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Group Life Assurance Scheme
Group Life Assurance is a cover usually taken out by an employer / organisation on the lives of their employees / members as a group. The benefit is payable on the death of the employee/member from either accidental or natural causes.
Supplementary Benefits (Additional Riders) to Group Life Cover
- Last Expense (Funeral) CoverOn death of an employee / member of the scheme, an amount which may vary between Kshs. 50,000/= to Kshs. 500,000/= will be payable within 48 hours of receipt of written notification of death. This benefit is intended to assist the bereaved family in respect of immediate burial expenses. It can also be extended to include the spouse and children of the insured employee / member.
- Critical Illness CoverIf an employee / member contracts a critical illness for the first time, 30% of the accepted group life sum assured subject to the stipulated maximum will be payable. The conditions covered are Heart Attack, Cancer, Stroke, Kidney Failure, Coronary Artery Bypass Surgery, Major Organ Transplant and Paraplegia.
- Permanent Total Disability CoverThis benefit is payable where an employee / member becomes totally and permanently disabled or incapacitated whilst in the service of the employer / a member of the Group by reason of injury or illness and he/she is permanently and totally incapable of engaging for income or profit in his / her own occupation or another occupation for which he/she is or could reasonably be expected to become qualified by virtue of his/her knowledge, training, education, ability and/or experience and in the opinion of the Company’s Medical Officer there is no reasonable expectation of recovery.
WIBA Compliant Group Life Assurance Scheme
This is a specially designed package that is cost effective in helping an Employer / Organisation comply with the requirements of the Work Injury Benefits Act (WIBA) whilst also providing group life assurance protection to employees. It offers benefits usually covered under a GPA/WIBA policy without restriction to occupation only or set limits and at the same time offers employers a cost effective solution.
Summary of Benefits Structure
- Group Life Cover
- Death in Service – payment of benefit upon death due to illness, accident or natural causes of an insured member;
- Last (Funeral) Expense – payment of benefit to assist/cater for the immediate burial costs upon death due to illness, accident or natural causes and payable within 48 hours of receipt of official notification;
- Permanent Total Disability – payment of benefit where an insured employee/member becomes totally and permanently disabled or incapacitated by reason of injury or sickness; and
- Critical Illness – payment of 30% of an insured member group life sum assured in the event the employee / member contracts a critical illness (as defined) for the first time in their life.
- Accident and Occupational Risks
- Accidental / Occupational Death Benefit – payment of the benefit upon death of an employee/member due to Occupational Illness or Occupational and Non-occupational Accidental causes;
- Accidental / Occupational Permanent Total Disability – payment of benefit in case of total and permanent disablement by reason of Occupational illness or Occupational and Non Occupational causes whilst in service. The benefit incorporates Permanent Partial Disability under the continental Scale.
- Temporary Total Disability – payment of benefit of full regular salary to a maximum of period of one year (52 weeks) or two years (104 weeks) in the event of temporary disablement by reason of occupational illness or occupational or non-occupational accidental causes whilst in service where the temporary disablement prevents the employee/member from attending to his/her usual occupation.
- Medical Expenses – payment of medical expenses incurred due to occupational illness or occupational or non-occupational accidental causes of an assured employee whilst in service.
Group Last Expense (Funeral) Cover
- This is ideal for organisations that do not need a comprehensive Group Life package.
- Benefits are paid to the nominated beneficiary within 48 hours on receipt of claim documentation.
- The sum assured ranges between Kshs. 50,000 to Kshs. 500,000/- per member.
- Employees and Members also have the option of covering their immediate family members.
Credit Life Insurance
Designed for institutions that provide clients with finance or credit, credit life insurance is designed to pay-off the balance of a loan in the event of the borrower’s death.
The following riders/supplementary benefits can be included in the policy:
- Permanent Total Disability – the outstanding debt is settled should the life insured become permanently disabled during the loan period.
- Last Expense benefit – either as a percentage of the original loan balance or an agreed benefit.
- Retrenchment Benefit – up to a maximum of nine (9) monthly loan instalments in the event of retrenchment or redundancy of the insured member.