Group Life Assurance
The pension reform act 2004 requires every employer of labour to maintain life Insurance policy in favor of all their employees for a minimum of three times the annual total emolument.
The Act has therefore made it statutorily compulsory and has also imposed full responsibility on any organization with five or more to maintain group life assurance for their employees.
The group life assurance is designed to provide a lump sum cash benefit to the dependants of employees who may die while in service of the employer. This will cushion the financial stress /hardship occasioned by such death.
