Insurances Relating To Staff

Group Personal Accident Insurance

This type of policy is designed to foster the welfare of employees as well as reduce the financial strain that an organization could undergo in the event of accident, death or bodily injury to a member of staff. The policy provides a worldwide cover on 24 hours basis and benefits payable in respect of Death and Permanent Disability are usually expressed as multiple of salaries.

Cover also extends to pay weekly benefit in the event of temporary total disability resulting from bodily injury to the insured person as well as certain allowance for expenses incurred on medical treatment as a result of accidental injury. Death or injuries from natural causes are however not covered.

Scale of Benefits: (to be determined by you)

  • Death: Multiple of Annual salary e.g. 3 or 4 times annual salary.
  • Permanent Disability: Multiple of Annual salary e.g. 3 or 4 times annual salary
  • Temporary Total Disability: 100% weekly wages for a minimum of 104 weeks
  • Medical Expenses per person: As determined by you, example is as follows:

To enable us quote for this policy, we require the following information:

The administrative convenience provided also obviate the embarrassing situation where an employee is injured and found not to be covered by the policy due to oversight in advising the name of employee to the insurance company.

POLICY EXTENSION:

  • Exposure Clause
  • Disappearance Clause
  • Motorcycling Extension
  • Riot, Strike and Civil Commotion
  • Non-Occupational Hazard Clause.

GROUP LIFE ASSURANCE SCHEME (COMPULSORY)

The Federal Government has enacted a Pension Reform Act 2004 which has taken off.

OBJECTIVES OF THE ACT

  • To ensure that every worker receives his/her retirement benefit as at when due.
  • To assist individuals to save for their retirement
  • To establish a uniform set of rules, regulations and standards for administration and payment of retirement benefits for workers.

The Act applies to all private organizations that employ at least five (5) workers as well as all workers in the Federal Government establishments.

The minimum age of entry is 18years and maximum is 60 years although it may be extended to age 65 on completion of prescribed medical examination at Assurers’ cost.

COMPULSORY GROUP LIFE ASSURANCE SCHEME

The employer is compelled to put in place Group Life Assurance of minimum of three (3) times i.e. 300% of the annual total emolument of the employee. Cover provided is for death in service benefits in respect of the each employee.

However, if you require higher benefits for your employee, we can provide quotation for various multiple of emolument; 300% and above

Emolument is defined as the total of Basic Salary, Housing and Transport Allowances.

The policy is renewable annually with payment of annual premium while contract to insure life of employee terminates in respect of employee on his withdrawal from service or death in which case there is always an adjustment of premium to accommodate new entrance as well.

COVERAGE PROVIDED

THE NEW LAW EMPOWERS THE FAMILY OF AN EMPLOYEE TO SUE THE EMPLOYER OF A DECEASED RELATIVE FOR FAILURE TO OBTAIN THE MINIMUM OF MULTIPLE OF 3 TIMES ANNUAL EMOLUMENT.

In order to obtain immediate cover for the Scheme, we require information in the format below for all your employees.

Additional Benefits

We shall negotiate with reputable underwriters to obtain the following additional benefits on your behalf considering the large volume of Insurances.

  • Long Term Agreement Discount usually, 7.5% of Gross Premium.
  • Prompt Premium Payment Discount usually up to 10%.
  • Inclusion Underwriting Profit Sharing or Discount. This will depend on the result at the end of the underwriting year.

In consideration of our service at NO COST TO YOUR ORGANISATION, our Portfolio will include handling of new/existing businesses and arising claims.

On receipt of the relevant underwriting information, we assure you that we will obtain the most competitive terms and conditions in the market for your benefit.

In anticipation of availing you with our services as Brokers/Consultant, we look forward to an invitation for further discussion with a view of defending our proposal.

Health Insurance

Health insurance is a type of insurance coverage that typically pays for medical, surgical, prescription drug, optical and dental expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly.

It is often included in employer benefit packages as a means of enticing quality employees, with premiums partially covered by the employer but often also deducted from employee pay checks.

The cost of health insurance premiums is deductible to the payer, and the benefits received are tax-free, with certain exceptions for S Corporation Employees.