Group Yearly Renewable Term Life

It is a term life insurance in which a single contract covers an entire group of people. Designed for companies, as part of their benefits, whose employees are covered for life insurance based either on their annualized salary or fixed amount based on position. Premium payment are mostly shouldered by the employer but in some cases may be paid through salary deduction from the employee. Basic coverage is death either due to illness or accident to the employee.

Riders that can be included:

• Accidental Death and Dismemberment Benefit (ADD), which pays up additional cash benefit in case of death or dismemberment resulting from accidents.
• Total and Permanent Disability Benefit (TPD), which pay the total insurance coverage in the event of total and permanent disability resulting from eiher accidents or sickness.

Group Mortgage Redemption Insurance

It is a type of term Life insurance designed to indemnify the Mortgagee bank because of death of its creditors. Banks or finance companies usually base the amount of coverage either on the current outstanding balance or the original principal amount of the loan. Banks or finance companies who use this are those who are into home loans and the like.

Group Creditor's Life Insurance

Almost similar to the Mortgage Redemption insurance. However, Creditors Life insurance is designed for clean or unsecured loans, (i.e., without collateral).

Single Premium Group Credit Life

Single Premium Group Credit Life is a term life insurance designed for the borrowers of a Bank or Financial Institution. Under the Scheme, the premium for the insurance coverage is payable in one lump-sum and incorporated in the loan to be amortized. The entire loan of the borrower is equal to the Original Loan plus the Single Premium.

In case of pre-termination of loan, the insurance will still continue with coverage based on the schedule of outstanding balance for decreasing coverage or equal to the level insurance, for level protection. The Borrower may also opt to terminate the insurance coverage for its cash surrender value, if any.

Group Personal Accident

This is a yearly renewable plan which provides protection against the risk of any accidental death. It shall pay the benefit upon receipt & approval of due proof that the Insured Individual has sustained bodily injury effected directly and independently of all other causes through external, violent and accidental means of which, except in the case of drowning or internal injury revealed by an autopsy, there is evidence of a visible contusion or wound on the exterior of the body and if the said bodily injury shall, within one hundred eighty (180) days from the date of accident, result in loss of life

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