Life Insurance

Group Life Assurance

This is a death- in-service benefit that has to be arranged by the employer for the benefit of its employees. Cover can be provided as a multiple of an employee’s annual salary or as a lump sum amount applicable to all employees irrespective of the annual incomes.

The scheme provides for a lump sum to be paid upon death of a member of the scheme provided he is still in active service of the employer. It enables employers to alleviate the financial distress that might befall the dependants of an employee upon his death. The employer ordinarily pays the annual premium, which can be based either on a unit rate, single premium or profit sharing rebate.

Group Credit/Mortgage Life Assurance Scheme

This is a form of group insurance taken by a creditor, usually a financial institution on the lives of his debtors under one policy. The employer/employee relationship is not necessary, provided each debtor is gainfully employed. For instance, where a bank or some other loan-making institutions, lend money to various people wishes to avoid the difficulties that may arise in obtaining repayments of the loan upon the death of the debtor. The debt is repaid from the policy proceeds in the event of the debtor’s earlier death.

Group Mortgage Protection Scheme

This scheme protects property owners with long-term mortgage financing. As financiers are rather loath to sell a property of a dead borrower to recoup their outlay, this cover provides funds for completing mortgage repayments upon the borrower’s death.

The policy is available as a group cover for corporate firms and is written in name of the financing company to cover the outstanding loan repayments.

Critical Illness Cover

This cover can be issued as an accelerated benefit with group life benefit or as a standalone benefit to employers of an organization. The Assurance Company will pay the specified amount on first positive diagnosis of any of the listed diseases by a registered qualified medical practitioner supported by medical evidence acceptable to the Company

The conditions include heart attack, coronary artery bypass surgery, cancer, kidney failure, paraplegia and paralysis, stroke and major organ transplant.