The Royal Group Life Assurance
It is a compulsory insurance for all employees of labour that provides cover for the beneficiaries of an employee in the event of death in service within the policy year.
Why take up our Royal Group Life Assurance Policy
- To make available to the next of kin a lump sum payment (i.e. the Sum Assured) in the event of any employee dying within the policy year.
- It is the most inexpensive means of making provision for the payment of the sum assured to the dependant of a deceased employee covered under the scheme.
- Since it is a scheme arranged under such circumstances for the benefits of the dependants of a deceased employee, such payments are normally made through the establishment while the premiums are fully borne by the Organization.
- It enables the employees to know/manage their states of health when comprehensive medical exams/tests are arranged.
- The Group life can also be extended to provide Funeral expenses.
Requirements for Placement
- List of names with dates of birth or age next birthday of employee.
- Proposed sum assured (minimum of three times the employees’ annual total emolument in line with Section 9(3) of Pension Reform Act 2004
Features
- The policy is taken by employers on behalf of employees.
- The pre-determined sum is a minimum of three times the employee’s annual total emolument as stated in the pensions Reform Act (2004).
- It can be extended to cover permanent disability and funeral expenses.