Income Protection Plan
6
Includes cover for injury and illness resulting from acts of WAR, TERRORISM & KIDNAP Backed with “A” rated security through Lloyd's of London Employee Income Protection Financial Security for your local employees and their families AFGHANISTAN IRAQ AND IRAQI KURDISTAN
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An income Protection policy for local national employees in Iraq, Kurdistan and Afghanistan.
Transcript of Income Protection Plan
Includes cover for injury and illness resulting from acts of
WAR, TERRORISM & KIDNAPBacked with “A” rated security through Lloyd's of London
Employee Income ProtectionFinancial Security for your local employees and their families
AFGHANISTANIRAQ AND
IRAQI KURDISTAN
Income Protect ionEmployee benef i t p lans for your employees
Demands
Designed for local employees, The Employee IncomeProtection Plan has been specifically developed to meet theneeds and requirements of International companies looking toprovide essential employee benefits to their staff membersliving and working in Afghanistan, Iraq and Iraqi Kurdistan.
The most valuable assets of any company are its employees,so it is important that the welfare of your staff and their familiesis carefully protected.
AAIB’s Income Protection Plan aims to provide youremployees with a replacement income in the event that theybecome incapacitated due to Sickness or an Accident.
Solutions
At AAIB, we provide International insurance cover for emergingmarkets, including the Middle East and Africa. We specialise inhigh risk and non standard insurance in locations such as Iraq(including Iraqi Kurdistan) and Afghanistan, and we are at thecutting edge in product design and cost reduction forcompanies working in such areas.
The AAIB Employee Income Protection Plan provides peaceof mind to your employees and their families in the event thatthey are unable to continue work following an accident orserious illness and require an extended period of treatment andrecovery.
As an employer, you choose the level of benefit that isappropriate to your employees current income, so that if theybecome injured or too ill to work, they can still maintain theirlifestyle whilst they recover. Full cover for injury and illnessresulting from War, Terrorism & Kidnap is included at no extracost.
The following pages contain details on the range of benefitsavailable, along with premium guides & group discounts.
Matching Solutions to Demand
Contact details
AAIB - Jordan606 Hijaz TowersMecca StreetAmman. 11181Jordan.
Tel: +962 6 550 3222Fax: +962 6 550 3223Email: [email protected]
AAIB - IraqBaghdadIraq.
Tel: +964 781 410 0774
AL FAJER KURDISTAN INSURANCE & REINSURANCEBROKERS6 English VillageErbil - Kurdistan.Iraq.
Tel: +964 (0)750 412 4147
AAIB - UKAdministration Office68 Lombard StreetLondon.EC3V 9LJ.UK
Tel: +44 (0)20 3286 1158
Visit our Website at: www.aaib-insurance.com
Income ProtectionEmployee benef i t p lans for your employees
Income Protection Plana summary
The AAIB Employee Income Protection plan will provide youremployee with a regular weekly or monthly replacementincome when an illness or injury prevents them from working.The income will start after a deferment period of either 14days, 1 month or 3 months. You decide which defermentperiod you require.
You may apply for an annual income benefit of up to 100%of your employees annual salary.
If your employee suffers an injury or illness which entirelyprevents them from attending to their business or occupationfor longer than the deferment period, they can start claimingthe income plan benefit.
The benefit we will pay will be the annual benefit you haveinsured, provided that it is not more than 100% of the grossannual salary they were being paid at the time of theirdisability.
Once we have accepted your claim we will start paying youremployees income benefit weekly or monthly in arrears. Wewill continue to pay the income benefit for a period of up to 2years for accident related claims, or 1 year for claimsresulting from illness, whilst they remain totally unable toreturn to work to their business or occupation.
The AAIB Income Protection Plan does not cover disabilitycaused by a medical condition or injury sustained before theplan commenced.
Visit our Website at: www.aaib-insurance.com
PROTECTING YOUR EMPLOYEES SALARY
HOW THE AAIB INCOME PROTECTION PLANWORKS
WHEN THE BENEFIT IS PAID
PRE-EXISTING CONDITIONS
AAIB are at the cutting edge of product design anddevelopment within the insurance industries in Afghanistan,Iraq and Iraqi Kurdistan.
We understand that intoday’s climate of CorporateSocial Responsibility (CSR),the care and well-being ofyour employees is of theutmost importance. That iswhy we have developed arange of protection productsto satisfy the needs of bothcorporate efficiency andemployee welfare.
With a range of plans suitedto both international andlocally employed staff, AAIBare leading the way in providing employee benefit solutionsto corporate clients in high risk locations.
