non
completion of term |
None |
| Profit
Share |
Provided
to large groups only |
None |
None |
| Supplementary
Covers e Basic Scheme |
Optional |
Optional |
Optional |
(On
payment of additional premium)
i) Accidental Death Benefit (ADB)
ii) Permanent Total Disability (PTD)
iii) Permanent Partial Disability (PPT)
iv) Dismemberment Benefit (DB)
v) Major Disease Benefit (MDB) |
All
or any one of those may be taken
except DB which is offered only with ADB |
All
or any one of those may be taken except DB which is offered
only with ADB |
All
or any one of those may be taken except DB which is offered
only with ADB |
Supplementary
Covers:
To provide insurance protection against few devastating conditions
other than death, and to enhance insurance benefit in case of sudden
accidental death, several Supplementary Covers are offered along
with basic schemes. Supplementary covers include:
- Accidental
Death Benefit (ADB): Provides for double sum assured
in case of accidental death.
- Permanent
and Total Disability Benefit (PTD): Provides for full
sum assured on happening of defined risks.
- Permanent
& Partial Disability Benefit (PPD): Provides for
certain percentage of the sum assured as per schedule on happening
of the defined risks.
- Dismemberment
Benefit (DB): Provides for a certain percentage of
Sum Assured as per schedule on happening of the defined risks.
It is only offered with ADB.
- Major
Disease Benefit (MDB): Provides for 25% or 50% of S.A.
upon diagnosis of a few specific life threatening diseases
Exclusive
Schemes:
These are schemes, especially designed for financial institutions,
in order to secure their investment and adorn the product to make
it attractive to customers as well as to protect interest of the
client. Few examples are:
Home Loan Insurance: e.g; Scheme for “Home
Loan Borrowers” of Delta Brac Housing
Depositor’s Insurance: e.g; Scheme for “Smart
Plant” Depositors of Dhaka Bank Ltd
Premium:
For traditional schemes: Premiums are usually payable annually in
advance before commencement of insurance.
For exclusive schemes: A single premium is payable for the whole
period of coverage before commencement of insurance.
**Details
about the schemes are provided with “Insurance Proposal”
**
How to get a Group Life Insurance Proposal?
For Proposal: fill in the Proposal
Request Form and send it to us at our contract address
For Quotation: fill in the “Proposal Request Form” and
send it to us at our contract address accompanied by the list of
members to be insured with following details.
Sl.
No. |
Name |
Designation |
Date
of Birth |
*Sum
Assured |
| |
|
|
|
|
*
if sum assured depends on salary, mention salary and desired multiple
to determine SA
o Claims are settled to the concerned organization. |
