Group Life Assurance

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The Pension Reform Act (PRA) 2004 (Section 9, Sub section 3) mandates all employers of labour with more than five employees to maintain a Group Life Insurance Policy with benefits of not less than three times the annual total emolument of the employees. Total annual emolument is defined as the combination of basic salary, transport and housing allowances.

The main objective of the scheme is to ensure that dependents of every person who has worked in either the public or private sector receive death-in-service benefits to cushion the financial burden should they lose their breadwinner.

We are capable of providing the suitable cover against risk of death of insured staff through the most reputable and viable life underwriters in the market and at the most minimal cost.

The Corporate Life product can also be extended to encompass the following:

  • Workmen’s Compensation Policy
  • Group Personal Accident Policy

This policy is designed to foster the welfare of employees as well as reduce the financial strain that the organization could undergo in the event of injury or death of a member of staff. The policy provides a world-wide cover on 24 hours basis and benefits are payable in respect of death whether it is accidental or by natural means.