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Group Life Assurance

The 2004 Pensions Act makes Group Life Assurance Compulsory for employers for a minimum of 3 times the annual total emolument – basic salary, housing & transport allowances of the individual employees. Group Life Assurance policy helps to meet the needs of employers, employees and workers in social entities, members or any group of people with a common interest recognized by law against the risks of death, and medical expenses as a result of death or accident. Benefits:

  • Provides a one-off cash sum on the death of the life assured to stated beneficiary.
  • Policy covers the employees or members of the group.
  • It covers death either through natural or accidental means.
  • The sum assured (Life Cover) is usually a multiple of the employee’s annual emolument.
  • Policy may cover funeral expenses.
  • Members are eligible to take this plan if are under the age of 60.
  • Members above 60 years will be accepted on accommodation basis.
  • You are free to choose the amount to be insured per person subject to a minimum of 3 times an individual’s annual earnings.