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GROUP INSURANCE




GROUP INSURANCE

 

Group Insurance is an instrument for providing life insurance coverage (protection) to a number of individuals under a single contract (policy) who are associated together for a common interest other than insurance. It is the most cost effective means to provide immediate financial support to an insured member and/or his family in case of devastating events like-death, disability, disease as well as retirement. Group Insurance has already established its importance as a component of “Employee Benefit Package” in Bangladesh.   

 

-> supplementary cover
-> Group Hospitalization Plan

Exclusive features of Group Insurance are:

 

1. Insurance coverage to a number of individuals under a single contract
2. Simple insurable conditions
3. Easy administrative procedure
4. Prompt claim settlement
5. Affordable premium
6. Tax exemption on premium

National Life offers a host of Group-Life Insurance schemes from which an organization/ employer may choose for benefits of its members/employees, as may best serve their interest according to organizational setup.

To be treated as a group, the following criteria need to be fulfilled:

• A “Group” Should comprise of at least 15 members
• It should be a legitimately organized body
• Group clients of National Life Insurance Company Limited include:
• Semi-Government organization, autonomous bodies
• Private, Non-Government Organizations (NGO's)
• Educational & Financial Institutions
• Public Limited Companies
• Associations, Business organizations etc.
 

Salient features of the Basic Schemes:
• Insurance coverage worldwide round the clock.
• Contract, Initially for three years and is Renewable.
Simple Claim procedure
Prompt claim settlement upon death of an insured.
• Option to alter sum assured at any time.
Exclusion & Inclusion of members under coverage at any time.
Premium Rate- comparatively lowest among the basic schemes.
• Option for supplementary covers to enhance benefit.
Profit Sharing options for large groups.

 

Group Term Life Insurance with Premium Refund (GTR)

• Insurance coverage worldwide rounds the clock.
• Contract, initially for ten/fifteen years.
Simple Claim procedure
Prompt claim settlement upon death of an insured.
Exclusion & Inclusion of members under coverage at any time.
Reasonable Premium Rate, but higher than GT Scheme.
Refund of basic premium (full/partial) on completion of term or retirement.
• Payment of Surrender Value in case of Policy discontinuation & exclusion
Conversion Privilege to take Individual Life Insurance Policy in lieu.
• Option for supplementary covers to enhance benefit.

Supplementary Covers:

To provide insurance protection against few devastating conditions other than death, and to enhance insurance benefit in case of sudden accidental death, several Supplementary Covers are offered along with basic schemes. Supplementary covers include:

Accidental Death Benefit (ADB): Provides for double sum assured in case of accidental death.

Permanent and Total Disability Benefit (PTD): Provides for full sum assured on happening of defined risks.

Permanent & Partial Disability Benefit (PPD): Provides for certain percentage of the sum assured as per schedule on happening of the defined risks.

Dismemberment Benefit (DB): Provides for a certain percentage of Sum Assured as per schedule on happening of the defined risks. It is only offered with ADB.

Major Disease Benefit (MDB): Provides for 20%, 25% or 50% of S.A. upon diagnosis of a few specific life threatening diseases

How to get a Group Life Insurance Proposal?
For Proposal: fill in the Proposal Request Form and send it to us at our contract address
For Quotation: fill in the “Proposal Request Form” and send it to us at our contract address accompanied by the list of members to be insured with following details.
 

Sl. No.

Name

Designation

Date of Birth

*Sum Assured

 

 

 

 

 

 

If sum assured depends on salary, mention salary and desired multiple to determine SA.

 

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Group Hospitalization Plan


Health Insurance is now considered indispensable in developed countries. In the present financial-social perspective of Bangladesh as well, Health Insurance has now become an essential, dependable, acceptable and the most cost effective means to make the modern treatment facilities affordable to all socio-economic classes of people, especially the fixed income group.

