Group Life Assurance Scheme

Our Group Life Assurance Policy or Death-In-Service Benefit Scheme is a contract of insurance designed to provide for the payment of capital sum (sum assured) to the dependents of an employee who dies while in the service of the employer.

Product Feature

  • The Employer is the policyholder while the Employees are the insured lives.
  • The scheme is arranged to provide benefits in the event of death only.
  • Policy grants cover for both accidental and natural death.
  • Premiums are usually paid by the Employer only.
  • Policy is renewable annually.
  • Coverage is on 24 hours basis.
  • Provides Lump Sum cash benefits or programmed monthly/quarterly withdrawal by dependents/spouse.
  • Scheme is essentially non-medical, except for individuals with insurance in excess of the Group Free Sum Assured.
  • All or part of the benefits can be converted to Dependents Annuity until the last dependent attained the age of years.
  • All or part of the benefits can be converted to dependents Annuity until the last dependent attained the age of years.

Employer Benefits

  • To relieve the employer of financial commitments associated with employee’s death (e.g. compulsory payments, funeral expenses).
  • To provide a source of emergency funds.
  • To create goodwill between the employer and the employees thereby promoting industrial harmony between Management and Union.
  • To attract and retain good employees.
  • Improved productivity because of the attendant peace of mind enjoyed by the employees.
  • Profit sharing/Experience-rating system. This will ensure payment of premium commensurate with the risk and a further cost reduction at every renewal.
  • Provision for return of un-used premium if more than 50% of employees are laid off within three (3) months of commencement of an Insurance period.
  • Flexible benefits: At every renewal, there is opportunity for a general review of the benefits to ensure continued adequacy and competitiveness in terms of benefits and premiums payable.

Employee Benefits

  • To provide lump sum benefit on death of an employee (minimum of 3 times total emolument).
  • To give peace of mind to the employees while working.
  • Prompt disbursement of benefits.
  • Annuity Option for the dependents of deceased employees.
  • Continuation/Conversion Options: Employees are free to take up individual policies without being subjected to further medical examination after separation.
  • Post retirement insurance coverage up to the next anniversary is allowed for employees retiring within an insurance period.