GROUP LIFE INSURANCE RIDERS

Profit Sharing
Under this rider, if the group life insurance contract is for at least three years or renewed consecutively for three years, then we will share the profits of the policy during the three years profit-sharing period as per the following formula:
  • Total premium received by East West Life during the profit sharing period of three years
  • Less expense allowance for East West Life (certain percent of (a))
  • Less claims paid or payable including provision for claims that may have incurred by the end of the profit sharing period but not reported

The profit, if any, for the 3 year period will be equal to a-(b+c). If this amount is positive, then we have a profit during the 3 year period. Certain percentage of this amount will be payable to the assured and adjusted accordingly from the premium payable in the first year of the subsequent profit sharing period of 3 years. This calculation will be done on a 3 year accumulated basis only and is available to clients whose average number of employees stays above 500 over the 3 year profit sharing period .

 

However, in case there is a loss according to the above formula, the loss figure maybe carried over to the subsequent profit sharing period(s) until the loss is eliminated. Furthermore, the actual percentage of profit payable to the client will vary with the size of the group.
Accidental Death Benefit (ADB)
If an insured employee dies as a result of an accident then the additional amount equal to the basic sum insured is payable.
Terminal Illness
Within this coverage, 50% of sum assured will be payable at the time of diagnosis of terminal illness. Remaining 50% of sum assured will be payable at the time of death provided that our group policy remains inforce with us. Following conditions will apply to this coverage:
  • We will consider terminal illness diagnosed when a licensed physician patient will not survive beyond twelve (12) months as a result of any of the following conditions/illnesses:
    • Heart Attack
    • Coronary Artery. By-Pass Surgery
    • Stroke
    • Cancer
    • Kidney Failure (End stage failure)
    • Major Organ Transplant
  • Illness must be diagnosed 90 days after the commencement of the policy. The employee covered in this policy must be survive for at least 45 days following diagnosis of the terminal illness.
Natural Disability Benefit
Cover against specific natural disability on account of paralysis, blindness, deafness or any such disease as may be mutually agreed upon between the client and the company.

Post Retirement Benefit
Under this rider, the group life death benefit coverage will be extended to the retiring employees up to age 65 provided that the policy stays in force consecutively with East West Life.
Widows Pension
In addition to providing lump sum death benefit to the dependents of a deceased employee, a regular income to the family can also be arranged. Lump sum payments take care of the immediate needs of a bereaved family.

 

After paying for various obligations not much is left for the day-to-day necessities of the family. To cater for such a situation, additional cover may be obtained for the whole group economically. As the needs of each group may vary, the actual plan will be worked out after determining the exact requirements of the Group.

 

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