Group Life Insurance

The insurance agreement is concluded by the Employer who pays the insurance premium at his own expense. The Insured persons may be the Employer’s workers and employees, including persons employed under management contracts. The insurance is taken out for a group of   at least 10 insured persons.

Risks covered

• death of the Insured due to illness;
• death of the Insured due to accident or a specific type of accident;
• permanent disability of the Insured of 1% to 100%  due to accident;
• temporary disability of the Insured caused by accident for a term longer than 21 days;
• temporary disability of the Insured caused by accident for a term longer than 41 days;
• temporary disability of the Insured caused by accident for a term longer than 90 days;
• temporary disability of the Insured due to illness for a term longer than 41 days;
• temporary disability of the Insured due to illness for a term longer than 90 days;

Advantages

For the Employer:

• the Employer provides social benefits for his employees;
• exemption of Employer-provided Life insurance for  the workers and employees to the amount of maximum BGN 40 per month for each worker or employee from final tax and profit tax;
• the Employer does not owe social insurance and health insurance contributions on the life Insurance premiums
• According to the judiciary practice, if the insurance premium is paid by the Employer, the sums the Insurer pays to the worker or employee in the event of a labour accident are deducted from the compensation the Employer is liable to pay as per Art. 200 of the Labour Code.

For the employee:

• The Employee receives an insurance payment which compensates for his loss of income while he is on leave due to temporary disability;
• The Employee receives an insurance payment which compensates for his loss of income in the event of permanent disability. The insurance payment received by the worker or employee is exempt from taxes pursuant to the Personal Income Tax Act

Sum insured

At the Employer’s discretion, but no less than BGN 1000.

Insurance premium

The Insurance premium is calculated based on:

• average age of the workers and employees;
• occupation of the Insured related to the insured risk;
• the selected Sum insured
• the selected insurance covers;
• the term of the Insurance agreement;
• the tariffs of the Insurer

Term and method of payment of the premiums

The annual Insurance premium is payable either as a single premium or in equal installment payments without additional charges.

How can one conclude an agreement for Group Life Insurance with ‘Groupama Life Insurance’?

You can visit the nearest office of Groupama Life Insurance or DSK Bank EAD where our representatives will advise you on all matters you are interested in, will help you complete the necessary documents, and will offer you solutions according to your requirements and needs.