Plan Overview / Benefits
Employers need a sure shot way to retain their team of employees. Your kind gesture of showing that you care for your employees’ future would certainly prevent them from constantly looking for better opportunities. Since children’s education is one of the most important duties of any parent, any security for this task can be most welcoming. As an employer, a school fee continuation plan for the employees’ children is a unique offer that ensures the security of the educational future of the child in case of any misfortune.
The school fee continuation plan for employers offers the following:
- High value of employee loyalty and retention may be achieved.
- Nominal premiums that can be charged in addition to the main group life insurance policy.
- Grade-linked or salary linked benefit structure.
- Flexibility in choosing the number of children that shall be protected per employee.
- Fee continuation can be in form of a fixed annual amount that shall be payable to the bereaved family for the child’s educational expenses for upto a certain academic level.
- Exclusion free insurance cover in case of natural death.
- Coverage of the employee upto 60 years of age.
- Premiums are treated as allowable expense for tax purposes.
- “Profit sharing” with groups having minimum of 200 members.
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Riders
The EFU group life scheme gives the facility to tailor the package to their specific needs by choosing from a comprehensive range of additional benefits available. All covers are available on a 24-hour basis and include on-duty and off-duty claims. Even though the additional benefits are subject to some exclusions, the basic life benefit is exclusion free and shall be payable in any case. Acts of terrorism such as fire-arm, murder, assault and assassination are covered.
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Accidental Death Benefit
The benefit provides an additional indemnity in the event of accidental death.
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Accidental Disability Benefit: (own and similar occupation)
The benefit provides for the full payment of the basic sum assured if the permanent and total disablement by accident prevents the member from following his own occupation or any other similar occupation for which he is reasonably suited by reason of education, training or experience.
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Accidental Disability Benefit: (any occupation)
The benefit provides for the full payment of the basic sum assured if the permanent and total disablement by accident prevents the member from following his occupation or any other occupation.
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Natural Disability Benefit
This benefit provides for the payment of the full sum assured if permanent disability is caused by natural causes.
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Data Requirement
The basic data requirement from the employer is the list of employees showing the names, dates of birth, employee code or any other unique id and CNIC number. In case of uniform coverage no further details are required. In case of graded coverage linked with salaries, designation, length of service or any other variable than details of the same shall have to be provided for each employee. The information is required to calculate sums assured and will be required at each renewal date.
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Service Standards
At EFU Life we strive to provide you excellent services and serve you beyond your expectations. Having a friendly customer service and a dedicated sales force, we ensure you of the best of our attention at all times.
We have set up stringent service standards so that we may satisfy our customers consistently
- Claim Settlement within 7 days of submitting claim documents
- Service response to business queries within 2 working days
- ISO 9001-2008 certified operational procedures to ensure optimal quality services
- Well-trained staff with strong insurance background
- Preparation of quotations within 2 days of quotation request from customer
