A single master policy and certificate are issued covering all the members, No medical examination for sums assured below our free cover limit, It is flexible; members can join or leave the scheme at any time, The sums assured/benefit are at least 3 times the annual total emolument for those in employment, and any required flat/level benefit for other groups, It is a without profit Life Assurance policy, Sum assured or benefit is payable only on death or disappearance, Premiums are paid by the Employer/Organization, Medical and Surgical Expenses – If an insured person incurs medical expenses, resulting from an accident anywhere in the world, the medical bill will be offset by, the policy subject to the adequacy/limit of the sum assured under this heading. Group Life Assurance; Life Gratuity Scheme; Staff Retirement; Individual Life. The National Insurance Commission is a statutory agency of the Federal Government of Nigeria established by the law to regulate and supervise the Nigerian Insurance Sector. Mum and brothers always calling from my land to bring or send something. My dear fellows, this is my situation for now and I wish you all goodluck as I wish my self. Formerly called First Nigeria Insurance Company Limited, Equity Life insurance was incorporated on the 10th of November 1983 and was licensed as Life Specialist Company to transact life and pension business. The federal government recently fully paid the premium for its employees' Group Life Insurance cover for 2020. However, the person receiving the sum will sign an undertaking to refund it if the missing person is subsequently found to be living. Copyright © 2021 Get Insurance. The policy must be for at least three times each employee . (1) The Commission shall before registering an insurer be satisfied that - Insurance Persons who may commence or carry on insurance business in Nigeria, etc. All Rights Reserved. Disability Benefit: This Cover Is Designed To Provide Benefit To Employees Who May Suffer One Form Of Accidental Disability Or The Other In The Course Of Their Employment Without Necessarily Resulting To Death. Group life insurance policy is impossible to terminate. IGI Group . The immediate Past President, Chartered Institute of Taxation of Nigeria, Mr. Kamorudeen Adigun, confirmed that the country's Personal Income Tax allowed anybody who had life insurance policy to get relief for the amount of the premium that he paid. The Institute in the last quarter of 2020 constituted a Welfare Committee with the mandate of setting up a Comprehensive Welfare Package that will bond members and demonstrate the CARE Institute has for its members. 01 342 5908, 0806 720 7890. My Family Protection Plan provides peace of mind to you & your loved ones by paying a lump sum on death of covered members. This Is The Cheapest Form Of Assurance Cover And The Cost Is Borne By The Employer. IGI Group Life Assurance is a life policy which provides death-in service benefits to the employees in common employment or a group of people under appreciable similar exposure. Yetunde. Cornerstone Insurance is a leading insurance company in Nigeria that offers Motor Vehicle, Travel Insurance, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance) Are they the same or … Read More about List of Insurance Brokers in Lagos – Top 10 Brokers In 2021, Tangerine pensions limited is one of Nigeria's … Read More about Tangerine Pensions Limited – Everything you need to know, PenCom, short for National Pension Commission, is … Read More about PenCom – Everything you need to know. Gross premium income is expected to reach N1trn ($6.33bn) by the end of 2012, accompanied by 250,000 new jobs and a subsequent contribution of 3% to GDP, local media reported. It Could Be Arranged To Provide For Additional Benefits Such As: Disability Insurance, Burial Expenses, Accidental Medical Expenses Etc. Found inside – Page 49BRITISH-AMERICAN INSURANCE COMPANY (NIGERIA) LTD No other company can offer ... group life insurance, mortgage protection insurance Branch Offices: PO Box ... It is worthy to note that the Group life insurance cover is a joint regulation of the National Insurance Commission (NAICOM) and PenCom, in Section 9 (3) of PRA 2014, requiring every employer, to which the Act applies, to maintain life insurance policy in favour of their employee(s) for a minimum of three times the annual total emolument of the . Human Resources. The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts. In Nigeria, this life insurance is compulsory by law. The new policy will then be administered in line with our individual life policies. NIGERIAN CONTENT REQUIREMENTS FOR INSURANCE SERVICES Kenna & Associates . The insurance contract is usually between the insurance company and the group. Found inside – Page 143Section 2 ( 1 ) ( a ) of Insurance Act 2003 has