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Group Life Assurance order in Ikoyi
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Group Life Assurance

Group Life Assurance

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Nigeria, Ikoyi
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+234 
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Description
  • A group life insurance contract covers the members of a particular group. The group could be employees, members of a club, society, association etc. It provides financial compensation in the event of death of a member of the group.
  • In the case of employers, Group Life Assurance Policy or Death-In-Service Benefit Scheme is a contract of insurance designed to provide for the payment of capital sum (sum assured) to the dependants of an employee who dies while in the service of the employer.
  • Group Life Assurance policy is compulsory by virtue of the Pension Reform Act 2004. Section 9 subsection 3 of the Act requires employers to maintain life insurance policy or death-in-service benefit scheme in favour of their employees for a minimum of three (3) times the annual total emolument of the employees.
  • This is the cheapest form of assurance cover and the cost is borne by the employer. The underwriting requirements are very favourable and not as stringent as in individual life cases.
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Group Life Assurance
Group Life Assurance
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