AR

Overview

At Trust Yemen Insurance and Reinsurance Co., our Group Life and Personal Accidents Products (GLPA) are tailor-made to the needs of our corporate clients. We offer bespoke products for large corporations, SMEs and banks. For banks and organizations with 10 employees our standard GLPA is recommended, whereas for small and medium size enterprises (SMEs) with nine or less employees we recommend a different product.

Key Benefits

Tailored policies for small and large organizations and Enterprises Specific GLPA policies for banks

Product Information

Corporations

Our standard GLPA for corporations has two distinct aims; to improve employee benefits and to cater to the Workmen’s compensation requirements, as per the Yemen Labor Law.

Banks

Our GROUP Credit Life Insurance provides an automatic facility that ultimately protects banks and/or other micro finance banks and corporations by insuring the lives of their borrowers.

Basic Benefit: Death due To Any Cause (DAC)



Compensation

In the event of death (Natural or Accidental) of an INSURED PERSON, the PRINCIPAL SUM in respect of that person shall be paid. PRINCIPAL SUM can be any of the following:
  • Flat Amount, e.g., YER 1,000,000 (or higher) per person or can be defined according to members' positions.
  • Multiple of monthly salaries, e.g., 12 Months, 24 Months Salary (or higher) per person.

Exclusions

The following Exclusions shall apply for the BASIC BENEFIT only:
  1. War: War invasion, act of foreign enemies, hostilities, or war-like operation (whether war be declared or not), civil war, mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, insurrection, rebellion, military or usurped power or any act of any person acting on behalf of or in connection with any organization actively directed towards the overthrow by force of any Government or to the influencing of it by terrorism or violence.
  2. Nuclear Weapons, Chemical or Biological Agents: Any claim resulting from Nuclear Weapons or Devices or Chemical or Biological Agents.
  3. Flying: Engaging in aviation or any flying activity, other than as a fare-paying passenger in a commercially licensed aircraft of a recognized airline operating on a regular route.
  4. Hazardous / High-Risk Sports: Taking part or practicing for any dangerous or hazardous sport or competition, including but not limited to boxing, caving, climbing, horse-racing, jet-skiing, martial arts, mountaineering, off-piste skiing, pot-holing, power-boat racing, underwater diving, yacht racing, or any race, trial, or timed motor sport.
  5. Criminal Offence: Any breach of law or participation in a criminal act by the insured.

Optional Benefits (RIDERS)


Optional Benefits (RIDERS)

The benefits shown below can be additional covers to the foregoing BASIC BENEFIT but cannot be offered on a stand-alone basis.

  • Accidental Death Benefit
  • Permanent Total Disability
  • Permanent Partial Disability
  • Temporary Total Disability
  • Accidental Medical Expenses
  • Repatriation Expenses

Compensations


Additional Accidental Death Benefit (ADB)

In the event of accidental death of an INSURED PERSON, an amount equivalent to the Principal Sum of that person shall become payable in addition to the original Principal Sum.

Permanent Total Disability (PTD)

In the event of Permanent Total Disablement of an INSURED PERSON as a result of an Accident that incapacitates him to follow his own/similar/any occupation, a lump sum amount equivalent to the PRINCIPAL SUM shall be paid (Deferment Period: 6 months).

* Sickness component can be added to this benefit, however, this cannot be offered on a stand-alone basis.

Permanent Partial Disability (PPD)

In the event of Permanent Partial Disablement as a result of an accident of an INSURED PERSON, a percentage of the PRINCIPAL SUM, as per the Continental Scale of Benefits, shall be paid.

* Sickness component can be added to this benefit, however, this cannot be offered on a stand-alone basis.

Temporary Total Disability (TTD)

In the event of temporary, total, and continuous disability as a result of an accident of an INSURED PERSON, a weekly indemnity equivalent to 100% of actual declared weekly salary for a maximum period of 52 weeks shall be paid.

* Sickness component can be added to this benefit, however, this cannot be offered on a stand-alone basis.

Compensation period can be increased to 104 weeks.

Waiting Period options:

  • For Accident: Nil, 3 days, 7 days, or more.
  • For Sickness: 3 days, 7 days, 14 days, or more.