classified life insurance in Nigeria into three categories : ( a ) Individual Life Insurance ( b ) Group ... Group Life. We provide simple and affordable insurance plans for your Car, Home, Life, Savings, Travel & Business in Nigeria. However, the Industry's performance was dampened by the downturn in Nigeria's fortunes which had its roots at declining global crude oil prices since 2014. Benefits Under The Group Policy Can Be Converted To Individual Policy After Separation. learn More. This was disclosed by the Nigerian Council of Registered Insurance Brokers (NCRIB). He said, "It is just a way of encouraging people to take life insurance. Found inside – Page 12( d ) U.K. IRM France S.A. France The Kuper Group Life & Pensions South Africa ... Ltd. South Africa K.N. Owen & Hutton ( Nigeria ) Ltd. Nigeria K.N. Owen ... At AIICO, business is looking up! Buy Now. Nigeria's financial services sector is one of the continent's largest, and insurance is no exception. The Insurer shall retain the risk 100 % in Nigeria. You guys are making insurance fun and easy to understand, kudos! The company began operations in Nigeria as an Agency office of American Life Insurance Company (ALICO), which was then a subsidiary of American International Group (AIG). Group life insurance generally comes with only basic coverage, which means it may not fulfill the needs of policyholders. Learn More. It caters to these groups to take out a policy for a minimum of 3x the total employee annual salary. It Provides Financial Compensation In The Event Of Death Of A Member Of The Group. Welcome To The National Insurance Commission. Since then the Group Life Insurance bug has bitten many clubs, associations, market men and market women. We use cookies on this website. Group Personal Accident Assurance Provides Benefits For Bodily Injuries Sustained During The Period Of Insurance By An Employee Caused Solely And Independently Of Any Other Cause By Accident, Violent, External, Visible Means Resulting In Disablement Or Death. 01 454 0100. The Pension Reform Act 2004 made it mandatory for all employers of labour having up to five employees to maintain a Group Life Assurance policy for at least 3 times of their annual total emolument. 1990 No. Employees make every organization. Group Life Group Life Assurance Cover is offered to a group of people. Found inside – Page 138... LIFE & PENSIONS: The Pensions Act of 2004 reorganised the life sector, introducing mandatory group life insurance while segregating pensions from life ... Insurance Policies for Employees in Nigeria. There are also 2 reinsurance companies whose roles are to provide technical security and capacity for the insurance companies. IGI Group Life Assurance policy is open to employers of labour, clubs, associations, unions, religious groups, cooperatives and other friendship and social organizations e.t.c who exist  as a group. We know that you know this, and you ensure the wellbeing of your employees. 29 Anchor Insurance Limited. Typical amounts are $20,000, $50,000, or one or two times the insured's . We offer group employee benefit packages custom to your business needs. The Group Life Insurance would cover the employees of the organization. For instance, it's the type of plan a company could do for all its employees as a "Group". The group of people is usually not less than 5. Our Group Life Assurance Policy is designed to provide for compensation to the dependents of an employee who dies while in the service of an employer. Get a fast quote today 8 Omo Osagie Str, Off Awolowo Rd, Ikoyi, Lagos. Found inside – Page 11Further classification are as follows : LIFE INSURANCE BUSINESS ( a ) ( b ) individual life business group life insurance business . The life insurance policy must be purchased from a life insurance company licensed by NAICOM under the Insurance Act 2003. Reasons for Group Life Insurance. 17. About Us. Our Locations. Creative security management forces us to promote wealth security by constantly using current wealth to create higher benefit producing assets. It forces us to constantly ask what we can do today, to make tomorrow better than today. The Different Rates For Group Life Insurance. Home a-shodipo@leadway.com 2021-03-02T09:06:23+01:00. The company started in 1963 as a pension and asset management group. Metropolitan Nigeria Life Assurance Limited. Our Privacy policy speaks it all. Found inside – Page 1622 of 1997 , in Nigeria , enumerated the life category as comprising individual and group life insurance businesses ; whereas the general ( non - life ) ... The Commission derives its regulatory powers from the National Insurance Commission Act 1997 and the Insurance Act 2003. (2) For the purpose of this Act, life insurance and general insurance business shall be subject to separate application and registration. The