Group Life Insurance

Group life insurance is a single contract that covers an entire group of people. Typically, the policy owner is an employer or an entity such as a labor organisation, and the policy covers the employees or members of the group.

Scope of Cover

  • Death by natural causes
  • Death by accidental causes

Benefits

  • At the death of any of the employees under cover, an assured sum of a minimum of three times annual emoluments would be paid to the dependents.
  • Providing their dependents with a tax fee lump sum in the event of your employee’s death can play a major role in helping you to attract & retain good quality staff
  • The Group Life certificate is usually required when bidding for Government accounts by businesses.

How does it work?

  • Group life Assurance is set up as a single scheme that covers a group of employees within a business or any form of non-profit organization.
  • The policy is kept in force by remittance of an annual premium. It covers members between 18 and 60 years of age.
  • Group life insurance pays out a lump sum death benefit to employees’ family or next of kin should that individual die whilst working for the organization.
  • With death in service benefit the employee must be employed by the organization still at the time of their death for the benefit to pay out.
  • Death in service schemes usually run until the employee’s normal retirement age.
  • If an employee takes time out from their career or leaves the company for any reason they will no longer be covered.
  • We can substitute the employee that leave the company with the new entrant by prorating the used premium or when there is no new entrant the balance premium would be returned.
  • It covers members between 18 and 60 years of age.

Group Life for who?

  • Corporate organizations
  • Associations
  • Clubs
  • Government Bodies &
  • Parastatals
  • Non-profit organizations

Basic Underwriting Requirements

  • Name of Staff
  • Date of Birth
  • Total Annual
  • Emolument

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Phone

+234(0) 913-103-6089

+234(0) 906-243-6650

+234(0) 906-243-6650

Email

info@aibltd.insure

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BRANCH OFFICE

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