IGI Group Life Assurance is a life policy which provides death-in service benefits to the employees in common employment or a group of people under appreciable similar exposure. It is designed to provide for the payment of a lump sum of money to the beneficiary(ies) of a deceased member of the scheme.
IGI Group Life Assurance policy is open to employers of labour, clubs, associations, unions, religious groups, cooperatives and other friendship and social organizations e.t.c who exist as a group.
The Pension Reform Act 2004 made it mandatory for all employers of labour having up to five employees to maintain a Group Life Assurance policy for at least 3 times of their annual total emolument. IGI Plc Group Life policy will accept any desired multiple of the total annual emolument/level of benefit above the three times.
In the event of the death of a member of the scheme, the sum assured designated for that member becomes payable.
A person, who ceases to be a member of our Group Life Scheme, can convert it to an Individual Life policy for the same sum assured without undergoing any medical examination. The new policy will then be administered in line with our individual life policies.
The following additional but optional benefits can be taken alongside IGI Group Life:
Medical and Surgical Expenses - If an insured person incurs medical expenses
resulting from an accident anywhere in the world, the medical bill will be offset by
the policy subject to the adequacy/limit of the sum assured under this heading
You can remove the burden of your funeral/burial expenses from your family by
insuring to the full value of your expected funeral cost, like cost of casket,
undertaker's expenses and even cost of entertainment of guests. The amount
insured becomes payable on death.
Our group life policy provides a 24 hour coverage wherever you are in the world.
With the uncertainty of not knowing where the unexpected will happen, you can
provide for the cost of repatriation of your body to your desired place of "resting in
peace" should death occur outside the country or far away from your desired place
This is an investment vehicle that allows the employees/members of an organization to make periodic contributions and IGI will invest it in its high yielding investment instrument and make payouts to the clients through the employer or organization. This is used as a staff retention scheme or as a way of empowering employees to purchase their own assets. The minimum term of this fund is three years and IGI will allow roll over to be done after the end of the term. Funds can be rolled over and kept with IGI as long as the client wishes. Fund value will be paid out at maturity, on death, on cancellation/withdrawal or resignation/termination of employment. The employer may opt to pay part or 100% of the premium for the employees or the members may contribute some percentage or pay the entire premium.
If you are interested in our Group Life policy, please provide the following information to enable us give you a suitable quote.
A list of the intended members containing their:
Sum Assured/Benefit Level
In determining the premium to be paid, a number of factors are taken into consideration, like:-
To ensure prompt settlement of your claims, please notify us of all incidents or deaths as soon as they occur.