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EMPLOYEE’S GROUP LIFE ASSURANCE SCHEME IN COMPLIANCE WITH PROVISION OF THE NEW PENSION REFORM ACT 2004.

Death – in Service Benefit Scheme Called Group Life Assurance Scheme which is in accordance with the provisions of Section 9 of the New Pension Reform Act, 2004.

The Section 9 States that “Employers shall maintain life Insurance Policy and Retirement Pension Scheme in favour of the employees for a minimum of three (3) times the annual Total Emolument of the employee. Total Emolument was defined as Basis Salary, Housing Allowance and Transport Allowance of an employee.

The Group Life Assurance scheme is a Death – in – Service Scheme designed to provide benefit to dependants or beneficiaries of deceased members of staff covered under the scheme while in service of your company. The benefit is payable at death to the employer for onward transmission to the dependants of beneficiaries in a lump-sum.

This scheme is the cheapest form of life assurance cover and the underwriting requirement is not as it’s obtained under the individual Life Assurances.

To enjoy a total! Benefit under this scheme, we recommend that an accidental benefit policy could be bought; this is known as GROUP PERSONAL ACCIDENT SCHEME.

To enable us determined the premium payable, kindly furnish us with:-

• Names of employees
• Age/Date of Birth
• Salary/Total Emolument.