SME Employee Benefits Package

Group Life, Personal Accident & Health and Critical Illness Insurance

 SOME THINGS ARE PRICELESS FOR YOUR BUSINESS…

The key to the success of any enterprise lies in the strength of its people. Your employees’ well being and job satisfaction is vital to the growth and prosperity of your business. To ensure the health and future financial security of employees of Small & Medium Enterprises and their families, MetLife offers a Protection Scheme called SME Employee Benefit Package.

Why to choose SME Employee Benefits Package?

  • Satisfy the insurance needs of your business and workforce;
  • Gain competitive edge to attract & retain talented employees;
  • Demonstrate long-term commitment to employees & foster their loyalty;
  • Reward long-standing employees with a secure future;
  • It provides 24 hours a day and 365 days a year worldwide protection;
  • Unutilized premium of leaving employee is adjustable against the premium for new employees;
  • Affordable premiums.

Benefits of SME Employee Package

 Group Life (Death due to – Accident & Sickness)

In the event of the insured employee’s death due to accident or sickness occurring anywhere in the world, except for death resulting from active participation in war or war like operations, and suicide in the first year of coverage, the benefit amount shall be paid in a lump-sum to his/her beneficiary.

 Accidental Death

If an accidental injury results in the death of an insured employee, the insured amount shall be paid to his/her beneficiary.

 Dismemberment, Loss of Sight, Hearing, and Speech Indemnity

If an accidental injury results in any of the following losses to an insured employee, the payment shall be made in one lump sum to the insured employee in accordance with the applicable percentage indicated here below to be applied to the insured amount.

 

Loss of Both Hands or Both Feet

100%

Loss of either Hand or Foot and Sight in one eye

100%

Loss of either Hand or Foot

50%

Loss of Sight in Both Eyes

100%

Loss of Speech

100%

Loss of Sight in one Eye

50%

Loss of one Hand and one Foot

100%

Loss of Hearing in Both Ears

100%

Loss of Thumb & Index Finger

25%
                                                                       
Total and Permanent Disability

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 is unable to engage in any gainful occupation or employment for the remainder of the Insured employee’s life, the benefit amount shall be paid in a lump-sum to such Insured employee.

 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, or the employment of a licensed or graduate nurse while at the hospital, the Reasonable, Customary and Necessary medical expenses incurred within fifty two (52) weeks from the date of the accident for such physician treatment, hospital charges and nurses fees, which are in excess of the deductible (Rs. 500 ) and up to insured amount limit stated in the Policy shall be paid.

Accidental Weekly Disability Indemnity (AWI)

If, as the 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 not 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.

 In-Hospital Weekly Income – Accident & Sickness (IH- A&S)

When, as the result of accidental Injury or commencement of sickness, an insured employee shall be necessarily confined within a hospital as an In-patient for at least 24 hours under the continuous attendance of a physician, the Weekly Benefit stated in the Policy shall be paid, for each week that the Insured person shall be confined therein, up to fifty-two (52) weeks, commencing immediately following the Elimination Period (1 day) and Sickness In-Hospital Waiting Period (31 days) stated in the Policy.

 Critical Illness (13 Diseases)  

Critical Illness provides a lump sum payment to an insured employee when the insured employee is diagnosed to be suffering from following critical illnesses as listed and defined in the Policy, commencing immediately following the Waiting Period (60 days).

 Major Cancers, 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 Anaemia, Major Organ/Bone Marrow Transplantation.

 SME Employee Benefit Packages


Benefits
PACKAGE 1
PACKAGE 2
Insured Amount
(Rs.)
Age*
Occupation / Annual Premium (Rs.)
Insured Amount
 (Rs.)
Age*
Occupation / Annual Premium (Rs.)
A & B
C & D
A & B
C & D
 
 
16-24
1,113
1,352
 
16-24
1,569
2,047
 
 
25-29
1,130
1,369
 
25-29
1,603
2,081
Life - Death due to A & S
50,000
30-34
1,136
1,375
100,000
30-34
1,615
2,094
Accidental Death, Dismemberment, PTD
100,000
35-39
1,175
1,414
200,000
35-39
1,693
2,171
Accidental Medical Reimbursement
5,000
40-44
1,257
1,496
10,000
40-44
1,856
2,334
Accidental Weekly Disability Indemnity
700
45-49
1,399
1,638
1,400
45-49
2,141
2,619
In-Hospitalization Weekly Income - A & S
2,000
50-54
1,660
1,899
2,000
50-54
2,662
3,141

(Minimum 5 eligible employees are required for this benefit.)

