Group Life Insurance Scheme
Our Group Life Assurance Policy or Death-In-Service Benefit Scheme is a contract of insurance designed to provide for the payment of compensation to the dependents of an employee who dies while in the service of an employer.
Learn More
Employers by virtue of section 4, sub-section 5, of the Pension Reform Act 2014 are required to maintain a group life insurance policy or death-in-service benefit scheme of a minimum of three (3) times annual total emolument for their employees. It can also be taken up by Clubs and Associations on behalf of their members.
Features of the Scheme
The Employer is the policyholder while the Employees are the insured lives
- The scheme is arranged to provide benefits in the event of death only.
- Policy grants cover for both accidental and natural death
- Premiums are usually paid by the Employer only
- Policy is renewable annually &Coverage is on 24 hours basis
- Provides Lump Sum cash benefits or programmed monthly/quarterly withdrawal by dependants/spouse
- Benefits under the group policy can be converted to individual policy after separation
The following additional benefits can also be arranged with a group life policy for an additional premium.
- Permanent Total Disability Benefits
- Temporary Total Disability Benefits
- Accidental Medical Expenses Benefits
Benefits
- To relieve the employer of financial commitments associated with employee’s death
- It gives companies opportunity to be compliant with the regulatory Pension Reform Act
- Promotes good will between employers and their respective employees
- Improved employee productivity as a result of the attendant peace of mind
- Policy grants cover for both accidental and natural death on a 24hr basis