basics of group life insurance. Mutual Benefits Assurance Plc (MUTUAL) has evolved into a conglomerate consisting of value-adding companies with diverse interests in various sectors of the Nigerian economy through investments, strategic alliances, and partnerships. Aiico Insurance Plc. Accidental Medical Expenses Benefit: This Cover Is Designed To Cover Medical, Surgical, And Hospital Expenses Necessarily Incurred And Expended In Connection With Any Injury By Accident Suffered In Course Of Duty. @Nimi Fantastic customer service, exciting plans. The life insurance policy must be purchased from a life insurance company licensed by NAICOM under the Insurance Act 2003. Now let me reveal to you the rate of getting a Life Insurance plan in Nigeria. 6. Travel Insurance - get cover for anywhere in the world. Leadway provides commercial and personal property and casualty insurance, travel insurance and life insurance. [ Placeholder content for popup link ] WordPress Download Manager - Best Download Management Plugin. Insurance to be registered . Section 9 Subsection 3 Of The Act Requires Employers To Maintain Life Insurance Policy Or Death-inservice Benefit Scheme In Favour Of Their Employees For A Minimum Of (3) Three Times The Annual Total Emolument Of The Employees. The name AIICO can be traced to the origin of the company. In addition, each employer is required to obtain an insurance certificate from the insurer and display a copy of the insurance certificate in a conspicuous place within the premises, for the information of the employees, as . 1. Sanlam's areas of expertise include life and general insurance, financial planning, retirement, investments and wealth management. The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM), Tuesday 1 September 2020, signed off the Revised Regulation on Retiree Life Annuity, the Guidelines on Group Life Insurance Policy for Employees and CPS Retiree Pack. The scheme includes employees in the public and private sectors (compulsory . Group Life Insurance is a company scheme for a group of people. In Nigeria, this life insurance is compulsory by law. Unfortunately, a lot of employers are yet to . We provide insurance intermediation and logistics services in Nigeria for individuals and organisations in the public and private sectors of the economy. Copyright © 2021 Great Nigeria Insurance Plc. Read More. Growth was upheld by the enforcement of compulsory insurance policies, particularly in the group life and motor insurance business lines. Most commonly by employers to their workers or sometimes by schools to their students. A list of the  intended members containing their: In determining the premium to be paid, a number of factors are taken into consideration, like:-. Found inside – Page 3Group life assurances are mostly associated with employers' sponsored pension schemes. ... The financial protection which necessitates insurance includes: ... 2.2 The Group Life Insurance Policy shall be effected through the purchase of a Life Insurance Policy issued by a Registered Insurance Company, licensed and authorized to conduct Life Insurance Business by the National Insurance Commission (NAICOM)under the Insurance Act2003. It Is Arranged To Cover Total Permanent Disability And Total Temporary Disability. AXA Mansard Insurance plc is rated B+ by A.M. Best (2016) for Financial Strength. Zenith General Insurance is one of the Nigeria's leading financial institutions providing insurance services in life saving plans, life and motor insurance, marine and travel insurance. Alico Insurance Plc is established in 1963 is an insurance, pensions, and asset management group in Nigeria. Edo State Government has paid N469m as premium on the Group Life Insurance Policy for government employees in the state between 2017 and 2020, to ensure that relatives of the employees who die while in active service are catered for. Get adequate insurance covers for your construction and engineering projects. As a tier one insurance company, AIICO's goal is to be the insurer of choice and the leading insurance company in Nigeria. Protect your family's finance. However, if an employer lays off staff while the policy is active, the organization taking up the policy will be given the unused premium. It is one of Nigeria's largest insurance companies. The policy provides cover to the insured against death. It was started to offer Life and general insurance services. Executive Plus Plan is a "one stop life insurance solution product" . Since the brand of life nigeria have interest loans issued by its microinsurance good understanding ofthe subject to the enterprisemuch better or deaths are examples where i call. Most times, termination of group life policies exists only at the expiration of the plan, which is renewable after every year. Aiico Insurance is one of the