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Group Life Assurance
Group Life Assurance is a type of term assurance in which a single contract is issued to cover numerous persons. The insurance is typically owned by an employer or another body such as associations and protects the employee or members of the group/organization. This policy pays out a stipulated lump sum in the event of death of the member, usually three (3) times their annual emolument. It is backed by The Pension Reform Act of 2004, which makes it mandatory for employers to maintain a life policy for her employees.
- It provides cover only on the employees/members, and not any dependents.
- Premiums are yearly renewable.
- Premium is charged at a flat rate of ₦6 annually for every ₦1,000 of Sum Assured.
- There is no waiting period for benefit payment.
- The minimum entry age is 18 years whilst the maximum entry age is 65 years.
- All claims will be subject to meeting the requirements as discussed in the general terms and conditions
Benefits
- Death: Group Life assurance provides cover for death only (either through natural or accidental). This means that benefits will only be payable if the life assured dies. (during the currency of the policy and while being an employee of the organization or a member of a scheme)
- Disappearance (Presumed Death): The Pension Reform Act 2004 added disappearance as a cover under group life for employees in common employment. (The Act says that if a person insured under a group life policy disappears and is not seen for a period of twelve months, and there is sufficient evidence that he has died, the sum assured for that person will be paid to the next of kin).
NAMES OF STAFF/MEMBERS | NAMES OF STAFF/MEMBERS | DATE OF BIRTH/AGE NEXT BIRTHDAY | ANNUAL SALARY | TOTAL EMOLUMENTS/ SUM ASSURED | NIN |
- A list of all employees or members showing:
- Date of Birth
- Annual total emolument (Basic, Transport and Housing) or sums assured
- Commencement date.
- Based on this information we calculate the annual premium payable.
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