About Group Life Assurance

Insured Events

GA Life proposes to provide insurance to Employers:

1. In case of death (due to accident or illness) of its Employee whilst in their employment
2. In case of permanent & total disability (due to accident) of its Employee whilst in their employment
3. In case of first positive diagnosis of a critical illness of its Employee whilst in their employment
4. Benefit Details & Cover Amounts

Death-in-Service Cover:

Payment on this cover is made on death (due to accident or illness) of an employee whilst in service of the employer

Cover is on a 24/7-Worldwide basis whether death happens at or outside work due to illness or accident.

Cover amount is normally based as a multiple of an employee’s annual basic salary. The cover amount typically ranges from 3 to 5 times annual basic salary.

The employer can provide different scales of benefits to different job categories

Permanent Total Disability:

Payment on this cover is made in case of an employee becoming permanently and totally disabled as a result of accident (whether at or outside work) which disability cannot be cured or treated and which prevents the employee from engaging for income or profit in his own occupation or another occupation for which he is or could reasonably be expected to become qualified by virtue of his knowledge, training, education, ability and/ or experience

Cover is on a 24/7-Worldwide basis whether disability happens at or outside work due to accident.

Cover amount is again based as a multiple of an employee’s annual basic salary. The cover amount typically ranges from 3 to 5 times annual basic salary and is either equal or less than the Death-in-Service Cover.

The employer can provide different scales of benefits to different job categories as detailed in the Death in- Service Cover.

Accelerated Critical Illness:

Payment on this cover is made when an employee is positively diagnosed of a defined critical illness for the first time in his life

Cover is on a 24/7-Worldwide basis whether illness is diagnosed at or outside work.

Cover amount is a percentage of the employee’s Death-in-Service cover up to a certain maximum limit. The cover amount typically is 30% of the Death-in-Service cover up to a maximum of KShs. 2 Million.

The cover is accelerated meaning that in case of first positive diagnosis of a critical illness there is an advance payment of 30% of the Death-in-Service cover so that the employee can take care of his immediate medical needs to manage the illness. In addition, if the employee dies after being paid the critical illness cover, he shall be further entitled to the remaining 70% of his Death-in-Service cover. Critical Illness are defined as:

• Heart Attack
• Coronary Artery Surgery
• Stroke
• Cancer
• Renal Failure
• Aorta Surgery
• Replacement of Heart Valve
• Paraplegia
• Blindness
• Major Organ Transplant

Funeral Expenses:

Payment on this cover is made immediately (within 48 hours) on death of an employee to help his family take care of his immediate funeral/burial arrangements and expenses.

Cover is on a 24/7-Worldwide basis whether death happens at our outside work due to accident or illness.

Cover amount is normally a fixed amount. The cover amount typically ranges from KShs.10,000 to KShs.100,000 per employee

This cover can also be provided as an accelerated benefit with no additional premium charged.

Term

This is a 12 month policy renewable yearly thereafter.

Medicals

Medical examinations may be required

Premiums

As the cover is for a group of people, the premiums are economical (due to law of large numbers) compared to if a life insurance was sought for each employee on his own

Premiums depend on the ages and cover amounts of the employees

Premiums are payable annually in advance in full

New employees can join in the Policy at any time during the policy term and pro-rate premiums shall be charged

Cover for employees leaving employment at any time during the policy term shall be terminated on the date of exit and pro-rata premiums shall be credited to the Policy.

Quotation

For a Group Life Assurance & Rider Benefits quote, we require the following:

• List of employees with the following details of each employee:
• Age
• Monthly Basic Salary