Group Life Insurance

You and Your Family Covered

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This is a type of life insurance in which a single contract covers an entire group of people. Typically, the policy owner is an employer or an entity such as a labor organization, and the policy covers the employees or members of the group.Group life insurance is often provided as part of a complete employee benefit package. In most cases, the cost of group coverage is far less than what the employees or members would pay for a similar amount of individual protection. The Pension Reform Act of 2004 (now 2014) Mandates that a Group Life Assurance Policy must be intercepted by all organizations with more than five employees in their service. The scheme provides 3 times of employees annual emolument to the dependents of a member who dies in the service of the employer. The sum assured (i.e. death benefit) for each member is calculated as multiples of employee annual emolument (comprising basic salary, housing and transport allowances). The premium payable, which depends on the age and salary of each member, is always born by the company. In addition to the basic death cover, our Group life assurance policy for your employees will be extended to cover some additional Benefits

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Combined Group Personal Accident

The Combined Group Personal/Workmen Compensation (Combine GPA/WC) is a hybrid 24-hours accident policy that combines cover under the workmen compensation and group personal accident policies in one single contract. When considering the nature of work in your organization, a Combined GPA/WC policy should be arranged for staff instead of a Workmen Compensation policy. The reason is that the former provides a wider cover and is cost effective.

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