Group Life Assurance
This product is available for companies,societies and organized groups who want to insure members as a group, this insurance cover is subject to renewal on an annual basis.
- Offers a death benefit as a standard feature.
- The death benefit is determined In two main ways
– Multiple of annual salary not exceeding 8 years salary.
– As a capital sum where all members are insured for the same amount or different categories of employees for different fixed sum assured.
- The premiums are payable at the beginning of cover and is determined on the basis of:
-Rates based on individual members age.
-Rates based on the average age of all members on the group.
- Claims are payable within 5 working days and one may be required to provide documentation before a claim is paid.
- A free cover limit is available to reduce the number of people required to provide medical examination report.