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Group Life Takaful Plan
Group Insurance (Takaful) is a type of insurance plan that covers a group of people, typically employees of a company or members of an organization. It is usually offered as part of an employee benefits package and provides coverage for health, life, disability, or other types of insurance. Group insurance (takaful) is a valuable benefit that helps provide financial security and peace of mind to employees and their families.
Here are some key features of group insurance :
1. Employer-Sponsored : Often provided by employers to their employees, but it can also be offered by associations or other groups
2. Cost-Effective : Premiums are generally lower than individual insurance plans because the risk is spread across multiple members.
3. Administration : Typically managed by the employer or organization, which handles enrollment and premium payments.
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Eligibility:
| Coverage is usually available to all members of the group, often without the need for medical underwriting. | |
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| Types of Coverage | Details |
| Life Insurance: | Provides a death benefit to the beneficiaries of the insured |
| Health Insurance: | Covers medical expenses, including doctor visits, hospital stays, and prescriptions. |
| Disability Insurance: | Offers income replacement if an employee is unable to work due to illness or injury. |
| Dental and Vision Insurance: | Covers dental and vision care expenses |
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(a) Entry age: 18 years to 65 years, (b) Maturity age: Not exceeding 70 years |
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Portability:
Some group insurance plans may offer options for individuals to continue coverage after leaving the group, though often at a higher cost.Bengal Islami Life offers group takaful (insurance) schemes to various groups such as Employer-Employee, Professionals, Co-operatives, and NGOs etc. The main feature of the schemes is 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 takaful (insurance) is usually a service benefit provided by the employer to its employees. -
Features:
The salient features of our Group Takaful Term (GTT) Life, Accidental Death & Disability Takaful (insurance) Plan are described below for your kind perusal:- Death Due to Sickness (GT): The Scheme shall cover the risk of death while in service of an employee occurring anywhere in the world and by any reason (except death due to AIDS/HIV related disease and suicide in the first year of coverage) for an amount (sum assured) as per list to be submitted by you.
- Supplementary Covers: Together with the basic takaful (insurance) scheme described above, one or all of the supplementary covers may be taken on payment of additional premiums.
- Accidental Death Benefit (ADB): An additional sum equal to sum assured is payable on death if caused by accident.
- Permanent and Total Disability (PTD): In case of Total and Permanent Disability resulting from bodily injury directly through accidental means, which prevents the Insured Employee from engaging in any business, occupation or work whatsoever for remuneration or profit and which disability has continued uninterruptedly for a period of at least six months and has been certified to be incurable by a physician approved by the Company.
- Permanent Partial Disability (PPD): In case of a Permanent Partial Disablement caused by an accident, indemnity according to the terms and conditions mentioned in the schedule of benefit shall be payable to the Employer and where applicable, only one sum namely the larger sum will be paid for multiple injuries resulting from one accident.