Group Risk Plan: Premiums

The premium is usually charged annually in advance. Any adjustments to premium payments made during the year are calculated at the end of the insured period. It may also possible for premiums to be paid monthly, quarterly or half yearly depending on the size of the pension.

The premium will vary depending on:

• number of employees
• nationality of employees
• locations of employees
• occupation of employees
• benefits to be insured
• currency of benefits
• premium frequency
• past claims experience

In addition, other underwriting factors could impact on the premium. These may include periods abroad, the provision of a company medical scheme for its employees, risk concentration etc. 

Group Risk Plans are annually renewable contracts and so the premiums may vary from year to year. The proposed premium rates are notified 60 days prior to the Anniversary Date. Nordben reserves the right not to renew Group Risk Plan.