Group Life Assurance Plan
This plan suits groups that are tied together for similar purpose. Each member of the group will have their own limit or sum of assurance and will be specified in the policy schedule
The policy pays death benefits, in case of death of a member, to the extent specified in the policy. In most cases, this is expressed as a multiple of annual salary. The policy also pays a set amount to meet funeral expenses of the member, spouse of the member and dependants
Additionally, the policy pays for incapacity of the member caused by critical illness or other causes
All premiums, shall be payable at the head office of the Insurer. The assured may pay the insurance premium based on sum assured either monthly, quarterly, semi-annualy or annually.