Definition and Importance of Group Life Insurance:
Benefits and Coverages:
Coverages:
Takaful Benefits:
There is flexibility in determining the Takaful coverage amount based on the policyholder’s selection, as the Takaful amount may be:
Explanation of Coverages – Death Benefits:
Death from Any Cause:
If the covered individual passes away during the policy term (for any reason), the company will pay the specified Takaful amount as stated in the policy document.
Coverage continues until the age of 70.
Accidental Death:
If the covered individual dies as a result of an accident, the company will pay
The Takaful amount specified for this coverage (which is double the basic death
benefit).
Accident Definition:
An accident is a sudden, violent, and unexpected event caused by an external and unintentional source.
Accidental Death Clause:
The death must occur within 180 days of the accident that caused the injury
If the covered individual passes away during the policy term (for any reason), the company will pay the specified Takaful amount as stated in the policy document.
Coverage continues until the age of 70.
Explanation of Coverages – Permanent Total Disability
Permanent Total Disability due to Accident or Illness:
Note: You may select coverage for permanent total disability resulting from an accident only.
Explanation of Coverages – Permanent Partial Disability
Permanent Partial Disability due to Accident or Illness:
- Defined as the total loss or permanent, incurable paralysis of a body part or organ due to an accident or illness during the policy term and before the insured reaches age 65.
- The disability must persist for at least six continuous months without any expectation of improvement.
- If confirmed, the company pays a percentage of the Takaful amount, corresponding to the degree of disability.
- In the case of multiple disabilities from a single incident, compensation is calculated based on the combined percentages of the affected limbs or organs. However, total compensation must not exceed the Takaful amount for permanent total disability.
- The maximum cumulative payout for all partial disability benefits is capped at 100% of the basic Takaful amount.
Note: You may select coverage for permanent total disability resulting from an accident only.
Explanation of Coverages – Temporary Total Disability
Temporary Total Disability due to Accident or Illness:
If a person is temporarily totally disabled and recovery is expected, the following applies:
- Waiting Period: 7 days for accident-related disabilities / 14 days for illness-related disabilities
- After the waiting period, the company pays: A weekly benefit agreed upon in advance, or a percentage of the agreed-upon Takaful amount
- The benefit is paid during the period the insured is confined to bed, up to a maximum of 52 weeks and no more than EGP 75,000 per month.
- The insured must follow prescribed medical treatment and rest during the period to qualify.
- Weekly benefits are paid starting from the first day of medical treatment.
Note: You may choose accident-only coverage for temporary disability.
Explanation of Coverages – Critical Illness
If the insured is diagnosed with a covered critical illness during the policy term and before reaching age 60, the company will pay the agreed-upon Takaful amount for critical illness coverage. Once this benefit is paid, the basic Takaful amount is reduced by the amount paid, and critical illness coverage ends.
The Takaful benefit is payable upon diagnosis of any of the following critical illnesses:
- Cancer
- Heart Attack
- Stroke
- Coronary Artery Bypass Surgery
- End-Stage Renal Failure
- Organ Transplant
- Heart Valve Replacement
- Aortic Surgery
- Multiple Sclerosis
- Paralysis
- Blindness
You can select coverage for either 7 critical illnesses or All 11 listed illnesses.
