GROUP LIFE INSURANCE
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GROUP LIFE ASSURANCE
Group Life Assurance: (As Required by the Pension Reform Act 2004)
Group Life Assurance (GLA) is a mandatory insurance policy required by the Pension Reform Act (PRA) 2004 (as amended in 2014) for all employers in Nigeria with three (3) or more employees. It ensures the financial security of employees’ beneficiaries in the event of the employee’s death while in active service. The employer must maintain a life insurance policy equal to at least three (3) times the employee’s annual total emoluments (basic salary, housing, and transport allowances).
GROUP Insurance Experts
Key Roles
- Underwriters: Assess group life insurance risks, determine policy terms, and calculate premiums.
- Account Managers: Manage group life insurance policies, including policy administration and customer service.
- Benefits Consultants: Provide expert advice on group life insurance benefits, including plan design and implementation.
- Claims Processors: Handle group life insurance claims, ensuring timely and efficient payment of benefits.
Key Responsibilities
- Policy Administration: Manage group life insurance policies, including enrollment, premium payment, and policy updates.
- Benefits Design: Help employers design and implement group life insurance benefits that meet their needs and budget.
- Customer Service: Provide support and guidance to policyholders, including answering questions and resolving issues.
- Claims Handling: Process group life insurance claims efficiently and fairly, ensuring timely payment of benefits.
Benefits
- Financial Protection: Group life insurance provides financial protection for employees’ families in the event of an employee’s death.
- Employee Benefits: Group life insurance is a valuable employee benefit that can help attract and retain top talent.
- Tax Benefits: Group life insurance premiums may be tax-deductible for employers.
