Products & Services

Group Life Insurance

group

In addition to a variety of Life Insurance services for Individuals, Gulf Life Insurance Co, offer groups different types of insurance services such as;

  • Group Term Life Insurance
  • Group Credit Life Insurance

Whatever your organization needs, we provide you with flexible insurance solutions that best suits your employees.

Why Consider Group Life Insurance?

In major international markets it is common to provide insurance coverage to employees as part of their employments’ benefits. Group Insurance is now fast becoming an essential component of a good employment benefit package across the Middle East. It enhances the security of their employees’ benefit package, at a low cost which undoubtedly increases the employee/ employer relationship and loyalty.

Our teams of professionally trained consultants are available to give you and your company quality advice in this important area of employee’s benefits.

What are the benefits?

Group Term Life Insurance (with or without Personal Accidents and Workmen’s compensation)

This product is designed to provide insurance cover for a group of employees or members working for a company, organization, an association or a group of students. The amount of insurance cover can be a multiple of salary basis, lump sum basis or a combination of the two, with/without Minimum/Maximum sum assured guaranteed and compensation could be either a single or a series of payment.

Similar to most of life insurance products, the main cover is death, and most common benefits that could be added (as riders) are as the following:

  • Permanent Total Disability (either Due to Accident or Sickness).
  • Permanent Partial Disability (either Due to Accident or Sickness)
  • Temporary Total Disability (either Due to Accident or Sickness).
  • Extension of Passive War Cover
  • Medical Expenses in case of Accidents
  • Repatriation Expenses of Mortal Remains
  • Compensation for Work related accidents as per Kuwait Labor Law
  • Critical illness cover (this cover could also be provided on standalone basis)
  • Retirement Benefits
  • 24/7 worldwide coverage

Group Credit Life Insurance

A life insurance policy designed to pay off a borrower's debt in case of a borrower’s Death or Total Permanent Disability. This is the ideal solution for Banks &/or money lending organizations for the protection against death or disability risks of borrowers. In case of a borrower death or total disability, the insurance will cover the amount of outstanding loan.

Does it cost much?

Similar to most of life insurance products, the main cover is death, and most common benefits that could be added (as riders) are as the following:

  • Premium is assessed on a group basis and can vary according to the size of the risk.
  • Premium depends on the age/occupation/gender/payroll/scheme size of the risk, and the level benefits to be provided. Ease of Acceptance?
  • Automatic acceptance of cover for eligible employees up to a certain limit without the usual health evidence/assessment.
  • Regular admission of new members and deletion of departing employees at pro rata premiums.