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GROUP LIFE ASSURANCE

  • It provides financial protection against premature death while an employee is in the service of an employer.
  • The Pension Reform Act makes it mandatory for an employer of labour to provide Group Life Assurance Cover for his employees. A minimum of three (3) times the employee’s annual remuneration is stipulated as the death benefits to be provided under the policy in case of the unfortunate event of an employee’s death while in active services with the employer.
  • The financial burden created as a result of the death of a breadwinner cannot be underestimated.
  • As a result of this, many employers are utilising the advantage therein to provide for unforeseen contingencies that are befalling some families today after the death of the employees (breadwinner). In a nutshell, Group Life Assurance policy ameliorates the financial stress created to the family left behind (dependents) as a result of untimely death of such an employee.

Benefits of Group Life Assurance

  • In the event of death of an employee during the period of cover, three (3) times of the insured total emolument as at the time of death will be paid to the estate or beneficiaries.
  • The cover is the cheapest form of life assurance policies.
  • The premium (cost) will be regarded as an expense for tax purposes.

DEPOSIT ADMINISTRATION

Contributions are made for each employee as a percentage of salary. Interest is credited to the members account to provide end-of-service benefits for employees when they leave service either at retirement or resignation of appointment.