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.
