What Is Group Life Policy?
As an employer, it is important to provide a good insurance cover for your employees. Britam has developed an innovative Group Life Insurance solution which is ideal for corporates, parastatals and government agencies, SMEs, Saccos, education institutions and religious bodies with the following features and benefits:
What are the benefits of Group Life cover to employers?
What are the benefits of Group Life cover to members?
What Is The Scope Of Group Life Cover?
Primary death benefit
The policy provides cover against death due to accidental and natural causes. The benefit is payable to the employer for onward transmission to the nominated beneficiaries.
The level of cover to be offered is based on a multiple of annual salary subject to medical examination (see provision on Free Cover Limit below) where applicable.
Free cover limit
We offer a generous Free Cover Limit. This means members whose sums assured fall within this limit will not be required to undergo medical examination.
Critical illness rider
A Free Critical Illness benefit equivalent to a percentage of Group Life sum assured subject to a maximum of Kshs. 12,000,000 per person is payable on the first time diagnosis of any of the following diseases; heart attack, stroke, cancer, coronary artery disease surgery, major organ transplant, kidney failure, paraplegia or paralysis.
Last expense benefit
An optional Funeral Expense Benefit of up to Kshs. 200,000 per person can either be purchased separately or be taken as an advance payment of the main Group Life benefit. Spouse and children of the staff members can also be covered at a minimal cost.
An optional disability benefit can be included into the cover to ensure a payout in case of a permanent total disability occurring to an employee.
Combined Group Life, GPA/WIBA cover
This is a product targeted at SME’s and aims to reduce the cost of insurance while increasing the benefits to the insured. It seeks to reduce the duplicity among the Group Life, Group Personal Accident/WIBA covers hence minimizing on the cost. It is also easier to administer.
Our cover does not exclude passive war, riots, terrorism and related risks
What are requirements for a quotation?
How do you commence on Group Life Cover?
For more information on this product, kindly get in touch with us or visit any one of our branches.