Group Life

GROUP LIFE INSURANCE

What did you do last time when an employee passed away or suffered from total and permanent disability?
This is a difficult question, and as a good employer, you probably know that what you did was just not enough! Dai-ichi Vietnam can help you to deal adequately with such a sensitive situation.
Dai-ichi Vietnam is bringing appropriate international standard products to Vietnam and we have recently launched our new Group Life Insurance policy.
In this introduction, we'd like to take a few moments to share with you what Group Life Insurance is, and what it offers for you as an employer.

Why Consider Group Life Insurance?

In major international markets it is common to provide insurance coverage to employees as part of their employee benefits. Group Insurance is now fast becoming an essential component of a good employee benefit package across South East Asia. It is the logical next step in Vietnam because it allows employers to enhance the security of their employee benefit package for their employees, at a moderate cost and undoubtedly increases the employee/ employer relationship and loyalty.
Our team of professionally trained consultants are available to give you and your company quality advice in this important area of employee benefits.

What are the benefits?
Basic Benefits:

 

All risks death benefit: equal to the Group Life sum insured payable in case of death during the term of the policy.
 

Terminal illness: payable as an advance of 50% of the insured's death benefit up to a maximum of 200,000,000 VND when terminal illness is confirmed by an approved doctor.

Extra Benefits:
1. Accidental Death and Disability Insurance (24 hours a day, anywhere in the world):

 

Payment of the Accidental Death and Disability sum insured in case of death by accident.
 

Partial payment of the Accidental Death and Disability sum insured on the permanent partial disability of the member.
2.

Accidental Death Insurance (24 hours a day, anywhere in the world): payment of the accidental death sum insured in case of death by accident.
3.

Total and Permanent Disability Insurance (due to accident or illness): acceleration of the Group Life sum insured up to the specified Total and Permanent Disability sum insured, in case of total and permanent disability of the life insured.


Benefit Design: highly flexible but there needs to be a defined formula approach to eligibility and benefits in order for automatic acceptance to apply.

Does it cost much?

 

 Premium is assessed on a group basis and can vary each year.

 

 Actual group premium depends on the age and occupation/gender mix of the employees to be covered, and the level benefits to be provided.
 

 An attractive package often costs 1 - 2% of a company's total payroll.

Ease of Acceptance?
 

 Automatic acceptance of cover for eligible employees up to a certain limit without the usual health evidence.
 

 Regular admission of new members and deletion of departing employees at pro rata premiums.


For further information, please send us email via customer.services@dai-ichi-life.com.vn, our Financial Consultant will contact you to make an appointment.