Group Life Insurance


This Insurance Policy provides your employees protection against financial loss due to accident & sickness occurring anywhere in the world. It insures a group of people under a single insurance contract and every individual member of the group enjoys a comparatively lower premium rate than insuring one person individually.

This plan is available to a group of 10 or more (for SMEs 5 or more) full time regular and salaried employees actively at work in the employer’s office in Nepal for at least 30 hours per week, under 65 years of age, in service on the policy effective date.

Employee Benefit

Group Life, Group Personal Accident (GPA), Group Critical Illness and Comprehensive Group Medical Insurance Policy are a pure Protection and Yearly Renewable Term Policy which provides your employees protection against financial loss due to accident & sickness occurring anywhere in the world. The Policy comprises the following types of coverage which are customizable for the needs of the organization.

1. Group Life Description
i. Group Life (Accident & Sickness Death) In the event of an insured employee’s death due to any cause - accident or sickness, benefit amount shall be paid in a lump sum to beneficiary.
ii. Permanent Total Disability (Due to Accident & Sickness If any insured employee becomes totally and permanently disabled from bodily injury due to accident or sickness, benefit is payable in sixty (60) monthly installments following a one (1) year disability waiting period.
iii. Permanent Partial Disability ( Due to Accident & Sickness) If an insured becomes partially disabled on a permanent basis, as a result of injury due to accident or sickness, Lump sum payment shall be made to insured for that disability in accordance with the Schedule of Payment.

2. Group Personal Accident Description
i. Accidental Death (AD) If an accidental injury results in death of an insured employee, the insured amount shall be paid to his/her beneficiary.
ii. Dismemberment, Loss of Sight, Hearing, and Speech Indemnity If an accidental injury results in any loss to an insured employee, the payment shall be made in one lump sum to the insured employee in accordance with the applicable percentage.
iii. Total and Permanent Disability (PTD) If, as the result of an accidental injury an insured employee becomes Totally Disabled, which disability has continued for a period of twelve (12) consecutive months and unable to engage in any gainful occupation or employment for remainder of the insured employee’s life, the benefit amount shall be paid in a lump-sum to such insured employee.
iv. Accidental Medical Expenses Reimbursement (AMR) If, as a result of an accidental injury, an insured employee shall require treatment by a physician, use of hospital facilities and customary and necessary medical expenses incurred within fifty two (52) weeks form the date of the accident for such physician treatment, hospital charges and nurse fees, which are in excess of the deductible five hundred rupees (Rs. 500) and up to insured amount limit sated in the policy shall be paid.
v. Accidental Weekly Disability Indemnity (AWI) If, as a result of an accidental injury, an insured employee is Totally Disabled and remains so continuously for a period in excess of the Elimination period i.e. 1 week (7 days), the Weekly Accidental Disability Indemnity applicable to such insured employee no exceeding 75% of weekly earned income shall be paid periodically beginning with the first day following such Elimination Period, for the continuous duration of Total Disability, but not to exceed the maximum period of fifty two (52) weeks.

3. Group Critical Illness  Description
i. Critical Illness (13 Major Diseases) Critical Illness provides a lump sum payment to an insured employee when the insured employee is diagnosed to be suffering form the following critical illness, except pre-existing condition, as listed and defined in the policy commencing immediately following the Waiting Period of sixty (60) days.

Major Cancer, Stroke, First Heart Attack, Serious Coronary Artery Disease, Heart Valve Surgery, Primary Pulmonary Hypertension, End Stage Lung Disease, End Stage Liver Failure, Fulminant Hepatitis, Kidney Failure, Coma, Aplastic Anemia, Major Organ/ Bone Marrow Transplantation.

4. Comprehensive Group Medical Insurance Description
i. In- Hospitalization/ In- Patient (IP) In-hospitalization benefits are payable for covered actual expenses incurred by an insured person during insured’s confinement in a hospital due to injury or sickness up to applicable plan annual limits.
i. Maternity (MAT) Maternity benefits are payable for covered actual expenses incurred by an insured person due to pregnancy confinement up to plan annual limits.
ii. Out- Patient (OP) Out- patient benefits are payable in excess of applicable co-insurance or co-payment for covered actual out- patient expenses incurred by an insured up to applicable plan annual limits.
iii. Dental (DEN) Dental benefits are payable in excess of applicable co-insurance or co-payment for covered actual routine dental treatment expenses incurred by an insured up to applicable plan annual limits.
iv. Optical (OPT) Optical benefits are payable in excess of applicable co-insurance or co-payment for covered actual routine optical treatment expenses incurred by an insured up to applicable plan annual limits.

Note* The information contained above is intended for general understanding of group products and is subject to the terms and conditions of the Policy and Riders issued. Detailed terms, conditions and exclusions are included in the Policy Document. In case of discrepancy between this information and the Policy Document, the later shall prevail.


Disclaimer:

Standard Chartered Bank Nepal Limited is a licensed Corporate Agent of MetLife (American Life Insurance Company) for life insurance products.

The insurance plans of MetLife are underwritten and issued by MetLife & claims will also be settled by MetLife as per the terms and conditions of the policy.

For more details or risk factors, terms and conditions, exclusions please read the terms and conditions carefully, before buying any products. Please refer policy document for exact terms and conditions and specific details applicable to the Insurance Policy. Standard Chartered Bank Nepal Limited does not accept any responsibility nor gives any warranty, express or implied, as to the accuracy, reliability and completeness of any statement made in or the omission of any provisions of the contract of Insurance and the Bank does not accept any liability for loss or damage of whatsoever nature, which may be attributable to your application, its receipt, payment of claims under it or the contract of Insurance. Your participation in this insurance product is purely on a voluntary basis. We advise you to take your own professional advice before you participate.

Insurance is the subject matter of solicitation.

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