Group Life Insurance

Group life insurance is one of the compulsory insurance policies that any registered business/company with a minimum number of three (3) employees must have in Nigeria.  Life Assurance for employees makes them more committed to the success of the company they work for.

The policy will provide cover for death of any of the insured members of staff from whatever cause except suicide.

The basis of sum assured is sum of Annual Basic Salary + Annual Housing + Annual Transportation . The result will then be multiplied by a minimum factor of 3 . Some companies may decide to use a factor of 6.