Document Code FF- HR- IMS-006 Rev 00 Revision Date N/A Page 1
Human
LIFE INSURANCE Resource
Policy Manual
1 EMPLOYEE GROUP LIFE INSURANCE
[1.1] Policy statementScope
[1.1.1] FFL The Company will provide Life Insurance coverage to all employees
.including those employed on contractual basis.
[1.2] Scope
[1.3] All employees including those having a contract of at least one year. Employees on a post
retirement contract will not be eligible for this coverage. Entitlement
1.1.1 Group life insurance:
Grade Entitlement
Rs. 500,000 or 48 basic salaries
III to X
whichever is higher
Rs. 300,000 or 48 basic salaries
I, II
whichever is higher
1.2.2 Group accident insurance:
The amount doubles in case of accident death on work site and due to terrorism
or due to road accident.
1.1[1.4] Observations and limitations
1.3.1 All employees whether permanent or contractual are covered with life insurance
with a maximum amount limit.
[1.3.2] In case of management employees, the deceased family is paid up to 48 basic
salaries or Rs. 500,000, whichever is greater.
[1.3.3] In case of non-management employees, the deceased family is paid up to 48 basic
salaries or Rs. 400,000, whichever is greater.
Route Reviewed By Reviewed by Approved By
Brig. M. Qaiser Khan Lt Gen Haroon Aslam
Name Aatif Nadeer
Tareen (Retd.) (Retd.)
Date
Designation / signature Head HR COO CE&MD
Document Code FF- HR- IMS-006 Rev 00 Revision Date N/A Page 2
[1.3.4] The company will fully bear the cost of premium for the insurance coverage of
employees.
1.3.2[1.3.5] Eligible employees are provided insurance coverage from the date of
commencement of employment.
1.3.3[1.3.6] Employees are entitled to group life insurance coverage by the company,
normally up to the age of 60 years since this is the stipulated retirement age.
[1.3.7] By exception, if an employee beyond the age of 60 years is in continued full-time
employment duly approved by the CE&MD this coverage will continue.
However, s/he may be required to go through a medical examination on reaching
the age of 65 years for continued Group Life Insurance Coverage. Expenses
pertaining to the medical examination will be borne by the CompanyFFL.
1.3.4[1.3.8] Human Resource Department will communicate this information to the
Insurance Company through the Finance Department, and will coordinate the
medical examination for concerned employees. A copy of the medical
examination report will be forwarded through the Finance Department to the
Insurance Company.
1.3.5[1.3.9] A new employee joining FFL is required to submit to the Human Resource
Department the completed Life Insurance Beneficiary Form at latest on the date
of commencement of employment.
An employee can nominate anyone s/he desires as beneficiary for
the insurance claim, in case of his/her death, e.g. parents, spouse, son,
daughter, siblings, friends, etc. He/she must provide complete details of
the beneficiary as required in the form.
More than one person may be nominated as beneficiary for whom
percentage amounts of benefits must be specified.
A minor is not eligible to be nominated as beneficiary.
1.3.6[1.3.10] During the course of employment, an employee may change the beneficiary
nominated. For this s/he must inform Human Resource Department in writing
stating specifically a revocation of earlier nomination; and must complete the
Life Insurance Beneficiary Form in favor of new beneficiary.
[1.3.11] Employee Life Insurance compensation for an employee cannot be claimed in
respect of death, arising directly or indirectly from:-
Self- inflicted injury
Taking of alcohol or drugs (other than medication taken in the agreed
manner and as prescribed by a medical practitioner).
Route Reviewed By Reviewed by Approved By
Brig. M. Qaiser Khan Lt Gen Haroon Aslam
Name Aatif Nadeer
Tareen (Retd.) (Retd.)
Date
Designation / signature Head HR COO CE&MD
Document Code FF- HR- IMS-006 Rev 00 Revision Date N/A Page 3
Disease, incapacity or bodily injury or their result, which existed prior to
this assurance.
The employee failing to reasonably seek or follow medical advice.
The employee engaging in aviation, gliding or any form of aerial flight
except as a passenger in a commercially licensed passenger aircraft.
The employee being involved in a breach of the law, war, riot, civil
commotion, military or usurped power struggles, an illegal organization
or industrial dispute.
Mental or psychosomatic disorder which is not caused by a traumatic
injury or physical disease.
1.3.7[1.3.12] Human Resource Department will provide the following information for
coordination to the Insurance Company:-
List of employees to be covered for Insurance effective January 01,
(stating date of joining, date of birth, grade and insurance coverage
category) by January 15 of the year.
Updated information every quarter (by April 15, July 15, Oct 15) for
changes in the above information during the previous quarter pertaining
to new employees joining, severances, promotions and respective
insurance coverage category.
1.2[1.5] Procedure
1.4.1 In case of an employee's death, the department head on receiving this information
must inform Human Resource Department in writing of this including any other
related information, within one week.
1.4.2 Human Resource Department will inform the Finance Department of the
employee's death and related details for filing the Insurance claim, and will also
inform the nominated beneficiary of the same.
1.4.3 The written notice of claim must be submitted to Insurance Company within 90
days after the date of death, otherwise the claim will be invalid as per the
Insurance Coverage Policy.
1.4.4 The Finance Department will inform Human Resource Department on receiving
the insured amount.
1.4.5 The insured amount will be received by the company and will be passed on to the
authorized beneficiaries in accordance with the information provided on the Life
Insurance Beneficiary Form.
Route Reviewed By Reviewed by Approved By
Brig. M. Qaiser Khan Lt Gen Haroon Aslam
Name Aatif Nadeer
Tareen (Retd.) (Retd.)
Date
Designation / signature Head HR COO CE&MD
Document Code FF- HR- IMS-006 Rev 00 Revision Date N/A Page 4
Route Reviewed By Reviewed by Approved By
Brig. M. Qaiser Khan Lt Gen Haroon Aslam
Name Aatif Nadeer
Tareen (Retd.) (Retd.)
Date
Designation / signature Head HR COO CE&MD