Group Life Assurance Schemes
Group Life Assurance scheme provides insurance cover for death-in-service of employees for the benefit of the employees dependents or beneficiaries. It covers the employee’s salary at: one times annual salary, two times annual salary or three times annual salary. The product may also include as a rider funeral benefit which can cover the employee only or employee, spouse and 4 children.
The product may also include as a rider a disability benefit which is payable in the event of total and permanent disability of the life insured. The amount payable as disability benefit is equivalent to the sum assured.
The product may also include as rider, critical illness benefits which will pay out a lump sum if the employee is diagnosed with a certain illness that is named in the policy. E.g Cancer, Stroke, Heart Attack and Coronary Artery Bypass Graf