Group Life Assurance Plan

The group life assurance plan is a death benefit scheme, with benefits payable to a member's named beneficiary upon the death of such a member. It is a renewable term assurance policy that covers members aged between 18 and 60 years of age.

The 2004 Pension Reform Act, Section 9.3 makes it compulsory for organisations with five or more employees to maintain a Group Life Assurance policy. In addition to meeting this statutory requirement for such organisations, the group life assurance plan also covers members in other types of groups such as non profit organisations, associations, clubs, and so on. The policy is kept in force by remittance of an annual premium.

Benefits Includes:

Maximum protection for a low premium outlay
An assured sum of a minimum of three times annual emoluments
Coverage for both organisations and other groups of people
No medical examination required
A way of eliminating the need to pass the hat among fellow members
for help when a member dies