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 Group Term Life Insurance
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Basic Cover - Group Term life
insurance
May be extended to cover Total & Permanent Disability (TPD), Accidental Death & Disablement Insurance (AD&D) and Critical Illness (CI).
Group Term Life - To provide a cash payment to the beneficiary of
an insured employee in case passing away in the course of the covered period as the result
of illness or accident.
Group TPD - To provide an accelerated benefit to the covered employee
if qualifies for the Definitions of Disability due to illness or accident. The benefit
will be payable in 5 equal annual installments or in lumpsum payment which will be
determined by the Employer before implementation. In case any employee is qualified for
TPD payment, such employee will be deleted from the Master Policy at the same time.
Group AD&D - To provide additional benefit to the covered employee
if suffers from loss of life or part of the body in accordance with the Schedule in the
AD&D Rider as the result of accident. The benefit will be payable in one lumpsum
to the employee or the beneficiary of the employee, as the case may be.
Group CI - To provide an accelerated life benefit to the covered
employee if one suffers from one of the specified critical diseases.
The benefit will be paid in one lumpsum and such payment shall reduce the Life sum assured.
Insurance Amount -
1. By multiple of Basic Monthly Salary (BMS). i.e. 12, 24 or 36 X BMS.
2. By Catergories of Position. i.e. HK$200,000 for general staff, HK$500,000 for middle
management and HK$1 Million for senior management.
3. A flat amount for every body. i.e. HK$200,000 or any amount.
Conditions -
1. A company registered in Hong Kong SAR with 5 employees and above could be eligible.
2. The Basic Coverage is Group Term Life Insurance(Life). TPD, AD&D and/or CI may be
extended by additional premiums.
3. The premium rate(s) will be calculated according to the insurance amount, age, sex
and job nature of proposed employees. Once implemented, the premium rate(s) will be
valid for one year.
4. A Guaranteed Issue Limit (GIL) will be offered to any group with 10 employees up.
If any individual insurance amount is greater than the GIL, the acceptance of excess
amount will be subject to satisfactory Health Declaration and/or Medical Examination Reports.
5. The benefit payment of all coverages mentioned above shall be governed by terms, conditions,
limitations and exclusions as stipulated in Master Policy documents and supplementary riders,
if any.
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