Group Life Assurance Policy

By the provisions of section 9, sub-section 3 of the pensions reform act,2004 employers of labour are compulsorily required by law, to put in place a three times (3x) annual total emolument as benefit for each insured employee. The group life policy is aimed at supplementing the contributions of employees under the pensions reform act, 2004. The premium for the group life policy is borne by the employer alone.

Data for premium computation:

To enable us compute premium for your organization on group life assurance scheme, kindly furnish us with the following data:

Name of each employee
Total annual emolument (annual salary, transport & housing allowances) of each employee
Date of birth of each employee
Commencement date of the scheme

Extent of Cover

The group life assurance scheme provides a capital/lump sum benefit to an employees designated next of kin or legal personal representatives. The policy is a term assurance that runs on annual basis. The policy is also a renewable annual contract. Benefit will only be paid by the policy if death occurs. Injury or accidental benefits claims are not covered by the group life policy, as those risks fall under the purview of workmen’s compensation and group personal accident policies.