Fee Continuation Plan – Employers

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Plan Overview / Benefits.

Employers need a sure shot way to retain their employees. Your kind gesture of showing that you care for your employees’ future would certainly prevent them from constantly looking for better opportunities elsewhere. Since children’s education is one of the most important duties of any parent, any financial cushion for this task can be most welcoming. As an employer, a school Fee Continuation Plan for the employees’ children is times of uncertainties, a unique offer that ensures the security of the educational future of the child in case of any misfortune.

The school Fee Continuation Plan for employers offers the following:

  • High value of employee loyalty and retention may be achieved.
  • Nominal premiums that can be charged in addition to the main group life insurance policy.
  • Grade-linked or salary linked benefit structure.
  • Flexibility in choosing the number of children that shall be protected per employee.
  • Fee continuation can be in form of a fixed annual amount that shall be payable to the bereaved family for the child’s educational expenses for upto a certain academic level.
  • Exclusion free insurance cover in case of natural death.
  • Coverage of the employee upto 60 years of age.
  • Premiums are treated as allowable expense for tax purposes.
  • Profit sharing” with groups having minimum of 200 members.
  • Riders

    The EFU Group Life Fee Continuation Plan gives employers the facility to tailor the package to their specific needs by choosing from a comprehensive range of additional benefits available. All covers are available on a 24-hours worldwide basis and cover both on-duty and off-duty risks.

    Even though the additional benefits are subject to some exclusions, the basic life benefit is exclusion free and shall be payable in any case. Acts of terrorism such as fire-arm, murder, assault and assassination are covered as well.

    • Accidental Disability Benefit: (PTD – own and similar occupation)

      The benefit provides for the full payment of the sum assured if the permanent and total disability by accident prevents the employee from following his own occupation or any other similar occupation for which he is reasonably suited by reason of education, training or experience. This benefit mainly aims to provide a financial cushion to individuals of your group.

    • Accidental Disability Benefit: (any occupation)

      The benefit provides for the full payment of the sum assured if the permanent and total disability by accident prevents the member from following his occupation or any other occupation. This benefit mainly aims to provide a financial cushion to individuals of your group.

    • Natural Disability Benefit

      This benefit provides for the payment of the full sum assured if permanent disability is caused by natural causes

  • Data Requirement

    The basic data requirement from the employer is the fee structure for each employee’s children, and the number of students studying for the respective grade. Comprehensive data of employees/parents shall be required i.e. name, date of birth and CNIC number.

  • Service Standards

    At EFU Life we strive to provide you excellent services and serve you beyond your expectations. Having a friendly customer service and a dedicated sales force, we ensure you of the best of our attention at all times.

    We have set up stringent service standards so that we may satisfy our customers consistently

    • Claim Settlement within 7 days of submitting claim documents
    • Service response to business queries within 3 working days
    • ISO 9001-2008 certified operational procedures to ensure optimal quality services
    • Well-trained staff with strong insurance background
    • Preparation of quotations within 3 days of quotation request from customer

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