group term life insurance

We insure your life. Because you never know.


What is Group Term Life Insurance?

A group term life insurance offers death and total disability benefits to your employees or a specific group of people.  This is essentially a life insurance coverage purchased by the business for its employees or a society for its members. It is yearly renewable.

This is different from an Employee Medical benefits plan. The employee medical benefits plan covers medical and hospitalization treatment cost.  See more details on this at our Group Medical Insurance Plans and Employee Benefits Plans pages.

The employees or members do not need to fill up a personal health declaration form.  This form is usually done for their own personal life and medical insurance.

This form of life insurance is much cheaper than individual life insurance. And if well explained to employees or members, retention rates and loyalty is high. This insurance is a part of a comprehensive employee benefits package plans.

Why do we need Group Term Life Insurance?

This insurance policy is a great benefit to retain and build employee or membership loyalty.  It also creates goodwill for the company or society. The employees and members get a complete life insurance policy paid for by the organization. And very importantly, without the usual need for a personal health declaration form.

The employee would need to understand that this is a supplementary policy. On top of any existing life insurance policy they may already have or plan to have.  Giving additional insurance benefits to them and their families.

The cost of a group life insurance plan is much lower than the cost of individual policies. This helps in attracting, building and retaining long-term committed employees and members.

This group term life policy can be together with a group medical health plan.  It can be provided to complete a full employee benefits retention plan.

Employees and members are assured of a comprehensive healthcare, disability and death benefits plan.  And the company has a single point of contact for the total employee insurance program.

What is the coverage provided by Group Term Life Insurance?

A Group Term Insurance plan provides group coverage for up to 6 benefits to protect from natural and accidental causes.  These cover:

  1. Life Benefits

  2. Total and Permanent Disability (TPD)

  3. Partial and Permanent Disability (PPD)

  4. Terminal Illness (TI)

  5. Critical Illness (CI)

  6. Executive Health Screening (EHS)

The coverage value would typically be equal to a quantum of the employee’s annual salary.  A designated limit for a sum insured per employee can be selected instead. Sum insured can range from RM 20,000 to RM 300,000 per employee.  This is applicable for death, TPD, PPD, TI and CI.

The life benefits coverage provides employees’ next of kin with financial security in the event of death.  There is a no-evidence limit (NEL), depending on the plan selected.

The total and permanent disability (TPD) coverage provides compensation to lessen the financial impact of an emergent disability.

Similarly, the partial and permanent disability (PPD) coverage provides compensation as a result of a disease or an accident.  The scale of indemnity will be applied, based on the plans selected.

The terminal illness (TI) coverage will be given to the next of kin.  When the insured employee or member dies within twelve months of a terminal illness.

The critical illness (CI) coverage provides compensation to reduce the costs of a serious illness.  There are 36 critical illnesses covered, as listed on this critical illness page. A lump sum payment can be payable on diagnosis of critical illness.

The executive screening is a preventive measure to enable employees to have peace of mind. They will get a clear picture of their medical health status.  This is general blood and urine screening up to a total of 41 tests.

The coverage remains in place for an employee until they leave the employment or the membership of the organization.   

The terms and conditions on the master policy document will vary between the insurance company opted.  

Contact our AIA Life Planning Advisor to get in touch with us and start your personal coverage or choose your plan now. Get covered correctly. Be advised correctly. Call today to be advised on the best insurance protection personalized for you. Or send us the form below on your interest.

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