 
55-59
2,034
2,273
 
55-59
3,411
3,889
 
60-64
2,614
2,853
 
60-64
4,571
5,050
Optional
100,000
16-24
229
200,000
16-24
458
 
25-29
311
25-29
621
Critical Illness (13 Diseases)
30-34
458
30-34
916
35-39
787
35-39
1,573

(Minimum 20 eligible employees are required for this benefit.)

40-44
1,349
40-44
2,698
45-49
2,355
45-49
4,709
50-54
3,164
50-54
6,328
 
55-59
5,152
55-59
10,304
 
60-64
7,731
60-64
15,461


Benefits

PACKAGE 3

PACKAGE 4

Insured Amount

(Rs.)

Age*

Occupation  / Annual Premium (Rs.)

Insured Amount

 (Rs.)

Age*

Occupation  / Annual Premium (Rs.)

A & B

C & D

A & B

C & D

 

 

16-24

3,923

5,119

 

16-24

7,315

9,394

 

 

25-29

4,007

5,202

 

25-29

7,482

9,562

Life - Death due to A & S

250,000

30-34

4,039

5,234

500,000

30-34

7,547

9,626

Accidental Death, Dismemberment, PTD

500,000

35-39

4,232

5,428

1,000,000

35-39

7,934

10,013

Accidental Medical Reimbursement

25,000

40-44

4,640

5,836

50,000

40-44

8,749

10,828

Accidental Weekly Disability Indemnity

3,500

45-49

5,352

6,548

5,000

45-49

10,173

12,252

In-Hospitalization Weekly Income - A & S

5,000

50-54

6,656

7,851

10,000

50-54

12,781

14,860

(Minimum 5 eligible employees are required for this benefit.)

 

55-59

8,527

9,723

 

55-59

16,523

18,602

 

60-64

11,428

12,624

 

60-64

22,325

24,405

Optional

500,000

16-24

1,145

1,000,000

16-24

2,291

 

25-29

1,553

25-29

3,105

 

30-34

2,291

30-34

4,582

Critical Illness (13 Diseases)

35-39

3,933

35-39

7,865

40-44

6,745

40-44

13,491

(Minimum 20 eligible employees are required for this benefit.)

45-49

11,773

45-49

23,545

50-54

15,820

50-54

31,640

 

55-59

25,760

55-59

51,520

 

60-64

38,653

60-64

77,305






















 
* Last Birthday Age

Occupational Classification:

 Class A: Individuals in non-hazardous Occupations with office or travel duties, such as executives, senior management of companies with mostly administrative functions, bankers, accountants, lawyers and similar occupations.

Class B: Individuals facing limited exposure to occupational hazards with superintending, engineering or medical duties, such as plant superintendents, engineers, foremen, physicians, nurses, inspectors, outdoor salesmen and similar occupations.

Class C: Individuals with occupational hazards, such as industrial workers, most of whom are skilled or semi-skilled workers using machinery. Also in this group will be found filling station attendants, farmers, tradesmen, retail delivery clerks, veterinarians, drivers, masons, carpenters and policemen not using motorcycles.

Class D: Individuals with occupational hazards, such as industrial workers using heavy machinery or unskilled laborers, off-shore, oil & gas fields, etc.

 

Important Notes:

   I.      Package can be chosen on Class based coverage or Flat coverage for all. In case of class based coverage, package should be selected in regular number order. Example, Packages shall be 1, 2, 3 or 1, 2, 3, 4 and in same manner. Any gap between packages shall not be allowed such as Package 1, 2, 4 or 1, 3, 4 and so on.

 II.      This is a yearly renewable Term Policy. Premium will change at renewal based on change in age and occupation of insured employees. Since the rates are reviewed periodically by MetLife Alico underwriters, the rates during policy renewal may change even if an employee remains within the same age range.

III.      Minimum required premium for a group is Rs. 7,500.

IV.      Company Underwriting Guidelines shall be applicable. Waiting Period, Pre-existing condition and Standard Exclusions shall apply.

V.      There are some certain restricted industries which shall be rejected by the MetLife Insurance.

VI.      Each employee shall complete the Health Declaration (G-42) Form. MetLife Alico’s underwriters hold the right to reject coverage to any employee who does not appear to present acceptable health condition.

 

The required forms can be downloaded by clicking the links below:

  1.     SME Employer's Application form --------------------------------------- Click here to download
  2.     Corporate Customer Profile form --------------------------------------- Click here to download
  3.     Premium Calculation form ------------------------------------------------ Click here to download
  4.     Health Declaration (G-42) form ------------------------------------------ Click here to download
First policy issue date: 01/06/2011

MetLife Group Insurance Policies contain certain exclusions, deductibles, limitations. Contact MetLife representative or call us for more information.