Group Life
The Heirs Group Life plan comes in two variants: The Statutory Group Life Scheme and The Non-Statutory Group Life Scheme
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Statutory Group Life
Employers of Labour
According to the Pension Act 2014, if an employee dies in service, the employer must pay 3 times the employee’s annual salary to their stated beneficiary.
The Statutory Heirs Group Life plan helps employers pay this compulsory bulk amount to the families of their staff, if the unfortunate happens.
- Payment Frequency Renewable Annually: Renewable Annually
- Benefits: Life insurance benefit is paid in the event of the death of employee
- Amount paid to beneficiary if there's loss of life: Minimum of three times of the employee's annual emolument
Non-Statutory Group Life
Clubs, associations and cooperatives
This plan is perfect for non-official group organisations such as clubs, associations, societies, etc.
If a member of the group dies unexpectedly, Heirs Life will pay a bulk amount to the beneficiary of that member.
- Payment Frequency Renewable Annually: Renewable Annually
- Benefits: Life insurance benefit is paid in the event of the death of employee
- To be chosen by the group
FAQs
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Authorized and Regulated by the National Insurance Commission, RIC NO. 093
Heirs Towers, 107b, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria