The current trends in the market is that employers are providing holistic benefits to its employees that cover both staff in life and in the unfortunate event of death, and should disability occur to an employee whilst in employment.
The death of a spouse is a traumatic experience that not only has major emotional but also financial implications.
Our Group Life assurance (GLA) cover gives the employer and employees peace of mind that in the unfortunate event of death, the employees’ dependants will receive a cash benefit, thereby minimising financial worries and burdens and allowing you to grieve and heal.
The employer can also elect to have a combined solution that will include the Group Personal Accident Cover (GPA) and Work Injury Benefits Act (WIBA). This option allows employers to save up to 30% of premiums, were 2 separate covers to be taken up.
Permanent and Total disability
The Permanent and Total Disability benefit pays a lump sum in the event of a permanent disability of an employee. The purpose of this benefit is to protect the employees against the loss of earning potential, if he/she becomes disabled and is unable to work. The Permanent and Total Disability benefit is a rider within the Group Life Assurance cover.
Temporary and Total disability
The Temporary and Total Disability benefit is a cash benefit that is payable for a fixed period. The benefit usually covers a proportion of their salary for 52 or 104 weeks including the waiting period. The purpose of this benefit is to protect the employees against the loss of earnings or earning potential, if he/she becomes disabled and is unable to work for a limited period. The benefits are paid to the employer in the event that the staff stay on salary during this period.
The Critical Illness benefit cover if selected is payable to an employee if diagnosed with a defined critical illness (such as Cancer, Heart Attack, Coronary Artery Bypass Graft (CABG), Stroke, Major Organ Transplant or End Stage Renal Failure) by providing a lump sum payment on the first diagnosis of any one of the stated critical illnesses. The Critical Illness benefit is a rider within the Group Life Assurance benefit.
The Funeral benefit pays out a lump sum in the event the employee, their spouse, their children, their parents or parents-in-law (if these options have been selected) pass away while the employee is still in service of the employer.
Credit Life Insurance is designed to pay off the balance of a loan in the event that the policyholder or joint loan holder passes away or becomes disabled or suffers a disease. In addition if retrenchment option is selected the cover will pay for a six month monthly loan repayment. These benefits are offered through banks, micro finance institutions and other finance institutions