Oman Insurance Group Life and Personal Accidents Insurance Cover and Benefits

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Oman Insurance offers group life and accident insurance cover, which many companies opt to undertake.

At Oman Insurance, the Group Life and Personal Accidents Products (GLPA) are tailor-made to the needs of the corporate clients.  The company offers bespoke products for large corporations, SMEs and banks. For banks and organizations with 10 employees our standard GLPA is recommended, whereas for small and medium size enterprises (SMEs) with nine or less employees we recommend a different product.

Key Benefits

  • Tailored policies for small and large organizations
  • Specific GLPA policies for banks

Product Information

Corporations

Oman Insurance standard GLPA for corporations has two distinct aims; to improve employee benefits and to cater to the Workmen’s compensation requirements, as per the UAE Labour Law.

Banks

The GROUP Credit Life Insurance provides an automatic facility that ultimately protects banks by insuring the lives of their borrowers. For quotations, contact OIC Life Department directly on 04-XXXXX.

SMEs

For organizations that have less than 10 employees, the company’s SME policy comes with pre-defined benefits, limits and premium rates. Proposal Forms are available for both the standard and the SME products.

Basic Benefit: Death due To Any Cause (DAC)

Compensation

In the event of death (Natural or Accidental) of an INSURED PERSON, the PRINCIPAL SUM in respect of that person shall be paid. PRINCIPAL SUM can be any of the following:

  • Flat Amount, e.g., Dhs. 50,000  (or higher) per person.
  • Multiple of monthly salaries, e.g., 12 Months, 24 Months Salary (or higher) per person.

Exclusions

The following Exclusions shall apply for the BASIC BENEFIT only:

  1. War

War invasion, act of foreign enemies, hostilities, or war-like operation (whether war be declared or not), civil war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, insurrection, rebellion, military or usurped power or any act of any person acting on behalf of or in connection with any organization actively directed towards the overthrow by force of any Government or to the influencing of it by terrorism or violence.

  1. Nuclear Weapons, Chemical or Biological Agents

Any claim resulting from Nuclear Weapons or Devices or Chemical or Biological Agents.

  1. Flying

Engaging in aviation or any flying activity, other than as a fare-paying passenger in a commercially licensed aircraft of a recognised airline operating on a regular route.

  1. Hazardous / High Risk Sports

Taking part or practicing for any dangerous or hazardous sport or competition, including but not limited to boxing, caving, climbing, horse-racing, jet-skiing, martial arts, mountaineering, off-piste skiing, pot-holing, power-boat racing, under water diving, yacht racing or any race, trial or timed motor sport.

  1. Criminal Offence

Any breach of law or participation in a criminal act by the insured.

Optional Benefits(RIDERS)

Optional Benefits (RIDERS)

The benefits shown below can be additional covers to the foregoing BASIC BENEFIT but cannot be offered on a stand-alone basis.

  1. Additional Accidental Death Benefit
  2. Permanent Total Disability
  3. Permanent Partial Disability
  4. Temporary Total Disability
  5. Accidental Medical Expenses
  6. Repatriation Expenses

Compensations

Additional Accidental Death Benefit (ADB)

In the event of accidental death of an INSURED PERSON, an amount equivalent to the Principal Sum of that person shall become payable in addition to the original Principal Sum.

Permanent Total Disability (PTD)

In the event of Permanent Total Disablement of an INSURED PERSON as a result of an Accident that incapacitates him to follow his own/similar/any occupation, a lump sum amount equivalent to the PRINCIPAL SUM shall be paid (Deferment Period: 12 months).

* Sickness component can be added to this benefit, however this cannot be offered on a stand-alone basis.

Permanent Partial Disability (PPD)

In the event of Permanent Partial Disablement as a result of an accident of an INSURED PERSON, a percentage of the PRINCIPAL SUM, as per the Continental Scale of Benefits, shall be paid.

* Sickness component can be added to this benefit, however this cannot be offered on a stand-alone basis.

Temporary Total Disability (TTD)

In the event of temporary, total and continuous disability as a result of an accident of an INSURED PERSON, a weekly indemnity equivalent to 100% of actual declared weekly salary for a maximum period of 52 weeks shall be paid.

* Sickness component can be added to this benefit, however this cannot be offered on a stand-alone basis.

Compensation period can be increased to 104 weeks.

Waiting Period options:

  • For Accident: Nil, 3 days, 7 days or more.
  • For Sickness: 3 days, 7 days, 14 days or more.

Accidental Medical Expenses (AME)

In the event of bodily injury, as a result of an accident to an INSURED PERSON, the necessary, reasonable and customary medical expenses paid are subject to a maximum of AMOUNT per person per year.

AMOUNT can be a fixed amount of Dhs. 5,000/- or more, but, in general, shall not exceed 10% of Average PRINCIPAL SUM.

Repatriation Expenses (REP)

In the event of death (natural or accidental) of an INSURED PERSON, the necessary, reasonable and customary expenses paid are subject to a maximum of AMOUNT per person for transportation/burial of the body.

AMOUNT can be a fixed amount of Dhs. 5,000/- or more, but, in general, shall not exceed 10% of Average PRINCIPAL SUM.

Exclusions

In addition to the List of Exclusions applicable for the BASIC BENEFIT, the following additional exclusions shall apply for the OPTIONAL BENEFITS (RIDERS) only:

  1. Attempted suicide or self inflicted injury while sane or insane.
  2. Alcohol or solvent abuse, or the taking of drugs except under the direction of a registered medical practitioner.
  3. Infection with Human Immunodeficiency Virus (HIV) or conditions due to any Acquired Immune Deficiency Syndrome (AIDS).
  4. Pre-Existing conditions (for Sickness benefits only).
  5. Pregnancy & Childbirth (for sickness benefits only).

Terms and Conditions

  1. Premium is payable annually in advance.
  2. Maximum age shall be 65 years.
  3. Accidental Medical Expenses (AME) cannot be opted for without Temporary Total Disability (TTD). Moreover, for treatment within U.A.E., AME is payable only for treatment received in Government Hospitals and/or OIC approved clinics.

UnderWritting

  1. For groups with 20 INSURED PERSONS or less, Health Questionnaires shall be duly completed and signed by each individual person.
  2. INSURED PERSONS whose PRINCIPAL SUM exceeds FREE COVER LIMIT (FCL) shall be subject to Underwriting of different levels, which shall be determined according to amount in excess of FCL.
  3. FREE COVER LIMIT (FCL) represents a certain multiple of average PRINCIPAL SUM of the group. This multiple is determined according to the group size. FCL is set to act as an underwriting control tool.
  4. INSURED PERSONS who are subject to underwriting may be either accepted at standard/increased premium rates or declined, i.e., cannot be included under that group scheme.

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