Corporate Group Plan

All businesses, large or small, rely on one vital ingredient: its workforce. More than anything else, it is the capabilities and the motivation of this workforce which determines success. Securing their commitment and loyalty is very important to you. Your workforce appreciates a caring organisation, one that takes interest in their well-being and in that of their families.

The Corporate Group Plan is a 'low cost' life and/or disability insurance, tailor-made for business organisations which employ a minimum workforce of ten employees.

It offers cover renewable on an annual basis. The benefits are generally expressed either as a multiple of basic salary or a determined fixed sum assured and are payable once a claim is verified.

You can also choose to have additional riders including accidental death and permanent total disability benefits protecting your employees as part of the Plan.

Benefits to your organisation

• A Corporate Group Plan helps you overcome the difficult and, at times, emotional question of whether you should provide financial support to the family of the deceased.
  
• The Plan is important in attracting and retaining high quality staff.
  
• You have the opportunity to provide valuable benefits to your employees at a modest cost.
  
• Administration involved in this type of plan is usually kept to a minimum and in most cases the claims procedure is relatively straightforward.
  
• Employees can use their share of cover as a collateral against bank finance.

Benefits to employees

• A Corporate Group Plan provides your employees with peace of mind, together with financial security for their families.
  
• The Plan offers 'low cost' life and/or disability insurance cover should death and/or disability occur during the period of employment.
  
• In most cases, there will not be any need for employees to complete a medical questionnaire.
  
• The death benefits will normally be paid immediately and are not taxable under current legislation which may be subject to change in the future.

What does it cost?

The cost depends upon the size, type of occupation and average age of the workforce, as well as the amount of the payroll being insured. Each case is underwritten individually according to set criteria. The riskier the occupation of your employees and the older they are, the higher the need for this type of plan.

Cover for professional organisations

A common form of group insurance is cover for professional associations such as medical, legal, architectural, engineering, accounting, teaching, or trade bodies. It can also cover other groups like business associations, trade unions and sporting clubs. This plan will help you retain existing members of your association, as well as attract new ones.

What about major illness and permanent disability?

What if group members suffer a major illness or are involved in a serious accident which leaves them alive but permanently disabled?

The Corporate Group Plan also offers optional benefits for cover against partial, total and permanent disability to members of your group. The permanent disability of a bread winner will often lead to worse financial results than death. A group disability cover on your members can greatly reduce the resultant financial loss and distress.

How can I find out more?

The decision to take out life insurance is an important one.

Further product details are to be found in the brochure which may be obtained from any HSBC branch.

For more information please call Customer Service on 2380 2380, or visit your nearest branch and discuss your personal needs with one of our Financial Planning Officers / Managers.