Group Serious Illness Schemes
A Group Serious Illness Scheme pays a lump sum to the scheme member on the diagnosis of one of a defined list of serious conditions or on undergoing one of a defined list of surgical procedures. The benefit is paid once the employee has survived for a specified period.
Insurers may also offer the option of a benefit for a scheme member who is assessed as being permanently and totally disabled but not otherwise able to claim for one of the conditions covered by the policy.
Group Serious Illness can also be provided on a purely Voluntary Scheme basis as part of a flexible benefits arrangement. In this case, the premium the member pays does not qualify for tax relief.