Group Life Assurance provides death benefit cover on lives of employees and this can come with any or combination of the additional rider benefits indicated below.

Pension Reform Act (PRA) 2004, as amended, made Group Life Insurance compulsory for all establishments and companies employing 3 persons or more in Nigeria. The Act mandate's Employers to "... maintain life insurance policy in favor of the employees for a minimum of three times the annual total emolument of the employee”. This means 300% of annual total emolument, defined as a total sum of basic salary, housing allowance and transport allowance.

Metropolitan Life Insurance Nigeria Limited leverages on our expertise to assist our Clients comply with the law by providing them with competitive rating, effective risk management, excellent service delivery, and 48 hours claims settlement turnaround time.

RIDER BENEFITS TO GROUP LIFE COVER:

The following benefits can also be added to our Group Life product as additional benefits:

  • Permanent Disability Cover

This is an optional disability benefit payable if the employee becomes permanently and totally disabled, while in employment.

  • Critical Illness Cover

This is an insurance product, which covers employees against specified critical illnesses. Metropolitan Life Insurance Nigeria will typically make a lump sum cash payment if the assured is diagnosed with one of the critical illnesses listed in the policy contract. In Metropolitan Life Insurance NigeriaLimited, Critical Illness is sold as a rider benefit to corporate Group Life Product.

The Critical Illness benefit is designed to assist with the payment of expensive medical treatment needed for a member to survive or to be rehabilitated from a Critical Illness. The Critical Illness benefit is part of the total Group Life Assurance Benefit enjoyed by the claimant, and the Group Life benefit will reduces to the extent of the Critical Illness benefit paid out.

  • Spouse Cover Benefit

This insurance product covers the spouse of a member or employee to the scheme. It provides for the payment of a lump sum benefit to a member on the death of his / her spouse. The death benefit is usually based on agreed proportion of a multiple of the member’s annual salary, and it is generally paid as a lump sum. Employees must be in the full-time, active service, and under the normal retirement age. Cover ceases on reaching age 65, earlier normal retirement age, or on resignation from the employer.

Benefits will be paid either to the beneficiary, or fund or the employer. In special circumstances Metropolitan Life Insurance Nigeria Limited may agree to pay to the beneficiary/member as specified in the trustee resolution or as agreed with the employer.

  • Group Funeral Cover

This benefit can either be taken as an additional benefit attached to the group life or it can be effected as a stand-alone cover, independent of the group life cover. 

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