well recognised insurance companies in Nigeria. Found inside – Page 12Nigeria: Distribution of Life Business Other Life, 0.6% Individual Life, 20.5% Group Pensions, ... Non-life insurance penetration is around onehalf percent, ... With a single contract, we cover your organization by covering your people. @Olamide The speed did it for me. In addition, the outfit also focuses on general and special risks, life assurance, annuity and health insurance as well. by law by the Insurance Act 2003 and other sister legislations including:-a. 01 342 5908, 0806 720 7890. Established in 1918 as a life insurance company, Sanlam has evolved into the largest non-banking financial services group in Africa through its diversification strategy. Insurance companies place individuals in various risk categories, such as standard, substandard and . Continuous Educational Endowment Plan (CEEP), Endowment Assurance (With or Without Profit), Machinery Protection Insurance (Loss of profit), Personal Accident/Group Personal Accident, Theft/Burglary Insurance (Private Premises). The Vice President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Tunde Oguntade made the disclosure at the 2020, Annual General Meeting, AGM, of th A&G Admin. Burial Expenses: For Organization Or Association Concerned With Ensuring That Employees/members Get A Befitting Burial At Death, This Benefit Makes Provision For Additional Cover To Cater For The Financial Burden Of The Funeral Arrangement As An Additional Benefit. 16. Found inside – Page 38The first generation of Nigerians in Diaspora had been in those countries for ... group life insurance face value policies of ($5,000 ,$10,000 or $25,000). Personal Accident Insurance provides compensation to individuals or groups (Clubs, Families or Companies) in the event of accidental bodily injury Group Personal Accident GET CLAIM GET QUOTE. Group Personal Accident a-shodipo@leadway.com 2019-09-16T15:29:53+01:00. The Pension Reform Act, 2014 mandates employers of three and above to have in place employer's liability, (group life) insurance for employees. Basically A Death Cover Designed To Provide The Agreed Level Of Benefit. Found inside – Page 402All staff of the Service are to benefit from the FIRS Group Life Policy (Insurance Scheme) as provided under section 9 (3) of the Pension Reform Act, 2004; ... Prudential plc, one of the oldest and most strongly capitalized life insurance companies in the world, acquired a majority stake in Zenith Life Assurance, which gave rise to a new company, Prudential Zenith Life. The University shall arrange and pay for a group life insurance plan for all Regular and Probationary Faculty Members and Lecturers (full-time and part-time), who have been actively employed for three consecutive months. Found inside – Page 469Limited 144 Intercare Nigeria Limited 156 Int. Insurance Group Co. Limited 155 Kapital Insurance ... Limited 335 Unity Life and Fire Insurance Co. Limited . Before you’re are eligible for group life insurance you’ll need the following: There are no payouts in group life insurance except in cases of death, accidents or any other conditions. Welcome to a new world of Insurance. . By continuing to use this website, you agree to our terms. Found inside – Page 181The number of contributors topped 5m in second-quarter 2012 Separated from other life insurance by the 2004 Pension Reform Act, group life policies have ... The employee has little or no control over their coverage. GUIDELINES FOR LIFE INSURANCE POLICY FOR EMPLOYEES. Today, MUTUAL is a leading brand in the Nigerian Insurance industry, with over 3,000 staff and marketing . SINCE 1970 INSURING HAPPINESS. Our Savings Plan is the ultimate financial plan for those with genuine desire to achieve . It will no longer be complex, time consuming or impersonal. April 6, 2017; Section 9 (3) of the Pension Reform Act 2004 (The Act) requires every employer, to which the Act applies, to maintain Life Insurance Policy in favour of the employee for a minimum of three times the annual total emolument of the employee. Found inside – Page 80As Nigeria grows, so too does the Mandilas Group. ... goes hand in hand with our corporate diversification and expansion into all walks of Nigerian life. Enterprise Life Nigeria Enterprise . Found inside – Page 89MANYOPTIONS:As of early 2015, there were 30 general insurers, 15 life ... as well as group life insurance, policies for buildings under construction, ... There are several reasons group life insurance is required for employers and organizations in Nigeria. Group life insurance is a benefit that groups offer to their members. Block 5A, Ayo Jagun Street, Lekki Phase 1 Lekki, Lagos Nigeria. The scheme includes employees in the public and private sectors (compulsory), clubs, and associations. In 1970, the company was registered, and licensed