Group Life Assurance SchemesFidelity Life Assurance
Group Life Assurance Schemes offer death-in-service benefits to covered employees. The sponsoring Employer pays a premium determined as a percentage of the Salary Bill to secure the Cover. Employees do not pay anything. On death of a covered employee, a pre-determined benefit is paid out to the deceased’s beneficiaries. The benefit payable is normally defined as multiple of one’s Annual Salary at the time of death for example: Twice annual salary and is paid out regardless of the cause of death. This death benefit is paid free of tax and does not form part of the deceased employee’s estate.
Fidelity Life has a provision of benefit riders that provides additional benefits at nominal additional cost. Riders help employers and employees create insurance products that meet their specific needs. Fidelity Life offers the following riders:
- Accident death benefit – provide an additional payment if death occurs as the result of an accident, often double the amount of death-in-service benefit.
- Chronic Illness – will pay a lump-sum benefit to the insured if diagnosed with a covered condition, such as cancer, stroke or heart attack.
- Disability Benefit – paid in the event that an eligible member has been so disabled by injury or disease
- Premium Refund benefit – A portion of the premiums will paid back to the employer after realization of a profit by the assurer.