Group Provident Fund Insurance Scheme

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EFU Life’s Group Provident Fund Scheme has been designed to provide a financial cushion to the family on the untimely death of the bread earner. Apart from the loss of income in form of monthly salary, the deceased’s family is also deprived of the continued accumulation of Provident Fund (PF), had the bread earner survived till his normal retirement age.

The Provident Fund Insurance Scheme’s main highlights are:

  • Compensation for potential loss of the “projected” provident fund
  • Provident fund linked insurance cover that can be tailored according to your organization’s need. The coverage is a multiple of the fund balance.
  • High multiples can be chosen for younger employees and vice-versa
  • The premium is paid out of the provident fund, hence imposing no extra burden upon employer.
  • The additional insurance is perceived as an additional benefit to employees, hence it adds great value to employee loyalty and retention.
  • Exclusion free insurance cover in case of natural death.
  • Profit sharing with groups having minimum of 200 members.
  • Riders

    The EFU Group Life Provident Fund Insurance Scheme 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 provident fund balance 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 (PTD – any occupation)

      The benefit provides for the full payment of the provident fund balance 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 provident fund balance if permanent disability is caused by natural causes.

  • Data Requirement

    The basic data requirement from the employer is the list of participants showing the names, dates of birth, employee codes or any other unique ID, CNIC numbers and individual PF balances.

    In case of flat coverage no further details are required.

    The information is required to calculate sums assured and will be required at each renewal date.
    Timely adjustments of fluctuations (additions or deletions) can be made if the turnover of employees is communicated along with names, dates of birth, CNIC numbers and dates of leaving or joining.

  • 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 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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