Group Life Assurance
Group Life Assurance Scheme (Death-in-service benefit scheme) is compulsory for staff. This is basically arranged to compensate employees’ dependants in the event of death resulting from natural and accidental causes whilst still in employment.
The Federal Government on June 25, 2004 signed into law “The New Pension Reform Act”. The death benefit is 3 times total emolument (basic salary + housing + transport allowance).
The employer finances the policy and the cost is very reasonable. The benefit payable on death can be expressed in:
- Multiples of annual salary say 3 times annual salary or
- Specified sums for different salary bands.
All full time salary staff would be eligible for entry into the plan on the effective date of employment provided they have attained age 18 and do not exceed age 60 years. Your organization will however specify the retirement age.
The commencement date of the proposal scheme would be arranged at the convenience of the employer. The day and month chosen will be the anniversary date when salary changes and other alteration will be effected.
However, to enable us arrange the benefits schedule of the scheme and eventually advise you on the premium payable, we would require the following information from you.
- Full name of the employee/sex
- Annual basic or consolidated salary
- Date of entry
- Date of birth.