Group Life Insurance
- This kind of policy is issued for the employer covering groups of his employees who are in the factory or workshop. Also employee can apply him/her self.
- During the term of policy if the insured employee dies or sustains injury, the benefits is payable through the employer to the beneficiary or the worker.
- The medical examination for group insurance is only required depending on the sum insured and age of the worker.
- As this is a type of term life policy, it can be renewable yearly before the end of the term of the policy.
- If any worker of the issued group quits the job or dismissed from the work, the employer can replace with another one and moreover he can also add new worker the scheme.
- In effecting the group life insurance policy:
a. Minimum number of workers - 5 b. Age Limit - 18 years to 60 years - Insured individuals must look healthy. - Worker who wants to insure Kyats (3) million and less, can buy this policy without medical examination. - If any worker who wants to insure more than Kyats (3 ) million, must have medical examination by specialist doctor. c. Sum insured (per worker ) - From minimum 10,000MMK to maximum 5,000,000MMK d. Policy term - 1 year e. Payment of premium - payment of premium must be made lump sum f. Premium rate - 1% (of Total Sum Insured for each individual) g. Commencement of policy - with effect from the date of payment of premium h. Renewal of the policy - policy is renewable before the end of the term i. If the insured worker - 1) quits the job
2) is dismissed form the job, all the benefit will forfeit with effect from that date.
j. During the policy term if the insured worker quits or is dismissed or moves to other place, the employer has the right to replace with same condition and coverage. The employer should add the beneficiary of the new employee to the list. k. Benefits - 1) death benefit
2) injury benefit
3) total permanent disability benefit
- Death Benefit – If any worker, included in the list dies during the term, the insured amount will be paid to the beneficiary the employer by lump sum.
- Injury Benefit – If any worker, included in the list is injured during the term, the compensation will be paid according to the scale of compensation prescribed by the IBSB. The amount of benefit will depend on the recommendation of the doctor.
Extent of Injury Sum Insured (Per Worker) a. Total loss of all sight of one eye 50% b. Total loss of one hang 50% c. Total loss of one foot 50% d. Total deadness of one ear 25% e. Total deadness of one ear 25% f. Total deadness of one ear 25%
- Total Permanent Disability - If any worker, include in the list., becomes permanently disable during the term to policy the fill amount of sum insured will be paid.
- The group life policy does not cover the following –
a. Suicide b. Abuse of drug c. If any worker dies or sustain injury after he quits the job or is dismissed from the job; the compensation for death or injury benefit will not be paid. d. If any worker die or sustain injury because of criminal commitment, the benefit will not be allowed. e. If the worker dies or sustain injury due to the infliction, the benefit will be disallowed.