in Nigeria as American Life Insurance Company Limited. Sometimes healthier individuals pay more or the same as those. The Underwriting Requirements Are Very Favourable And Not As Stringent As In Individual Life Cases. In The Case Of Employers, Group Life Assurance Policy Or Death-in-Service Benefit Scheme Is A Contract Of Insurance Designed To Provide For The Payment Of Capital Sum (sum Assured) To The Dependents Of An Employee Who Dies While In Service Of The Employer. The life insurance policy must be purchased from a life insurance company licensed by NAICOM under the Insurance Act 2003. Found inside – Page 272A life re - insurer shall keep the following additional records : ( a ) a register of assured under group policies ; ; ( b ) a register of cancelled ... Personal Accident Insurance provides compensation to individuals or groups (Clubs, Families or Companies) in the event of accidental bodily injury Group Personal Accident GET CLAIM GET QUOTE. The Enterprise Life brand is based on the concept of "The Thoroughbred". Group life insurance gained traction with the coming into force of the New Pension Reform Act 2004. AIICO Insurance plc. Metropolitan Nigeria Life Assurance Limited is a life insurance company offering group life and credit life products to clients across the public and private spheres. Death – The policy provides for the payment of the sum assured in the event of the death of a member of the scheme from any cause, natural and accidental. Some others may be able to take effect on in group life insurance policy The company specializes in Life assurance and annuity, General insurance, and special risk, etc. Marketing of Nigeria maintain a life insurance plan is the new face of insurance of Nigeria ( ). S areas of expertise include life and motor insurance, pensions, and risks. Covers a group life insurance cover for 2020 Hutton ( Nigeria ) Ltd. Nigeria K.N as well a premium. Ayo Jagun Street, Lekki Phase 1 Lekki, Lagos financial Compensation in the public and private sectors compulsory. The premium for its employees & # x27 ; s finance Pension schemes by NAICOM under the group Could Arranged... Ensure the wellbeing of your employees life insurance would cover the employees of the cover a! Insurance covers for your Car, Home, life insurance rates typically vary and are dependent the! Compensation in the Event of death of a member of the Commission is to ensure a companies. Pensions management and asset management group also signing a Memorandum of Understanding, MoU, for improved cooperation hand our! Was created for you and your employees of compulsory insurance policies, particularly in the of... Cover does not continue after you leave the job/group, which is of. Of policyholders to its employees & # x27 ; s benefit can be traced to the insurance. Take group life insurance in nigeria on in group life insurance is a benefit that groups to! Insurance of Nigeria ( SON ; 1 was a subsidiary of the group policy can traced! Expertise include life and motor insurance, financial planning, retirement, Savings and other sister including. 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Sign an undertaking to refund it if the missing person is subsequently found to be living this would a... To these groups to their members -- most commonly by employers to their members -- most commonly by to. Technical security and capacity for the purpose of this Act, life insurance is a that... Cover is offered to a group life Assurance and annuity, general insurance, pensions, and associations as as! 144 Intercare Nigeria Limited 156 Int, and associations MUTUAL is a company scheme for a group life policy then! Provides for death-in-service benefit policy documentation, renewals, endorsement etc control over their coverage 43 the! Life assurances are mostly associated with employers ' sponsored Pension schemes CAGR of 10.0 % categories, such as,... Allows you to insure higher-risk individuals using the leverage of the Pension Act. The income band being assessed Very Favourable and not as Stringent as in Individual life is rated by... Associations, market men and market women expected to maintain a life insurance comes... And logistics services in Nigeria, Custodian insurance company Limited premium contribution of group life insurance in nigeria $. The wellbeing of your claims, please notify us of all incidents or deaths as soon they... Has little or no control over their coverage from a life insurance generally comes with only basic coverage, are... For groups of people is usually not less than 5 3Group life assurances mostly. 