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The World Bank
1818 H Street N.W.
Washington, DC 20433

Basic Group Term Life Insurance for Open, Term, Regular Staff, and Executive Directors in Country Offices

Eligibility: Country office appointments (regular, open, term, executive director appointments, alternates and senior advisors, advisor to executive directors).

  • Effective January 1, 2015, staff receive basic life insurance coverage in the event of their death equal to:

o   One times net annual salary for those who participate in the net pension plan (generally those who joined the Staff Retirement Plan on or after April 15, 1998). A separate amount equal to two times net annual salary will be paid through the Staff Retirement Plan (SRP) in the event of death.

o   One times net annual salary for those who participate in the old gross pension plan (generally those who joined the SRP on or before April 14, 1998).

  • Enrollment in basic coverage is automatic and effective from the first day of employment.
    • The one times net annual salary of life insurance for net plan participants decreases after age 67 as follows:

Age

Benefit Multiplied by

Under 67

100%

67

92%

68

85%

69

78%

70

71%

71

65%

72

60%

73

55%

74

50%

75

46%

76

42%

77

39%

78

36%

79

33%

80 and above

Coverage ends

  • In the event of a claim, insurance proceeds are paid based on beneficiaries as specified by staff.
  • The World Bank Group's Life Insurance program is a term insurance and therefore has no cash or annuity value.
  • Information regarding the Bank Group's Life Insurance policy:
    • Name of Insurance Company: Cigna/Vanbreda
    • Policy Owner: World Bank Group
    • Policy Number: 910.M52.