Life Insurance & Accidental Death and Dismemberment

Life Insurance

VMware provides Life Insurance through the Group Retirement Plan for all regular employees.

Benefits

If you should die while in the service of VMware due to illness or injury your beneficiaries will receive a lump sum payment of two (2) times annual On Target Earnings (OTE).

In addition, you may choose to increase the death benefits provided by purchasing additional Life Insurance in the amounts of: 1, 2 or 3 times annual pensionable earnings. The selected lump sum will be converted into a survivor’s annuity.

The maximum life cover is limited to EUR 750.000, otherwise an additional medical examination is required.

Enrollment

You have 30 days from your date of hire to elect your benefits and forward back all completed forms to Mercer. Each year you will be given another opportunity to change your benefit election. If no election is made the default benefit package (employer only) consists of:

  • Accidental Disability Benefit
  • Death Coverage (two (2) times creditable salary)
  • Enrollment in the Retirement Plan for pension contributions

Contributions

Under the Flexible Benefits Scheme, VMware contributes 6.5% of pensionable earnings (annual gross salary including commission, bonus and overtime reward up to On Target Earnings) to you for the purchase of the benefits provided under the Flexible Benefit Scheme. Through this arrangement, VMware pays 100% of the premium costs for the mandatory Life insurance and additional Life insurance.

When Coverage Begins

Coverage will begin on the first day of month following your first day of active work as a VMware employee.

When Coverage Ends

Coverage will end on the last day of your employment with VMware.

Accidental Death and Dismemberment

VMware provides Accidental Death and Dismemberment Insurance for all regular employees.

Benefits

The Accidental Death and Dismemberment includes 24-hour, world-wide coverage for work and spare time accidents. If you should become permanently disabled due to an accident while in the service of VMware you will receive a lump sum payment up to two (2) times creditable annual salary (cover limit: EUR 250.000), depending of the grade of invalidity. Creditable salary is the annual salary inclusive of base salary, provisions, commissions and overtime payments up to the On Target Earnings.

Within a 3 year period following an accident, the insurance will pay an additional 10% of the insured amount if cosmetic surgery is required in accordance with the accident.

Enrollment

You have 30 days from your date of hire to elect your benefits. Each year you will be given another opportunity to change your benefit election.

If no election is made the default benefit package (employer only) consists of:

  • Accidental Disability Benefit
  • Death Coverage (two (2) times creditable salary)
  • Enrollment in the Retirement Plan for pension contributions

The election of the Accidental Death and Dismemberment is mandatory. You will automatically qualify for insurance amounts under the benefits listed above.

Contributions

Under the Flexible Benefits Scheme, VMware contributes 6.5% of pensionable earnings (annual gross salary including commission, bonus and overtime reward up to On Target Earnings) to you for the purchase of the benefits provided under the Flexible Benefit Scheme. Through this arrangement, VMware pays 100% of the premium costs for Accidental Death and Dismemberment Insurance.

When Coverage Begins

Coverage will begin on the first day of active work as a VMware employee.

When Coverage Ends

Coverage will end on the last day of your employment with VMware.

Contact Us

Contact HR Source [VMware network access required]
ASK HR [VMware network access required]
Phone: 1-888-869-2738


ERGO
Policy Number: T7200
Phone via Mercer: 01/533 97 66 33
Visit website


Wiener Städtische – Vienna Insurance Group
Policy Number: 78-U872.795-9
Phone via Mercer: 01/533 97 66 33
Visit website