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Group Life Cover
Our Group Life Assurance plan is a single contract policy that offers life protection to employees of an organization or members of a group.
It is an annual renewable contract which ensures that in case an employee of an insured organization passes on, his or her dependants or beneficiaries should collect a lump sum death-in-service benefit that amounts to three times the annual salary of the employee n question. This relieves the organization of the task of compensating the employee’s dependants which would warrant the organization offering compensation from the benefit accrued under the scheme by the employee
With regard to the death-in-service benefit, the provisions of section 9 sub section (3) of the Pension Reform Act (2004) compulsorily requires that “Employers shall maintain Life Insurance Policy in favor of the employees for a minimum of three (3) times the annual total emolument of the employee”, (i.e. Annual Basic Salary, Housing Allowance and Transport Allowance).