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What Is Group Life assurance
Group life is a benefit offered by an employer or other large-scale entities, such as an association or labour organization, to its workers or members.
The policy is usually under the employee/membership benefits package.
The employee’s coverage typically ends either immediately or within a few weeks when they leave the company.
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Who can apply for a group life assurance cover?
Employees or members who elect group life insurance through their company or organization are eligible for group life insurance.
The employer may decide to fix equal amounts payable to all employees on death or base it as a multiple of the employer’s annual salary.
Lending institutions include:
- Public entities (e.g. Kengen, KNBS, KRA, Public Hospitals)
- County Governments
- NGOs (Childfund, child link, Redcross)
- Saccos
- Registered chamas
- Private entities(Bidco, EABL, private Hospitals etc)
- Both private and public learning institutions
- Registered societies/professional bodies (eg. LSK,AKI) & SMEs
Benefits
It’s cost-effective and provides a default life cover to the employees.
It eases financial pressures on an employee’s family in the event of their death.
It has additional services(Permanent Total Disability cover, last expense, critical illness, grief therapy)
Value-Added Services
Permanent Disability – Lump sum payout over permanent disability or incapacitation caused by injury or sickness.
Critical Illness – Compensation for first-time critical illness diagnosis.
Funeral Expense – Help to ease the burden of making burial arrangements. This can be extended to cover members of the employee’s nuclear family
FAQs
Who is covered?
The employees of the organization
What is the maximum age limit?
The retirement age or as agreed at the time of negotiation
Is there an additional benefit?
Permanent Total Disability cover, last expense, critical illness, grief therapy
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