Group Life Solutions

Group Life solutions of Adamjee Life provides major life coverage with outstanding benefits to be the best service provider in the industry, this plan is for employers who wants to provide the maximum benefits in this competitive world to ensure job satisfaction to their valuable employees. It’s the key to attract and keep quality employees.

Why Group Life Solutions

  • A low-cost, easy to administer policy that can be renewed annually.
  • A single master policy for all employees of the group.
  • Flexibility that shall provide the optimal plan suiting your needs. Insurance cover can be uniform or grade linked with designations, length of service or salaries.
  • Most employees are assured without any evidence of health.
  • Profit Sharing Rider.
  • Premiums are treated as allowable expense for tax purposes.
  • The best turnaround time in case of claims payment which is 5-7 working days after the completion of documents from the claimant.

Plan Details

  • Additional Benefit

  • Reinsurance

Additional Benefit

Accidental Death

Accidental death coverage provides coverage against death due to any kind of accident. The company pays the basic death coverage along with the benefit for accidental death. This is sometimes referred to as the “double indemnity clause”. This rider legally binds the life insurance company to pay the beneficiary double the face amount of the policy if the insured should die in accident. There is a nominal fee for the inclusion of this clause into your policy. Let us suppose you died in an automobile accident in a plane crash or in fact any situation that can be considered an accident, the life insurance company has to pay the additional amount.

Permanent Partial Disability

Total Permanent Disability provides coverage to employees in case of disability by accident, where partial disability on a permanent basis shall be deemed to be complete and irrecoverable physical loss of use of any part of the body specified in the policy. What happens if an insured is only ‘partially’ disable? Partial Disability can come in several forms: perhaps he or she perform some but not all of the major duties of the job, or can work only part-time. Under the definition of total disability, no benefits would be paid. To solve this problem, the ‘partial’ disability concept has been developed. Under a disability provision (either in the policy or available by rider), an insured receives a percentage of income loss the sickness or injury has caused.

Terminal Illness

Terminal Illnesses are those diseases that result in death. This life insurance rider allows the insured to collect a portion of their life insurance policy while they are alive. The insured can claim this rider if he/she is diagnosed with a terminal illness, requires long-term care or admission to nursing home. With these conditions, the insured would most likely be unable to continue work and earn an income. This life insurance rider can help relieve some of the financial burden and medical costs.

On diagnosis of terminal illness 50% of the employee’s sum assured shall be paid to him and the remaining 50% would be paid on death.

Total Permanent Disability

Total Permanent Disability provides coverage to employees in case of disability due to accident or illness that would prevent the insured person from following his/her own occupation or any other occupation which he/she is reasonably suited by education or training.

“Total permanent Disability” means disablement of the Life Insured cause by bodily injury or disease which results in:

  1. The complete incapacity of the Life Insured for an uninterrupted period of one year and at all times thereafter which, in the opinion of the Insurer after consideration of medical evidence satisfactory to it, will prevent the Life Insured from ever from ever again engaging in any gainful occupation.
  2. The Life Insured suffering
  3. Complete loss of both arms or both legs, or one arm or one leg, or
  4. Total irrecoverable loss of sight of both eyes, or
  5. Complete loss of one leg/arm and at the same time total irrecoverable loss of one eye.

The Life Insured must be confined to home or hospital and continue to require regular medical treatment from a medical practitioner.

Critical Illness

The Life Insured must be confined to home or hospital and continue to require regular medical treatment from a medical practitioner.

Funeral Expense

Funeral Expense are the costs of organizing and carrying out a funeral. This riders covers funeral expense when the insured person dies. The Widow or Partner of the policyholder can get a portion of the benefits for the funeral expenses until the full benefit is processed.

Accidental Medical Reimbursement

Commonly referred to as ‘AMR’, the Accidental Medical Reimbursement product is a simple way of ensuring that the financial impact of an accident is limited and the injured person can recover safe in the knowledge that his medical expenses are being taken care of

The insured can claim a reimbursement of the medical expenses he or she incurred as a result of a covered accident.

Group Pay Continuation

Pay Continuation is an insurance plan designed specially to provide monthly income benefit to the employee or the dependents of an insured employee in the event of an employee’s death or disability from the date of death to the date of retirement or up to a specified time period.

Fee Continuation Plan and Child Education Plan

School Fee Continuation Plan for the employees’ children is times of uncertainties, a unique offer that ensures the security of the educational future of the child in case of any misfortune.

Grocery Expense:

This benefit is provided to employees to cover grocery expenses of family in case of the employee’s death.

Coverage Of Contractual Employees:

Adamjee Life provides coverage for contractual employees as per employer’s requirement.

Coverage of Retirees:

Adamjee Life provides coverage for retired employees as per employer’s requirement.

Reinsurance

Munich RE Reinsurance

It is one of the largest reinsurance groups with immense financial strength and provides reinsurance backup globally. It is currently providing services in all lines of insurance and is considered one of the strongest and most trusted reinsurance groups worldwide.

Hannover Re Reinsurance

Hannover Re, with a gross premium of around €22.6 billion, is a European and third-largest reinsurance group in the world. Its headquarters is in Hannover, Germany. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor’s AA- “Very Strong” and A.M. Best A+ “Superior”).

Peak Re Reinsurance

Peak Re is a Hong Kong-based modern and dynamic reinsurer. Their mission is to support the development of the global reinsurance industry with special focus on developing markets.

Reinsurance Provides Three Essential Functions
  • It offers the direct insurer greater security for its equity and solvency, as well as stable results when unusual and major events occur, by covering the direct insurer above certain ceilings or against accumulated individual commitments.
  • It allows insurers to increase their available capacity – i.e. the maximum amount they can insure for a given loss or category of losses, by enabling them to underwrite policies covering a larger number of risks, or larger risks, without excessively raising their administrative costs; and hence our clients do not have to distribute their risk within different insurance company.
  • It makes substantial liquid assets available to insurers in the event of exceptional losses. So that no matter what, the customer does not have to suffer under any circumstances.

Having such a strong and reputable re insurers on board provides Adamjee Life the ability to take up large magnitude of financial risks and provides our clients the peace of mind that under all circumstances they will be taken care of.

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