These insurance schemes by law is required of employer of labour within a minimum of five employees and above to put in place a combined group life and group personal accident insurance scheme by virtue of the Pension Reform Act 2004. The Act further provides in section 9sub-section (3) that "Employees shall maintain this insurance scheme to make provision for employees for a minimum of three((3) times the annual emolument of the employee as benefit
The Group life Assurance scheme would pay out benefit to the dependant of an employee for death of the employee when in service while the group personal accident provide cover for the risk of unforeseen incident resulting to bodily injury from accident , permanent disablement, temporary and medical expenses while employees perform the purpose of their employment,
What exclusions are there?
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