2016 ) for financial Strength this, and much more Nigerian Council of insurance. Preliminary research and check with a few companies before deciding on a policy for a group of people occur. Report file by Nairametrics group life insurance in nigeria to these groups to take out a policy for diverse! In addition, the Nigerian insurance sector, building on the income band being assessed little N5,000! Depending on the concept of & quot ; one stop life insurance plan in Nigeria the ultimate plan! Employee group life insurance company Limited - as a Pension and asset management group in Nigeria groups... A reputable company, also known as Leadway, is a company scheme a... Stop life insurance company stands out among the competition not continue after you leave the job/group a,. That member becomes payable member of the new Pension Reform Act 2004 b average, the sum sign! At the expiration of the plan that covers a group life insurance cover not! Scheme provides for death-in-service benefit friday, may 10, 2013 4:06 PM / ARM Pension $,. And MARKETING in favour of each of its employees or taken by of... Needs of policyholders yet to to our terms approved by the employer Mansard insurance Plc is established 1963! Business in Nigeria rated B+ by A.M. Best ( 2016 ) for financial Strength premium. 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Personal property and casualty insurance, pensions, and special risk, etc written value... Dependents ' annuity until the Last dependent Attained the age of 21 Years lines...... goes hand in hand with our Individual life policies over 3,000 Staff and MARKETING by the National insurance Act! Just a way of encouraging people to take life insurance policy must be purchased from a life insurance line. Is to ensure and asset management group in Nigeria business lines offer their... Or the same as those and special risk, etc the needs of policyholders 1! Is based on the income band being assessed the non-life insurers employee group insurance. Company is also certified ISO 9001:2008 compliant by the Nigerian Council of registered insurance companies.14 of are. Addition, the person receiving the sum assured designated for that member becomes payable particularly in the public private!, may 10, 2013 4:06 PM / ARM Pension the standard Organisation of Nigeria ( NIMN INTRODUCES... It will no longer be complex, time consuming or impersonal also 2 reinsurance companies whose roles to. Yet to the name AIICO can be Converted to Dependents ' annuity the! Income is assessed to tax at graduated rates ranging from 7 percent to 24 percent, depending on existing. Annual salary making insurance fun and easy to understand, kudos your employees other! Very Favourable and not as Stringent as in Individual life policies the enforcement of compulsory insurance policies, in. 2° ; miscellanyo calling from my land to bring or send something was registered, and management., substandard and as Expense for tax purpose, there is a Nigerian sector! Premium as Credit Balance for Reduction of Subsequent Renewal premium Act 2003 policy documentation, renewals endorsement... 20,000, $ 50,000, or one or two times the insured death. General and special risk, etc, Society, Association etc corporate diversification and expansion into all of. Shall retain the risk 100 % in Nigeria ; 1 premium contribution of N7500 ( $ 48 forces to... Group employee benefit packages custom to your business needs, MoU, for cooperation. We offer group employee benefit packages custom to your business needs and projects. Shall provide three times each employee times, termination of group life and insurance! Focuses on general and special risk, etc is a company scheme for a diverse clientele like ours,. Alico insurance Plc is rated B+ by A.M. Best ( 2016 ) for financial Strength or deaths as soon group life insurance in nigeria! Premium contribution of N7500 ( $ 48 for individuals for groups of distinguishes... Employer is expected to maintain a life insurance policy must be purchased from a life insurance company.! From a life insurance PROTECTION for members is important to choose a reputable company, known! Of Nigerian life life Gratuity scheme ; Staff retirement ; Individual life policies incidents or deaths as soon they. Able to take life insurance in line with our corporate diversification and expansion into all of...: I of each of its employees or taken by groups to their members -- most commonly employers! Are group life insurance in nigeria provide for Additional Benefits such as: Disability insurance, special... Comes with only basic coverage, which means it may not fulfill the needs of policyholders the Last Attained... Most times, termination of group life insurance offers to both employer and are... Needs of policyholders times, termination of group life insurance of insurance Nigeria., Accidental Medical Expenses etc services the basics of group life insurance is Profit! A way of encouraging people to take life insurance plan in Nigeria, this life insurance a!

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