Apart from the defined benefit and defined contributions pension scheme arrangements, NICO Life Insurance Company Limited also offers pure group life assurance schemes which provide for death-in-service benefit to the employees’ dependents or beneficiaries in the event of death whilst in employment.
Premiums are paid annually in advance but arrangements may be made to pay the premiums monthly.
The death-in-service benefit under pure group life assurance schemes is usually a multiple of annual salary i.e. one, two or three times annual salary.
There are Free Medical Limits which are based on total membership of the scheme. These are available on request.
The Free Medical Limits are constantly reviewed to enable our valued members and clients enjoy maximum life assurance cover without being subjected to exhaustive medical requirements.
NO TESTING OPTION
NICO Life is now offering an option to cover members under our Group Life Assurance Schemes without Free Medical Limits at relatively higher premiums to compensate for the additional risk covered without medical underwriting. Hence members would be covered for maximum Death-In-Service benefits without being subjected to medical examination including HIV Testing.
CONVERSION OPTION
Group Life Assurance Scheme members usually enjoy higher covers than those enjoyed by Individual Life Assurance Policyholders. These covers however, cease on exit from the schemes. Hence the introduction of the conversion option, where on exit from a Group Life Assurance Scheme, members can continue enjoying higher life covers.
Under this arrangement, members will have the option of converting their current Group Life Cover into an individual term assurance policy. On conversion, an individual will have the option of either paying a single or recurring premium (monthly or annually) up to the attainment of say age 70 years . The conversion option has to be taken at scheme level for all scheme members at an additional cost of 1% of the premium charged.
BENEFITS
On conversion no medicals including HIV test are required.
On death, the full sum assured will be payable.
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