This policy covers death either by sickness or accident
This policy covers death either by sickness or accident but excludes death by suicide whether committed while sane or insane. The cover operates every moment of the day throughout the duration of the policy. This can be extended to cover funeral/burial expenses including one’s spouse.
According to Pension Reforms Act 2004 Section 9(3), the Federal Government of Nigeria has made it compulsory for all establishments in the private sector with five (5) or more employees to put in place a life insurance policy of not less than three times (3times) the Annual Total Emolument on behalf of each employee.
The Act in Section 14 defines total emolument as:
Sum of Annual Basic Salary, Housing allowance and Transport allowance
Basically, the aim of the Act is to provide benefits for the dependants of the employees who die from any cause (accident or illness) whilst in service.
The arrangement shifts the burden from the employer to the insurance company who having charged adequate premium is liable to provide the required compensation.
Cost
This arrangement is the cheapest form of insurance cover. The cost represents only a very small addition to the employer’s cost and makes a substantial improvement to the amount of benefit available to the employee.
To enable us determine the cost and benefit due to each employee, we will require the following:
For more information and clarification!
For any inquiries relating to LIFE ASSURANCE kindly, fill the form below or call us during business hours.
Office address:
Abuja:- No 29 Aswan Street Wuse Zone 3 Abuja.
Phort Harcourt:- No 9 Woluchor Rumukalagbo Waterlines, Port Harcourt Rivers State. Nigeria
Call for help:
+234-907-673-7882
