Group Life Cover is a yearly renewable cover usually taken out by an employer or registered group on the lives of the employees as a group. A master contract is formed between the insurer and the group policyholder (Employer) for the benefit of the employees.
Why get the Group Life Policy?
- To protect employees against being unable to work due to injury or illness or at worst, death.
- To provide death benefits to the dependents of the employees who die in service. Their families can be provided with help at a time when it is most needed.
- The cover extends beyond accidental and occupational coverage
- The scope is worldwide
- The only exclusion for death is active war participation
Covers total and permanent disability
The plan provides group funeral expense payment
The plan provides for critical illness payment
The plan provides lumpsum payment in case of the death of a member