What is Group Microsurance^®?

Eligibility Criteria

For Groups:

• The group must have at least 20 members.
• The group must consist of members brought together by a common economic purpose.
• Eligibility must be tied to a well-defined event such as date of loan sanction or commencement of employment.
• The Group Policy is issued for an indefinite term.

Premiums:

• Premiums are payable in respect of each member
• The member’s cover continues on the payment of due renewal premiums for a term of up to 5 years
• The premium rate is that applicable for age last birthday at the member’s commencement date for new members or at the most recent anniversary of the member’s commencement date for renewing members and increases for each year of age or age band.
• Rates are not guaranteed and may be adjusted at any anniversary of the member’s commencement date for the existing and at any anniversary of the policy commencement date for new members.
• Premiums may be paid annually, half-yearly, quarterly, or monthly. The modal loadings to the annual premium rate are 100%, 51%, 26% and 9%, respectively
• We offer experience rating and profit sharing which benefits groups with favorable mortality experience
• Expense-related discounts apply for large schemes