Apart from the defined contributions pension scheme arrangements, NICO Life Insurance Company Limited also offers 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 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 and salary bill of the scheme. 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. The Free Medical Limits/Covers come in two options namely, medical and non-medical.