Products Group Term Life

Yearly Renewal Group Term Plan Insurance:

In today’s corporate world one of the key factors that determines today’s company value and tomorrow’s future is the people that runs the organization. Research shows that staff members are not only motivated by the financial remuneration provided but also engagement and how the staff members are valued within the organization. Therefore, life insurance benefits has now become a key component of the overall benefit for completeness of a scientifically derived remuneration package to staff members.

The only certainty in life is uncertainty and it’s of paramount importance to ensure that if these uncertainties or risks cannot be eradicated then the impact is minimized. Sickness, accident, or untimely death can pose a great loss to the company but it’s the family that has to suffer the consequence of a loved one and also the financial strain as the staff member may be the only bread winner.

In such cases, the company can face severe dilemma as although the company may wish to provide some support it may not be in line with company policy to do so although it may possess the financial capability to do so.

Considering all these facts, Jyoti Life Insurance Company is proud to present “Group Term Life Insurance Plan” which is a complete, comprehensive and cost effective package for assurance of your staff against Death, Accident, Disability and Illness. This allows the company to completely shift the liability to JyotiLife at a nominal fee.

Benefits and Coverage offered under Group Term Life Insurance Plan:

1. Death Benefit

In the event of death due to any cause of any employee anywhere in the world, death benefit amount is payable to his/her beneficiary. Also, additional benefit equivalent to 10% of the Basic Sum Assured or NRs. 200,000, whichever is lower, shall be payable as Funeral Benefit.

2. Group Personal Accident Benefits

a) Accidental Death Benefit / Dismemberment (Permanent Partial Disability), / Permanent Total Disability (AD D PTD)

  • Accidental Death Benefit (ADB): 

In case of death of Insured Employee due to accident, within 183 days from the date of accident, the additional accidental death benefit sum assured will be payable to such Insured Person less any other amount paid or payable for Dismemberment, Loss of Sight, Hearing, Speech Benefit and Permanent Total Disability.

  • Dismemberment (Permanent Partial Disability) Benefit :

If an Injury results in any of the following losses to the Insured Person within 183 days after the date of the accident, the Company will pay in one lump sum the applicable percentage. Terms and conditions apply.

  • Permanent Total Disability (AD D PTD):

If, as the result of a covered Injury, and commencing within 183 days after the date of the Injury, an Insured Person becomes Totally Disabled, and such disability has continued for a period of 365  consecutive days and if the Insured Person is Totally and Permanently Disabled at the end of this period, the Company will pay the Principal Sum applicable to such Insured Person less any other amount paid or payable for Dismemberment (Permanent Partial Disability) Benefit

b) Accidental Weekly Indemnity – AWI

If, as the result of a covered Injury, and commencing within thirty (30) days after the date of the accident, the Insured Person suffers Temporary Total Disability and remains so continuously for a period in excess of the Elimination Period of 1 week.

The sum assured of this benefit will be paid periodically as Weekly Accident Indemnity to such Insured Employee beginning with the first day following such Elimination Period (if any), for the continuous duration of Temporary Total Disability, but not to exceed the maximum period of fifty two (52) weeks.

c) Accidental Medical Reimbursement – AMR

If, as a result of a covered Injury, and commencing within thirty (30) days after the date of the Injury, an Insured Person shall require treatment by a registered Physician / Nurse / License Pharmacist , or being confined in a registered Hospital, or the employment of a licensed or graduate nurse while at the Hospital.

The Company will pay the Reasonable, Customary and Necessary medical expenses incurred within fifty two (52) weeks from the date of the accident not exceeding the maximum limit of NRP 200,000 as the result of any one accident.

3. Accelerated Group Critical Illness Benefits (GCI):

If the Insured Person is diagnosed to be suffering from any of 15 Critical Illness as mentioned below, the Insurance Company shall pay the amount for which the Insured Person is insured under this benefit up to maximum Rs. 10,00,000. A claim payment under this benefit will reduce the death benefit sum assured by an amount equal to the claim payment under this benefit.

Covered Critical Illness Diseases:

Cancer (All Types of Cancer), Kidney Failure (End Stage Renal Failure), Primary Pulmonary Arterial Hypertension, Multiple Sclerosis, Major Organ Transplant, Coronary artery by-pass graft (with surgery to divide the breastbone), Surgery to Aorta, Heart Valve Surgery, Stroke, Myocardial Infraction (First Heart Attack), Coma, Benign Brain Tumor – of specified severity, Paralysis of Limbs, Parkinson’s Disease – resulting in permanent inability to perform Activities of Daily Living, Chronic Aplastic Anemia – resulting in permanent Bone Marrow Failure

Terms & Conditions

Minimum Group Size 10 members
Age 16 to 65 Years
Policy Term One year term insurance plan and is Renewal at every policy anniversary
Premium Payment Term Single Premium

Benefits & Coverage

Benefits

Sum Assured

Death Benefit: Minimum Rs.10,000

Flat Fixed Amount based on Designation

Multiple of Earnings (maximum 36 X monthly salary)

Funeral Expenses Benefit 10% of Death Benefit, Maximum Rs. 200,000   (Whichever is Less)
Accidental Death Benefit / Dismemberment, Loss of Sight, Hearing, Speech Benefit /  Permanent Total Disability (AD D PTD) Maximum 5 times of Death Benefit or Rs. 5,000,000 (Whichever is Less)
Accidental Weekly Indemnity – AWI 75% of Weekly Salary or 0.75% of AD D PTD Benefit  (Whichever is Less)
Accidental Medical Reimbursement – AMR 20% of AD D PTD Benefit, Maximum Rs. 200,000  (Whichever is Less)
Accelerated  Critical Illness Benefit (15 Illnesses) Basic plan sum assured or Rs. 5,000,000 (Whichever is Less)

Eligibility

  • To be eligible for group cover, a prospective group must be a corporation or cooperative association, registered according to the relevant laws of Nepal.
  • There must be employer employee relationship in the group.
  • Group must have minimum 10 employees.
  • Eligible employee must be full time actively working at the time of insurance commencement.
  • Easy and quick addition, deletion or update mechanism to Group list

Required Documents:

  • Request for Group Proposal, to be filled by the Employer.
  • Company Profile Form, to be filled by the Employer.
  • Enrollment Form, to be filled by each employee at the time of Policy Commencement.
  • Personal Health Declaration Form,
    • To be filled by each new enrolee after the policy commencement
    • If coverage amount exceed Free Coverage Limit.
    • If minimum participation of 75% of eligible employees are not enrolled.
  • Medical Tests Requirement if Sum Assured exceeds Free Coverage Limit and as per Medical Requirement Chart.

For more details;

Corporate Solution Department

Shanta Plaza, Pashupati Road, Gyaneshwor, Kathmandu, Nepal

Phone no. 01-4445947/48/50

P.O.Box No: 19433

Email: [email protected]