National Life Insurance Company offers Health Insurance schemes, which are as follows:
   

Hospitalization (In-patient) treatment coverage plans
Hospitalization Insurance Plan (Group)- offered to Members of a group and their dependants (if desired)

Expenses Covered under Hospitalization Insurance Plans:
* Hospital Accommodation
* Consultation Fee
* Medicine & Accessories
* Medical Investigations
* Surgical Operation and
* Ancillary Services like Blood Transfusion, Ambulance Service, Dressing etc.

General Features of the Scheme

• No need for preliminary Medical Examination during enrolment.
• Treatment coverage round the clock inclusive of Accidents and Emergencies.
• Coverage offered to Bangladeshi National as well as resident foreigner.
• Treatment at any renowned hospital or clinic by consultant of own choice.
• Preferential service at Designated Hospital.
Reimbursement of expenses for treatment at non-designated hospital.
Membership ID Card for each insured to facilitate preferential services.
• Option for Maternity Benefit and Overseas Treatment coverage.
Provision for inclusion of Spouse & Children under the plan.
Provision for inclusion of new member under the plan.
• Coverage up to 60 years.
 

Benefit Schedule
The total hospitalization expenses payable to each Insured Member shall be limited to the maximum benefit as mentioned in the following Benefit Schedule:
 

Plan Type

Plan A

Plan B

Plan C

Plan D

Overall annual limit for each Insured

Tk.1,00,000

Tk.75,000

Tk.50,000

Tk.25,000

Hospital stay per confinement (Max.)

25 days

20 days

17 days

12 days

Room accommodation (per day)     

1,200

1,000

800

500

Consultant’s fee (per day)

800

700

500

300

Routine Investigation

(Actual Expenditure or Maximum)

1,000

1,000

1,000

1,000

Medicines:

In case of surgery

In case of no surgery

 

3,500

1,500

 

3,500

1,500

 

3,500

1,500

 

3,500

1,500

Surgery:

Major

Intermediate

 

15,000

10,000

 

15,000

10,000

 

15,000

10,000

 

15,000

10,000

Ancillary Services

(80% of Actual Expenditure or Max.)

7,000

6,000

5,000

3,000

Maternity Benefit:

Normal Delivery

Cesarean Delivery

 

15,000

22,500

 

9,000

15,000

 

8,000

12,500

 

4,000

8,000

 

** We re-design the Benefit Schedule as per the requirements of our valued clients/organizations.

 

Exclusion from Coverage

No benefit shall be paid under the Contract for expenses or losses resulting from or incurred in connection with or in consequence of the following:

(a) Any pre-hospitalization expenses
(b) Any food or food supplements, antiseptics, cosmetic cream etc.
(c) Any congenital infirmity, any pre-existing condition
(d) Mental, emotional or psychiatric disorders, alcoholism or any other narcotic addiction
(e) Any procedure which is experimental or not generally accepted by the medical profession e.g. acupuncture
(f) Any cosmetic or plastic treatment/surgery unless required as re-constructive surgery as a consequence of injury due to accidents/burns during the contract period
(g) Rest, convalescence or rejuvenation cures, thermal baths or confinement for the purpose of slimming or beautification
(h) Treatment for family planning purposes including termination of pregnancy, dilatation & curettage or sterility
(i) Abortion, miscarriage, entopic pregnancy, fetal death or any complication and/or sequel there from
(j) Attempted suicide, violation or attempted violation of the law, injuries willfully or intentionally self-inflected or due to insanity or under the influence of a drug.
(k) The examinations, fitting or replacement of eyeglasses including contact lenses or hearing aids
(l) Health check-ups, radiotherapy, chemotherapy, any form of investigation/treatment when not incidental or necessary to the treatment of the injury/illness, which caused hospitalization.
(m) Any dental treatment
(n) Circumcision
(o) Tuberculosis and its complications
(p) Newborn child up to the age of 1 year
(q) AIDS and HIV related diseases

How to get a Group Hospitalization Insurance Proposal?

For Quotation: fill in the “Proposal Request Form” and send it to us at our contract address accompanied by the list of members to be insured with following details.
 

Sl. No.

Name

Date of Birth

*Status

Benefit Grade

 

 

 

 

 

 

 

* Status means rank of an employee or his relationship with dependant(spouse/children)

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