This is an umbrella type of life insurance policy in which a single contract covers a group of people or employees against accidental bodily injury, disablement or death or occupational diseases arising out of and in the course of employment to the insured`s employees.
Death Benefits:
This benefit is payable on death from illness (natural causes) or accidental. The amount payable, called the sum assured, is either a fixed sum for all members in a particular category as predetermined by the sponsor or is determined as a multiple of the annual salary as set by the sponsor. The benefit is normally paid out as a lump sum to either the sponsor or the designated beneficiaries of the deceased employee / member.
Last expense:
This is normally taken as an additional benefit to help facilitate the disposal of the mortal remains of the deceased member. The benefit amount ranges between Kshs. 30,000 and Kshs. 200,000/- either as a separate cover or as acceleration (advance payment) of part of the full death benefit described above. Customarily, this benefit is paid within 48hours of receipt of written notification of the death.
Credit Life Assurance& Sacco loan protection:
Group life plans are also used to provide cover to redeem the outstanding loan balances in the event of premature death or disability of the borrower. This cover can be renewed every year (annually renewable) or provided at the onset of the loan agreement for the entire term of the loan (single premium option). All lenders with a minimum of 10 borrowers including financial institutions and Sacco’s qualify for this cover.
Mortgage Protection:
Group life schemes offer mortgage protection arranged on a yearly renewable or single premium basis for lenders to specifically protect the families of the deceased mortgagor from the risk of the lender reselling their home in the event of the untimely death or disability of the breadwinner. This cover provides the same benefit as for credit life.
What are the age limits for the Group Life Assured plan?
The minimum age at entry is 18 years while the maximum age at entry is 65. Beyond the age of 70 years, renewal for the respective member is reviewed individually.
Riders available in cover
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