GROUP LIFE TERM ASSURANCE
Group life Assurance Scheme is a form of Term Assurance contract; but the only difference being that, whereas, the latter is sold to individuals, Group Life provides Life Cover only to members under an identifiable grouping.
      
Features     
    
Benefits under this scheme are payable only at death of any individual member, no matter the cause.
The scheme pays compensation to any named beneficiary of an individual upon his/her death.
It offers a 24 hours worldwide cover.

This cover has been made compulsory for every employer who has a minimum of 5 employees under his service by the Pensions Reform Act 2004. The minimum sum assured prescribed by the Federal Government of Nigeria is, three (3) times of an employee?s annual total emolument. Total emolument for the purpose of the Act means Basic Salary, Housing and Transport allowances.
      
                  
Benefits     
                  
Burden of providing lump sum for a dead employee, club member etc is transferred to the insurance company.
Complying with the law of the land (Pensions Reform Act 2004)
Give an organization a good corporate image.
Boosts dedication and loyalty on the part of members
Saves organization from embarrassment on the part of deceased family members.
Promotes budgetary discipline on the part of the organization.
Cushions the effect of loss and devastation by deceased dependants.

Documents Needed for Costing
Names of the employees
Dates of Birth
Monthly or Annual Total Emolument
Commencement Date
These documents should be sent to the Head Office for costing.

To purchase policy or get more clarification please contact us:
Tel: 08036411416 or 08023064112
Email: bayomutualbenefit@gmail.com or omotoshoa@gmail.com
Address: 38 Community road akoka, Yaba, Lagos