National Life Insurance Co. Ltd.|| Group Insurance

Product Group Insurance Overview

Overview

Supplementary Covers

National Hospitalization Plan

Group Term Insurance

Group Endowment Insurance

Group Economy Insurance

Group Anticipated Insurance

Group Pension Insurance

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"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.

Salient features of the Basic Schemes:

⇒ 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 Insurance Brochure