Prime Islami Life Insurance Limited

Group Insurance of Prime Islami Life Insurance Limited

•SHARIAH based company along with the ISO certified and having sound financial health for Claim Paying ability evidenced by Credit rating as A+
• Dedicated account manager with round the clock coverage
• Can tailor the coverage scheme as per your requirements
• Significantly low costs
• Cost sharing with the employer.

Group Insurance Products

Group insurance is a cost effective way of providing protection against the financial losses caused by death, disability or retirement to a group of individuals who are associated with the policyholder by some common relationship other than insurance. Prime Islami Life offers group insurance schemes to various groups as follows:

• Semi-Government organization, autonomous bodies
• Private, Non-Government Organizations (NGO's)
• Educational & Financial Institutions
• Public Limited Companies
• Associations, Business organizations etc.
• Garments and Other Industries
• Foreign Mission, Airlines

The main feature of the schemes are low premium, simple insurable conditions such as employee not being absent from duty on grounds of ill health on the day of entry, and easy administration by way of issue of a single master policy covering all the employees/members. Group insurance is usually a service benefit provided by the employer to its employees.

Choice of Scheme

• Group Term Life Insurance Scheme
• Group Term Premium Refund Insurance Scheme
• Group Endowment Insurance Scheme
• Exclusive Scheme for open the window of any other financial Products

We offer several Supplementary covers, which you can include with your basic insurance coverage to get even more return. These Supplementary products are as follows:

• Accidental Death Benefit (ADB)
• Permanent & Total Disability (PTD)
• Permanent & Partial Disability (PPD)
• Major Disease (MD)
• Critical Illness (CI)

Group Insurance Products

1. Group Term Life (GT):

a.Scope: The Scheme shall cover the risk of death while in service of an employee occurring anywhere in the world and by any reason for an amount (sum assured) as per list to be submitted by employer.
b. Duration: The scheme for which premiums are payable yearly shall be for a period of 3 (three) years initially and thereafter may be extended for further period(s) on mutual agreement.
c. Profit -Sharing Rebate: At the end of three years period if there arises a profit under the scheme i.e., if the resultant is positive after deducting management expense(s) and all claims from the total premium then a part of the resultant (depending on the number of employees) is allowed as rebate and credited against the renewal premium of the scheme. Profit sharing rebate is allowed for organizations having more than 400 insurable employees.

2. Group Term Life Insurance with Refund of Premium:

a. Scope: Provides for the stated sum assured at death by any reason of a member while in service. In case of survival of an insured employee to retirement age, 100% or 50% of all premiums paid on his account shall be refunded with or without profit as per choice of the employer.
b. Duration: Initially the contract will be concluded for 10 years after which it may be continued for further period(s) on terms and conditions as may be mutually agreed. This scheme could be taken for a fixed term of 10, 15 or 20 years.
c. Surrender Value: The policy accrues surrender value only after payment of at least two annual premiums.

3. Group Endowment Insurance:

a. Scope: Provides for payment of full sum assured at death by any reason of a member while in service. In case of survival of an insured employee to retirement age, 100%, 50% or 25% of respective sum assured shall be paid with or without profit as per choice of the employer.
b. Surrender and Paid-up value: The scheme acquires paid- up and surrender values after at least two annual premiums have been paid.

Who can take the scheme?

Any organization, institution, Professionals or NGO having at least 15 employees/members can take a group insurance scheme.

How the Employer Benefits?

Most employers provide group life/hospitalization insurance as a service benefit. By providing employees with a plan of group life/ hospitalization insurance coverage, an employer derives the following benefits:

• Group Life Insurance protects Employers investment when an employee becomes ill.
• It contributes to employee morale and productivity.
• It helps to recruit and retain employees.
• Creates a sense of gratitude towards the employer.
• Employer can obtain a Tax deduction for the cost of contributing to the plan.
• Employer's public and employee relations image is enhanced.
• Creates an organization brand.

How the Employee Benefits?

Individuals and families have a great need for life and health insurance plans. Unfortunately, many people are unable to purchase individual coverage because of preexisting medical conditions and/or the high cost of purchasing insurance. Therefore, many people rely on employer-sponsored plans as their sole source of life and health insurance. An employer- sponsored plan provides the following benefits for employees:

• Opportunity to obtain basic coverage for all without evidence of insurability.
• Virtually all members of a given group may be insured, regardless of their prior health history.
• Assurance of financial security in case of catastrophic events like death or disability.
• If the plan is contributory, the employee usually pays a lower rate per unit of benefits than is available with individual coverage.
• If the plan is noncontributory, the employer pays for coverage that employees would otherwise have to pay for with personal money.

How to take the scheme?

• Simply, we need a formal letter from you asking quotation for group insurance scheme along with a list of employees/members to be insured giving following particulars:

SL NO.	Name	Designation	Date of Birth/Age	Monthly Basic *Pay	Sum Assured

• * If the sum assured does not depend on monthly basic pay (i.e., sum assured depends on designation/class of employment), then this column should be ignored. Otherwise, fill up basic pay column and state Sum Assured as a multiple of 12, 18, 24, 30, or 36 times of monthly basic pay.
• Prime Islami Life will then calculate the premium rate and submit the quotation. On receipt of premium Prime Islami Life issue 'Cover Note' taking the risk of life and subsequently arrange to sign a formal Group Insurance contract accordingly.

How to Pay the Premium?

• Premium is payable in advance before commencement of risk preferably by an A/C payee cheque/PO/DD/EFT in favour of the Company or by cash at our Head Office. However, for payment of renewal premium one month's grace period is allowed.

Claim Procedure

Claim procedure is very simple under a group insurance scheme. Usually we need following documents at the time of processing a claim:

• A formal request letter from the organization in respect of the (death/disability) claim.
• A certificate from the organization to the effect that the insured member was in service till his death/disability.
• An attested copy of age proof certificate issued by a competent authority (Usually S.S.C, in absence service record).
• A death certificate issued by the last attending physician - usually from a registered doctor, Hospital or Clinic.
• In case of accidental or unnatural death/disability, an attested copy of the First Intimation Report (FIR) along with an attested copy of the post-mortem report (if post-mortem has been done). If the post-mortem is waived then the documentary evidence of such waiver by a lawful authority must be submitted.

All claims are settled by an account payee Bank Cheque in the name of the employer unless otherwise mentioned in the group insurance contract.

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