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.
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. IGI Plc Group Life policy will accept any desired multiple of the total annual emolument/level of benefit above the three times.

Cover Provided

• 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.

• Disappearance (Presumed Death) – The policy also provides for the payment of the sum assured for those in common employment in the event that an insured person disappears and is not seen for a period of 12 months and there is sufficient evidence to assume that the member is dead. However, the person receiving the sum will sign an undertaking to refund it if the missing person is subsequently found to be living.

Benefits  Payable

In the event of the death of a member of the scheme, the sum assured designated for that  member becomes payable.

Features

• It is a yearly renewable term assurance
• 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
• The policy coverage is worldwide
• Minimum age at entry is 18 years
• It gives peace of mind
• 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

Conversion Option

A person, who ceases to be a member of our Group Life Scheme, can convert it to an Individual Life policy for the same sum assured without undergoing any medical examination. The new policy will then be administered in line with our individual life policies.

Additional Optional Benefits

The following additional but optional benefits can be taken alongside IGI Group Life:

• Group Personal Accident (GPA) – Payments of the pre-determined sums will be made if as a result of accident, the insured person incurs or suffers:
  Total Permanent Disability – In the event that an insured person becomes permanently disabled as a result of an accident resulting in him/her not being able to pursue his/her usual occupation, profession or trade in which he is skilled for remuneration, profit or reward, the sum assured will become payable
  Temporary Total Disability – If as a result of an accident, an insured person is temporarily and totally disabled from engaging in or giving attention to his/her usual occupation/profession, compensation for such disablement will become payable according to pre-determined rates. The compensation payable will be for a period of 52 or 104 weeks
  • 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
• Funeral Expenses
  You can remove the burden of your funeral/burial expenses from your family byinsuring to the full value of your expected funeral cost, like cost of casket,undertaker’s expenses and even cost of entertainment of guests. The amountinsured becomes payable on death.

• Repatriation Expenses
  Our group life policy provides a 24 hour coverage wherever you are in the world. With the uncertainty of not knowing where the unexpected will happen, you can provide for the cost of repatriation of your body to your desired place of “resting in
  peace” should death occur outside the country or far away from your desired place of rest.
• Severance Benefit
  This is an investment vehicle that allows the employees/members of an organization to make periodic contributions and IGI will invest it in its high yielding investment instrument and make payouts to the clients through the employer or organization. This is used as a staff retention scheme or as a way of empowering employees to purchase their own assets. The minimum term of this fund is three years and IGI will allow roll over to be done after the end of the term. Funds can be rolled over and kept with IGI as long as the client wishes. Fund value will be paid out at maturity, on death, on cancellation/withdrawal or resignation/termination of employment. The employer may opt to pay part or 100% of the premium for the employees or the members may contribute some percentage or pay the entire premium.

Requirements for Obtaining a Quote

If you are interested in our Group Life policy, please provide the following information to enable us give you a suitable quote. A list of the  intended members containing their:

• Name
  DOB/Ages
• Total Annual
• Emolument
• Sum Assured/Benefit Level
• Occupation

Premium Payable

In determining the premium to be paid, a number of factors are taken into consideration, like:-

• Age
• Sum assured or level of benefits
• Occupation/Profession e.t.c

Claims Settlement

To ensure prompt settlement of your claims, please notify us of all incidents or deaths as soon as they occur.