Employee Income Protection
Financial Security for your local employees and their families
AFGHANISTAN IRAQ AND IRAQI KURDISTAN
Includes cover for injury and illness resulting from acts of
WAR, TERRORISM & KIDNAP Backed with “A” rated security through Lloyd's of London
Income Protection Employee benefit plans for your employees
Matching Solutions to Demand Demands Designed for local employees, The Employee Income
As an employer, you choose the level of benefit that is
Protection Plan has been specifically developed to meet the
appropriate to your employees current income, so that if they
needs and requirements of International companies looking to
become injured or too ill to work, they can still maintain their
provide essential employee benefits to their staff members
lifestyle whilst they recover. Full cover for injury and illness
living and working in Afghanistan, Iraq and Iraqi Kurdistan.
resulting from War, Terrorism & Kidnap is included at no extra cost.
The most valuable assets of any company are its employees, so it is important that the welfare of your staff and their families
The following pages contain details on the range of benefits
is carefully protected.
available, along with premium guides & group discounts.
AAIB’s Income Protection Plan aims to provide your
Contact details
employees with a replacement income in the event that they become incapacitated due to Sickness or an Accident.
Solutions At AAIB, we provide International insurance cover for emerging markets, including the Middle East and Africa. We specialise in high risk and non standard insurance in locations such as Iraq (including Iraqi Kurdistan) and Afghanistan, and we are at the cutting edge in product design and cost reduction for companies working in such areas. The AAIB Employee Income Protection Plan provides peace of mind to your employees and their families in the event that they are unable to continue work following an accident or serious illness and require an extended period of treatment and recovery.
AAIB - Jordan 606 Hijaz Towers Mecca Street Amman. 11181 Jordan. Tel: Fax: Email:
+962 6 550 3222 +962 6 550 3223 enquiries@aaib-insurance.com
AAIB - Iraq Baghdad Iraq. Tel: +964 781 410 0774 AL FAJER KURDISTAN INSURANCE & REINSURANCE BROKERS 6 English Village Erbil - Kurdistan. Iraq. Tel: +964 (0)750 412 4147 AAIB - UK Administration Office 68 Lombard Street London. EC3V 9LJ. UK Tel: +44 (0)20 3286 1158
Visit our Website at: www.aaib-insurance.com
I n c o m e P rotection Employee benefit plans for your employees
Income Protection Plan a summary
PROTECTING YOUR EMPLOYEES SALARY The AAIB Employee Income Protection plan will provide your employee with a regular weekly or monthly replacement income when an illness or injury prevents them from working. The income will start after a deferment period of either 14 days, 1 month or 3 months. You decide which deferment period you require. You may apply for an annual income benefit of up to 100% of your employees annual salary.
HOW THE AAIB INCOME PROTECTION PLAN WORKS If your employee suffers an injury or illness which entirely prevents them from attending to their business or occupation for longer than the deferment period, they can start claiming the income plan benefit. The benefit we will pay will be the annual benefit you have insured, provided that it is not more than 100% of the gross annual salary they were being paid at the time of their disability.
WHEN THE BENEFIT IS PAID Once we have accepted your claim we will start paying your employees income benefit weekly or monthly in arrears. We will continue to pay the income benefit for a period of up to 2 years for accident related claims, or 1 year for claims resulting from illness, whilst they remain totally unable to return to work to their business or occupation.
PRE-EXISTING CONDITIONS The AAIB Income Protection Plan does not cover disability caused by a medical condition or injury sustained before the plan commenced.
Visit our Website at: www.aaib-insurance.com
AAIB Insurance plans AAIB are at the cutting edge of product design and development within the insurance industries in Afghanistan, Iraq and Iraqi Kurdistan. We understand that in today’s climate of Corporate Social Responsibility (CSR), the care and well-being of your employees is of the utmost importance. That is why we have developed a range of protection products to satisfy the needs of both corporate efficiency and employee welfare. With a range of plans suited to both international and locally employed staff, AAIB are leading the way in providing employee benefit solutions to corporate clients in high risk locations. Our Regional and Local Health Plans provide the essential elements of private healthcare to your locally employed employees at minimum cost, whilst offering cover for injury and illness resulting from acts of war, terrorism and kidnap as standard. For your international employees, the AAIB International Medical Plan offers a wide choice of cover options, including both in-patient and outpatient cover, optional maternity & dental benefits and emergency evacuation and repatriation cover. A wide selection of excess options ensures that premiums can be kept to a minimum, where budgets dictate. To find out more, please contact us on enquires@aaibinsurance.com.
I n c o m e Protection Employee benefit plans for your employees
Income Protection Premium Guide The premium rates shown below are per $100 of annual income replacement benefit: 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
*Supervisory (Non Manual) 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 Group discounts are based on the number of employees only. For groups over 500 employees please contact us on: enquires@aaib-insurance.com
Number of Employees:
Discount
1-9
NIL
10 - 19
10%
20 - 74
25%
75 - 99
33.33%
100+
40%
I n c o m e Protection Employee benefit plans for your employees
Obtaining a Quotation Obtaining a quotation for the AAIB Employee Income
STEP 2 - CHOOSE THE BENEFIT LEVEL
Protection Plan is a simple and straightforward process. We will need to know the level of benefit you require. This will Premiums depend upon the level of benefit you require for
be either 75% or 100% of your employees current annual
your employees, their location, occupation, the number of
salary
persons you wish to include on the scheme and the required deferment period.
In addition, we will also need to know your required deferment period. This will be either 14 days, 1 month or 3 months.
STEP 1 - SUPPLY INFORMATION
STEP 3 - CONTACT US
To provide a quotation, we will need the following information.
AAIB - Jordan 606 Hijaz Towers Mecca Street Amman. 11181 Jordan.
An Excel Spreadsheet is available for download from our website: - Name and address of company - Type of business A list of employees for whom cover is required showing: - Name or identification/works number - Nationality
Tel: Fax: Email:
+962 (0)6 550 3222 +962 (0)6 550 3223 enquires@aaib-insurance.com
AAIB - Iraq Baghdad Iraq Tel: +964 (0)781 410 0774
- Location - Occupation / Job type (See below) - Date of birth - Gender Employees occupation should be selected from one of the categories below: - Clerical - Supervisory (Non manual) - Manual - Security
Visit our Website at: www.aaib-insurance.com
AL FAJER KURDISTAN INSURANCE & REINSURANCE BROKERS 6 English Village Erbil - Kurdistan. Iraq. Tel: +964 (0)750 412 4147 AAIB - UK Administration Office 68 Lombard Street London. EC3V 9LJ. UK Tel: +44 (0)20 3286 1158
Al Fajer Kurdistan No 6. English Village Gulan Street Erbil Kurdistan Iraq. Email: enquireis@aaib-insurance.com
AAIB 606 Hijaz Towers Mecca Street Amman. 11181 Jordan. Tel: +962 6 550 3222 Fax: +962 6 550 3223 Email: enquires@aaib-insurance.com