Group Life Insurance In Nigeria: What You Need To Know

Group Life Insurance is a critical component of the Pension Act of 2014 in Nigeria. It is a form of Term Life Insurance purchased by an employer or association for the benefit of its employees or members. The policy covers all employees or members of the group and provides a lump sum benefit to the beneficiary/beneficiaries of a deceased member.

Group Life Insurance is a critical component of the Pension Act of 2014 (PRA 2014)

Group Life Insurance is a form of Term Life Insurance policy purchased by an employer or association for the benefit of its employees or members. The policy covers all the employees or members of the group and covers death either through natural or accidental means. The sum assured (Life Cover) is usually a multiple of the employee’s annual emolument or a defined amount. The policy may be extended to cover named critical illnesses, permanent disability, medical expenses, funeral expenses in the case of an accident, and personal accident.

Welfare Protection Assurance is an annual renewable policy that provides a lump sum benefit to the beneficiary/beneficiaries of a deceased member of an organisation/association. This type of policy ensures that the deceased's loved ones are financially taken care of and that the organisation/association can continue to function without the financial burden of supporting the deceased's family.

Group Life Insurance is an important tool for employers to protect their employees and their families in the event of unforeseen circumstances. It provides peace of mind and financial security for all involved.

Employers are mandated to insure the lives of their employees

Group Life Insurance is a critical component of the Pension Act of 2014 (PRA 2014) in Nigeria. The act requires employers to maintain a group life insurance policy for their employees for a minimum of three times their annual total emolument. Employers are mandated to insure the lives of their employees so that in the event of death, their loved ones will receive a lump sum payment to cater for themselves. This is a form of Term Life Insurance policy purchased by an employer or association for the benefit of its employees or members. Once an insured employee dies, the death benefits accruing from the insurance policy are given to a named beneficiary as documented by the deceased. The policy covers all the employees or members of the group and covers death either through natural or accidental means. The sum assured (Life Cover) is usually a multiple of the employee’s annual emolument or a defined amount.

The policy covers all employees or members of the group

Group Life Insurance is a critical component of the Pension Act of 2014 (PRA 2014) in Nigeria. The act requires employers to maintain a group life insurance policy for their employees for a minimum of three times their annual total emolument. This means that employers are mandated to insure the lives of their employees so that in the event of death, their loved ones will receive a lump sum payment to cater for themselves. The policy covers all employees or members of the group. This includes death either through natural or accidental means. The sum assured (Life Cover) is usually a multiple of the employee’s annual emolument or a defined amount. The policy may be extended to cover named critical illnesses, permanent disability, medical expenses, funeral expenses in the case of an accident, and personal accident.

The policy may be extended to cover permanent disability, medical expenses, and funeral expenses

Group Life Insurance is a form of Term Life Insurance policy purchased by an employer or association for the benefit of its employees or members. In Nigeria, it is a critical component of the Pension Act of 2014 (PRA 2014), which requires employers to maintain a group life insurance policy for their employees for a minimum of three times their annual total emolument. This means that employers are mandated to insure the lives of their employees so that in the event of death, their loved ones will receive a lump sum payment.

Additionally, the policy can be tailored to cover named critical illnesses or personal accidents. This gives employees further assurance that they will receive financial support if they are diagnosed with a serious illness or injured in an accident.

By offering Group Life Insurance, employers can demonstrate their commitment to the well-being of their employees and provide valuable financial protection for their workforce.

Death benefits are given to a named beneficiary as documented by the deceased

Group Life Insurance is a critical component of the Pension Act of 2014 in Nigeria. The act requires employers to maintain a group life insurance policy for their employees for a minimum of three times their annual total emolument. This means that employers are mandated to insure the lives of their employees so that in the event of death, their loved ones will receive a lump sum payment to cater for themselves.

The policy covers all the employees or members of the group and death is covered either through natural or accidental means. The sum assured (Life Cover) is usually a multiple of the employee’s annual emolument or a defined amount. The policy may be extended to cover named critical illnesses, permanent disability, medical expenses, funeral expenses in the case of an accident, and personal accident.

The Welfare Protection Assurance policy by Sanlam Nigeria is an annual renewable policy that provides a lump sum benefit to the beneficiary/beneficiaries of a deceased member of an organisation/association.

Frequently asked questions