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Group Life Assurance

Group Life Assurance Scheme

Group Life Insurance provides protection to a group of persons or employees for life changing events. It is typically provided by an employer to their employees

group life assurance

About this plan

The cover provides payment of Death benefit as a lump sum (subject to a minimum of3 times Total Emolument of the employee) to the nominated beneficiaries of any deceased employee.

It covers a defined group of people, for example, the members of a society or Professional association, or the employees of a particular employer.

Group Life Insurance is a valuable employee benefit, which can pay a tax-free lump sum or taxable dependants' pension for the loved ones of an employee who dies whilst covered by the policy.

The Pension Reform Act 2014 makes Group Life compulsory for employees in active service, the scheme shall apply to employees who are in the employment of an organisation in which there are 3 or more employees.

Available Riders

Funeral Benefit Rider

Tangerine Funeral rider benefit is a contract between an Employer/employee or an association/club and the insurance company. These product are designed to provide cover for death or funeral benefits for members. This product provides whole-of-life funeral cover for immediate family members, parents, and extended family members.

Permanent Disability

The permanent disability rider component provides for payment of the benefit amount as a lump sum in the event of the life assured becoming permanently disabled.

Spouse Cover Benefit

This product 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 a multiple of the member's annual salary, and it is generally paid as a lump sum.

Critical Illness Benefits

The Critical Illness benefit provides a lump sum benefit that will be paid to a member if he/she is diagnosed as suffering from a listed Critical Illness. 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.
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