Group Life Assurance
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 demise, 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 demise. The policy provides lump sum benefit for the dependants of an employee upon his/her demise 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.
In accordance with Section 8 (1) of the Pension Reform Act of 2014, which states, “Where an employee dies his entitlements under the life insurance policy maintained under section 4 (5) of this act shall be paid by an underwriter to the named beneficiary in line with section 57 of the insurance act.”. We hereby request that you please furnish us with the named beneficiary (ies) and the sharing proportion as provided by each employee on the scheme (using the exemplary format below) to enable us update our records accordingly. This will ensure compliance with the law and also facilitate settlement in case of the occurrence of the insured event.
To commence your organization’s Group Life Assurance Plan with AXA Mansard, the following steps should be taken:
1. Forward the data of your workers, specifying the following:
b. Dates of Birth
d. Sum Assured
e. Retirement Age
2. AXA Mansard 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. AXA Mansard 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. AXA Mansard computes and send revised premium (if any) based on medical report