Did you know that motor insurance isn’t the only important insurance policy in Nigeria? There are other insurance policies beneficial to organisations, individuals and the ones they love! In this six-part series, we’ll be exploring these different policies.
We’re kicking off with Group Life Insurance.
What is Group Life Insurance?
Group Life Insurance is a type of life insurance where a single contract covers an entire group of people. The policy owner is usually an employer or an entity (e.g. a labour organization) and the policy covers the employees or members of the group.
Who is Group Life Insurance For?
Group Life Insurance covers the members of any organised group. The group could be employees, members of a club, society or association.
In many corporate organisations, Group Life Insurance is often provided as part of the employee benefit package. This can be termed – Employee Group Life Insurance.
Facts about Employee Group Life Insurance
- Employee Group Life Insurance is mandatory by law in Nigeria
- It simply means that every employer of five or more employees must undertake a life insurance policy for each staff
- The policy should be a minimum of three times the annual salary of the employee
- Group Life Insurance applies to both private and public sector employees
Who Benefits from Group Life Insurance?
The benefits of Group Life Insurance are enjoyed by employees & members of any organised group and their loved ones.
It provides financial compensation in the event of death of an employee or a member of the group. The individual’s next of kin (as stated in the legal contract) receives the claims paid on the policy.
How Can I get my Group Life Insurance Policy?
Walk into any insurance company (of choice) close to you and make your request. Or you can simply get your policy activated right on your phone! For more information and to get started, click here.