INDIVIDUAL AND CORPORATE RIDERS

Here are all the riders available for individual life and corporate insurance plans:

 

Individual Plan Riders
Specified Major Surgical Benefit (MSB)
MSB Sum Insured can be up to a maximum of the 50% of the Basic Policy Sum Insured or Rs. 10,000,000/-, whichever is lesser.

 

Benefit:
An amount equal to the MSB sum insured will be paid in case one of the following surgeries was performed on the policyholder:
  • Coronary artery. by-pass surgery
  • Surgery for a disease of the aorta
  • Replacement of a heart valve
  • Major organ transplant
  • Caraniotomy
  • Cancer surgery

Any death or other benefit payable under the basic policy later will be reduced by the amount paid under this rider.

 

Minimum age at entry:
18 years

 

Maximum age at entry:
55 years

 

Minimum term:
10 years

 

Maximum term:
Equal to the basic policy premium paying term or till the insuredís turns 65, whichever is earlier.

 

This rider will not be available if the life insured is imposed an extra premium.

Accidental Indemnity Benefit (AIB)
AIB Sum Insured can be up to a maximum of the Basic Policy Sum Insured.

 

Benefit:
The following portion of the AIB sum insured will be payable in case of specified loss or disability:

#    Loss or Disability     Indemnity Benefit
1
Loss of Life
The Sum Insured
2
Loss of two or more Limbs by amputation at or above Wrist or Ankle
The Sum Insured
3
Total and irrecoverable loss of all sight in both Eyes
The Sum Insured
4
Total and irrecoverable loss of all sight in one Eye and loss of one Limb by amputation at or above Wrist or Ankle
The Sum Insured
5
Loss of one Limb by amputation at or above Wrist or Ankle
50% of the Sum Insured
6
Total and irrecoverable loss of sight in one Eye.
One-third of the Sum Insured
7
Loss of Thumb and Index finger of either hand by amputation at or above the metacarpophalangeal joints
25% of the Sum Insured
8
Temporary, total and continuous disability preventing the Life Insured from date of accident, from performing any and every duty pertaining to his occupation, during such disability
Weekly Payment of Rs 5 per 1,000 sum insured for up to 52 weeks
9
Partial disability preventing the Life Insured from date of accident or immediately following total disability under Item (8) above, from performing a substantial part of duties pertaining to his occupation, during such disability
Weekly Payment of Rs 1.25 per 1,000 sum insured for up to 52 weeks
10
Permanent, total and continuous disability preventing the Life Insured from engaging in any occupation or employment for wage or profit or from giving attention to any business whatsoever and provided that indemnity has been paid under Item (8) and/or (9) for fifty two weeks
10% of sum insured payable each year for a maximum period of Ten years.

This will be in addition to the benefits under the basic policy.

 

Minimum age at entry:
18 years

 

Maximum age at entry:
59 years

 

Minimum term:
1 year

 

Maximum term:
Equal to the basic policy premium paying term or till the insured turns 60, whichever is earlier.

 

AIB coverage will stop and the premium will cease when the insured turns 60.

 

The maximum benefit under this rider shall not exceed the sum insured.

Accidental Death Benefit (ADB)
ADB Sum Insured can be up to a maximum of the Basic Policy Sum Insured.

 

Benefit:
ADB Sum Insured will be paid in case of accidental death in addition to the basic policy sum insured.

 

Minimum age at entry:
18 years

 

Maximum age at entry:
59 years

 

Minimum term:
1 year

 

Maximum term:
Equal to the basic policy premium paying term or when the insured turns 60, whichever is earlier.

 

ADB coverage will stop and the premium will cease when the insured turns 60.

Family Income Benefit (FIB)
FIB Sum Insured can be up to a maximum of the Basic Policy Sum Insured.

 

Benefit:
In case of insuredís death, an annual benefit of 10% to 50% (whatever the insured had chosen at the policy issue) of the FIB sum insured will be payable monthly till the expiry of the rider. This will be in addition to the benefits under the basic policy.

 

Expiry of the rider:
The date when the rider completes its policy term.

 

Minimum age at entry:
18 years

 

Maximum age at entry:
60 years

 

Minimum term:
10 years

 

Maximum term:
Equal to the basic policy premium paying term or till the insuredís turns 70, whichever is earlier. The term can also not exceed 45 years.

Term Insurance Rider (TIR)
TIR Sum Insured can be up to a maximum of the Basic Policy Sum Insured.

 

Benefit:
In case of insuredís death, the TIR sum insured under this rider will be paid. This will be in addition to the benefits under the basic policy.

 

Minimum age at entry:
18 years

 

Maximum age at entry:
50 years

 

Minimum term:
10 years

 

Maximum term:
Equal to the basic policy premium paying term or till the insured turns 60, whichever is earlier. The term can also not exceed 25 years.


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 accordingly 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.

 

Group Health Insurance Riders

Critical Illness Care
This rider increases the limits provided under the Hospital Expense coverage for the employee and spouse only, in case the patient undergoes any of the following costly medical treatment:
  • Heart attack (Myocardial Infraction)
  • Cancer
  • Coronary Artery. By-Pass Surgery
  • AIDS
  • Major Organ Transplant
  • Angioplasty Surgery
  • Hepatitis B & C
  • Major/Severe burns to at least 75% of the body
  • Kidney Failure (End Stage)
  • Additional coverage or modification to the above items can be done after consent of the client and the company

Outpatient Treatment
This rider provides coverage for outpatient treatment to the entire family of the employee due to sickness or accidental injuries. Eligible outpatient treatment expenses include:
  • Doctor's Fee
  • Medicines & drugs
  • Minor Operations
  • Dental Care (Optional)
  • Eye sight testing (Optional)
  • Laboratory and X-Ray tests
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