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Keyman Assurance
The CHI Keyman Assurance Plan (also called Key Person Insurance) is a life insurance policy that a business buys on the life of a key employee whose loss would seriously harm the company’s finances or operations.
- The CHI Keyman Assurance Plan protect organizations against sudden loss of founders, top producers, or executives whose absence could affect earnings or financing.
- The company purchases the policy and benefits from the payout, which supports continuity and financial obligations. The minimum entry age is 18 and the maximum age at entry is 65.
- The policy is available on quarterly, semi-annually and annually term basis, with premium payable once at the commencement of each policy term.
- The minimum duration is 3 months.
- The Maximum duration of the policy is 5 years.
Benefits
- Death Benefit: The policy pays the sum assured upon death of the policyholder within the term of the policy.
- Permanent Disability Benefit: The policy pays the sum assured when policyholder suffers a permanent disability as defined in the policy document, within the term of the policy(this extra rider is charge for.)
- Critical Illness Benefit: If diagnosed with critical illness covered within the policy term, the policyholder receives the full sum assured as a lump sum and policy terminates((this extra rider is charge for).
- Personal Information of Key Person
- Full name, gender, and date of birth (for age calculation).
- Medical history and current health status (medical tests may be required).
- Policy Information
- Sum assured required.
- Policy term (single, semi-annual, or quarterly).
- Type of cover (Death only / Death + Disability / Death + Disability + Critical Illness).
- Business & Financial Information
- Role and responsibilities of the key person.
- Financial exposure of the business to the key person (e.g., revenue contribution, profit impact, outstanding loan obligations).
- Supporting documents: audited financial statements, or board resolution authorizing Keyman Insurance.
- Underwriting Requirements
- Completed proposal form.
- Proof of insurable interest (employer–employee)
- Medical examination report (based on age and sum assured)
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0700 700 0400
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info@chilife.ng
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Plot 33D Bishop Aboyade Cole Street, Victoria Island, Lagos
