HIB Insurance Brokers

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GROUP LIFE ASSURANCE

A Group Life Insurance Contract Covers The Members Of A Particular Group. The Group Could Be Employees, Members Of A Club, Society, and Association Etc. It Provides Financial Compensation In The Event Of Death Of A Member Of The Group.

Group Life Insurance is a scheme for a group of people. In Nigeria, this life insurance is compulsory by law. It caters to these groups to take out a policy for a minimum of 3 times the total employee annual salary.

It is an annual renewable contract which ensures that in case an employee of an insured organization passes on, his or her dependents or beneficiaries would collect a lump sum death-in-service benefit that amounts to three times the annual salary of the employee in question.

This caters for a minimum of five (5) individuals in a group.

Group Life Insurance scheme is made compulsory for employees in the public and private sectors, social clubs and associations.

By Virtue Of the Pension Reform Act 2004. Section 9 Subsection 3 Of The Act Requires Employers To Maintain Life Insurance Policy Or Death-in service Benefit Scheme In Favour Of Their Employees For A Minimum Of (3) Three Times The Annual Total Emolument Of The Employees.

It is the cheapest type of life assurance cover and the premium cost is catered for by the employer and the requirements are flexible.

However, individuals can come together and take up group life policies by themselves for the benefit of members.

Groups offer life insurance to their members. Average Nigerian employers to their employees, management of schools to their students etc.

The insurance contract is usually between the insurance company and the group. The participating group members receive certificates of coverage.

FEATURES/BENEFITS

It Is Renewable Annually

It Works In-line With the Provisions of the Law

It Could Be Arranged To Provide For Additional Benefits

Basically a Death Cover Designed To Provide the Agreed Level of Benefit

Provide Financial Succor to the Family of the Deceased

It Is Provided Solely By the Employer for the Employees Benefit

REQUIREMENTS

Letter of appointment

Certificate of registration or incorporation

Form CO2

Form CO7 of the assured

Means of Identification of two directors of the company

A full schedule of staff or members under the scheme to take the insurance policy

And any other required document

PREMIUM CALCULATION

To Calculate Group Life Insurance Premiums in Nigeria need the formula:

Premium = Sum Assured (Total Annual emolument *3) X Rate/1000