Group Term Assurance

For Whom
This plan has been designed for employers to take insurance for all or certain categories of their employees (e.g. - employees in a particular grade/ designation). All members of the group, subject to some basic insurability conditions, are eligible for membership of the plan.

Main Features

• It is a year term renewable plan
• A single master policy is issued covering all the employees. The premiums can be paid either by the employees or employer.In most cases it is paid by the employer.
• Up to N1,000,000.00 benefit for a member. There will be no medical examination
• The policy offers the flexibility for new members of the group to join and for outgoing members of the group to leave the scheme during the policy term.
• The benefit can be constant for all members or vary on the basis of their grade or salary. It can be in multiples of the employee's salary.
• The policy covers the members of the group even whilst travelling anywhere in the world.

Benefits

• Sum assured designated for the employee will be paid.

Other Conditions

• Minimum age at entry : 18 years
• Maximum age at entry : 64 years or 1 year lower than the normal retirement age
• Member should not be absent from work on the ground of ill health on any of the immediate 14 days prior to his being accepted for cover under the policy.

Exclusions

• The policy does not cover suicide in the first and second policy years.

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