Employee Benefits Covers
These include;
- Group Life
- Pension Administration
- Last Expense
- Critical Illness
Group Life Cover
In the event of death either natural or accidental, the benefit pays a lump sum in multiples of annual earnings in respect of the assured life.
Benefits Under Group Life Insurance
| Death | Permanent Total Disability Cover | Critical Illness Cover |
| The payment of the sum assured based on the selected multiple of annual salary upon death due to illness, accident or natural causes of an assured member whilst in service. | Covers injuries or disablement arising from an accident or natural illness (sickness). The benefit payable is up to the group life sum assured payable as a lump sum or in agreed equal monthly installments. |
This is payable to a member diagnosed with any of the listed Dreaded Illnesses [i.e. Heart Attack, Cancer, Stroke, Kidney failure, major organ transplant, coronary artery bypass surgery, paraplegia] within the currency of the policy. This benefit is awarded as a percentage of Group life sum assured. |
| Last/Funeral Expenses Cover | Free Cover Limit (FCL) | |
| A last expenses benefit caters for the immediate burial costs upon death due to Illness, Accident or natural causes of an assured member whilst in service. Cover is payable within 24 hrs. From the time of death and upon receipt of necessary claims documentation. | This is the maximum cover given to a life assured without being subject to medical examinations. Members with sums assured in excess of the free cover limit are required to undergo medical examination. However, waiver of this is allowed if they provide proof of cover with disclosure on previous re assurer, name of underwriter, underwritten amounts, acceptance terms, dates of medical reports and acceptance. |
Pension Administration
The Income Tax Rules provides for the registration of the following schemes:-
- Pensions Funds;
- Provident Funds;
- Individual Retirement Funds
Types of Pension Schemes
- Occupational/Stand Alone Retirement Schemes;
- Umbrella Occupational Retirement Schemes; and
- Individual/Personal Retirement Schemes.
Benefits of pension
- Provides saving for old age
- Access to immediate tax relief
- Avenue for investment
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