Group Life Assurance scheme provides a guaranty for financial security and solution to social menace.  It relieves an employer of spontaneous financial commitments in the event of an employee’s death, gives the employee peace of mind knowing that adequate arrangement has been made to provide financial security for the family in the unfortunate event of his/her demise and at the same time frees the society of threats associated with displaced family members arising from the demise of a breadwinner in the family.

It is designed to protect dependants of employees of a company in the event of an early death.  The policy provides lump sum benefit for the dependants of an employee who dies in the service of an employer.  In otherwords, there is continuous flow of funds for the surviving spouse towards meeting the needs of the family.  

The Pension Reform Act 2004 (S9(3)) requires every employer, to which the Act applies, to "maintain life insurance policy in favour of the employee for a minimum of three times the annual total emolument of the employee".  This ensures availability of monetary benefit for the family of the Nigerian worker in the unfortunate event of his/her demise.

To commence your organization’s Group Life Assurance Plan with GTAssur, the following steps should be taken:

1. Forward the data of your workers, specifying the following:
a. Names
b. Dates of Birth
c. Gender
d. Sum Assured
e. Retirement Age
2. GTAssur will compute and send the provisional premium payable and members of the scheme required to undergo medical examination (if any)
3. Make the provisional premium
4. GTAssur will prepare and send the Policy Document, Certificate of Insurance and List of Members required to undergo medical examination (if any)
5. Affected members undergo medical examination
6. GTAssur computes and send revised premium (if any) based on medical report

Features

• It is a renewable one-year term assurance for a group
• Premium is relatively cheaper
• Medical examination will be required for some of the staff (cost to be borne by GTAssur)
• Can also be arranged by organizations, associations, clubs, etc.

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