Group Life
Assurance
What is Group Life Assurance
This group term assurance policy is offered to employers for the benefit of family/dependants of an employee who dies in the line of duty, is permanently and totally disabled, temporarily disabled and/or has critical illness.
The policy guarantees to pay a lump sum usually calculated as a multiple of the salary of an employee or an agreed fixed sum. For convenience and ease of administration of the scheme we try to minimise the number of documents and forms to be completed and submitted by the client.
- Group Proposal Form. This is completed once by the policy holder
- A schedule of details of the persons to be covered. The schedule should have the following details :
- The names
- Dates of birth
- Identification number
- Salary (monthly or annual)
- The names
Upon receipt of the group proposal form, the member’s schedule, premium and policy document will be issued. Sanlam offers very completive premium rates through careful risk assessment and negotiations with clients based on their needs. The premium is payable annually in advance. However, medical evidence of insurability is required for all the sums assured, which are above free cover limit, and the examination is usually carried out by any of the medical examination service providers on our panel.
To claim you will need:
- Benefits claim notification letter
- Original death certificate in case of benefits claim by death
- Certified copy of National ID card of the deceased
The benefit due will be determined and a “Discharge Form” for execution and return by the policy holder will be issued. Upon receipt of the signed discharge form settlement will be made within three days.
- Disability cover
This rider is optional. The benefit is payable in the event of the policy holder becoming totally and permanently disabled due to an accident or illness and is unable to perform his/her usual occupation. The benefit is paid based on the continental scale.
- Critical illness
This rider is optional and pays 30% of the Group Life Benefit, up to a specified maximum, upon diagnosis of a terminal illness as specified in the policy document.
- Last Expense
This rider is optional and is payable within 48 hours of notification of death. It can pay up to KSh500 000. The payment is made to the beneficiaries of the policy holder in the event of untimely demise, to take care of funeral expenses.
“*The policy does not have an HIV/Aids exclusion clause.”
**The requirements indicated are the basic but non – exhaustive KYC requirements.