Our Regional and Local Health Plans provide the essentialelements of private healthcare to your locally employedemployees at minimum cost, whilst offering cover for injuryand illness resulting from acts of war, terrorism and kidnapas standard.
For your internationalemployees, the AAIBInternational Medical Planoffers a wide choice ofcover options, including bothin-patient and outpatientcover, optional maternity &dental benefits andemergency evacuation andrepatriation cover. A wideselection of excess optionsensures that premiums canbe kept to a minimum,where budgets dictate.
To find out more, please contact us on [email protected].
AAIB Insurance plans
Income ProtectionEmployee benef i t p lans for your employees
Income Protection Premium GuideThe premium rates shown below are per $100 of annual income replacement benefit:
*Supervisory (Non Manual)
14 day deferment period 1 month deferment period 3 month deferment period
Country Occupation Annual premium rate Annual premium rate Annual premium rate
Iraq Clerical 0.712 0.605 0.474
Iraq Supervisory* 0.885 0.752 0.590
Iraq Manual 1.058 0.899 0.705
Iraq Security 2.115 1.798 1.410
Occupation Annual premium rate Annual premium rate Annual premium rate
Iraq Kurdistan Clerical 0.438 0.372 0.292
Iraq Kurdistan Supervisory* 0.538 0.458 0.359
Iraq Kurdistan Manual 0.649 0.552 0.433
Iraq Kurdistan Security 0.649 0.552 0.433
Occupation Annual premium rate Annual premium rate Annual premium rate
Afghanistan Clerical 0.673 0.572 0.449
Afghanistan Supervisory* 0.817 0.695 0.545
Afghanistan Manual 0.962 0.817 0.641
Afghanistan Security 1.923 1.635 1.282
Examples
Supervisory staff in Iraq require $9,000 of annual income benefit with a 14 day deferment period. Annual Premium = 0.885 x $9,000 / 100 = $79.65
Clerical staff in Iraqi Kurdistan require $7,500 of annual income benefit with 1 month deferment. Annual Premium = 0.372 x $7,500 / 100 = $27.90
Security staff in Afghanistan require $12,750 of annual income benefit with 3 month deferment. Annual Premium = 1.282 x $12,500 / 100 = $163.46
Group Discounts Number of Employees: Discount1 - 9 NIL
10 - 19 10%
20 - 74 25%
75 - 99 33.33%
100+ 40%
Group discounts are based onthe number of employees only.
For groups over 500 employeesplease contact us on:[email protected]
Obtaining a quotation for the AAIB Employee IncomeProtection Plan is a simple and straightforward process.
Premiums depend upon the level of benefit you require foryour employees, their location, occupation, the number ofpersons you wish to include on the scheme and the requireddeferment period.
STEP 1 - SUPPLY INFORMATION
To provide a quotation, we will need the following information.An Excel Spreadsheet is available for download from ourwebsite:
- Name and address of company
- Type of business
A list of employees for whom cover is required showing:
- Name or identification/works number
- Nationality
- Location
- Occupation / Job type (See below)
- Date of birth
- Gender
Employees occupation should be selected from one of thecategories below:
- Clerical
- Supervisory (Non manual)
- Manual
- Security
STEP 2 - CHOOSE THE BENEFIT LEVEL
We will need to know the level of benefit you require. This willbe either 75% or 100% of your employees current annualsalary
In addition, we will also need to know your required defermentperiod. This will be either 14 days, 1 month or 3 months.
Income ProtectionEmployee benef i t p lans for your employees
Obtaining a Quotation
STEP 3 - CONTACT US
AAIB - Jordan606 Hijaz TowersMecca StreetAmman. 11181Jordan.
Tel: +962 (0)6 550 3222Fax: +962 (0)6 550 3223Email: [email protected]
AAIB - IraqBaghdadIraq
Tel: +964 (0)781 410 0774
AL FAJER KURDISTAN INSURANCE & REINSURANCEBROKERS6 English VillageErbil - Kurdistan.Iraq.
Tel: +964 (0)750 412 4147
AAIB - UKAdministration Office68 Lombard StreetLondon.EC3V 9LJ.UK
Tel: +44 (0)20 3286 1158
Visit our Website at: www.aaib-insurance.com
AAIB606 Hijaz Towers
Mecca StreetAmman. 11181
Jordan.
Tel: +962 6 550 3222Fax: +962 6 550 3223
Email: [email protected]
Al Fajer KurdistanNo 6. English VillageGulan StreetErbilKurdistanIraq.
Email: [email protected]
