Corporate Cover

corporate-banner

As a business owner, you have worked hard to establish your company and achieve success. We at SA LIFE want to help you ensure that your success is secured with Life insurance plans to suit your business needs.

Life assurance cover for employees
Employees are an integral part of any business owner’s success, but a major problem facing many businesses today is attracting and retaining top-caliber employees. Having tailored life insurance benefits for all your employees gives them the satisfaction of knowing that your company has their interests at heart.

Life assurance cover for key management personnel
Could your company continue to be profitable in the event of the unexpected death of a key member? Life insurance is the best available option to ensure there is no interruption to the day-day running of the business– that’s where we come in!

CORPORATE COVER

As an employer, you are aware of the importance of employee benefits and their contribution to your business success; but are you aware that Group Life assurance is a compulsory insurance policy under The New Pension Reform Act 2004? Section 9 of the Act requires that “Employers Shall maintain Life Insurance Policy and Retirement Pension Scheme in favor of the employees for a minimum of three (3) times the Annual Total Emolument of the employee’’. Annual Total Emolument was defined as Basic Salary, Housing Allowance and Transport Allowance.

SA Life has a Group Life insurance plan that offers benefits for both you and your employees.

Life Benefits for your Business

Advantages to the Employer

Premiums are tax deductible

Desirable fringe benefits to offer new employees

Reduced turnover, saving you money in hiring and training costs

Contributes to employee security, loyalty, and higher morale

Valuable life insurance protection provided at a low group rate

Reduces cost to company for support of employees dependents

Advantages To The Employee

Valuable life insurance protection provided at a low group rate

Right to name and change beneficiaries at any time

Provides on the job security

How Does It Work?

The SA LIFE Group Life Assurance scheme is a Death-In-Service scheme designed to provide benefits to dependents or beneficiaries of a deceased employee covered under the scheme while in active service of the company. The death benefit is payable as a lump-sum amount and it is called the Death Sum Assured.

Features

SA LIFE Group Life Assurance Scheme is the cheapest form of life assurance cover and the underwriting requirements are not as stringent as an individual life assurance policy.

The premium represents only a very small addition to the employer’s cost and makes a substantial improvement in the amount of death benefit available under the employee retirement benefit scheme.

Some documentation is required such as;

Written approval of our appointment to implement the scheme

A completed form including employee personal data (Full Name| Date of Birth| Photograph etc.)

STANDARD ALLIANCE LIFE ASSURANCE PROPOSAL FORM

  • Kindly complete form in block letters.
 

SECTION A (BIO DATA)

 

SECTION B Beneficiary(s) (Attach recent passport)

 

SECTION C

  • I declare to the best of my knowledge and belief that the information given in this form is true and complete. I agree that if any answer has been written by any other person on my behalf such person(s) shall for that purpose be regarded as my agent and not the agent of the company, Standard Alliance Life Assurance Ltd. I declare that this proposal for Investment / Life Assurance is made in good faith and be incorporated in and form part of the contract under the normal terms and condition of Standard Alliance Life Assurance Ltd.
 

Verification

Every business has assets that are protected against loss, whether they are buildings, shares/bonds. The most important asset of any company is its key management personnel and getting the right insurance policy to protect these assets is our priority. Key man/Credit Life Assurance scheme helps business organizations protect their most important assets— its key Personnel.

Don’t agonize over losing key personnel with our key man scheme.

 

Our Policy

It is a requirement for any organization looking to borrow funds from financial institutions to secure such loans with a Key Man/Credit Life Assurance Scheme policy. The policy stands as an additional collateral for the borrowed funds. It covers the life of the individual borrower, or it is set up for key personnel amongst the Board of Directors in the case of corporate bodies.

 

How does it work?

The policy is a type of decreasing term assurance, which pays the residual amount of the loan at the time of death of the life assured. What this means is that, in the event of death of the insured individual, SA Life will pay the unpaid balance amount of the loan.

 

Underwriting

Our plan is effected on the following;

The Sum Assured

Duration of the Plan

Frequency of payment

Medical examination on the life assured

STANDARD ALLIANCE LIFE ASSURANCE PROPOSAL FORM

  • Kindly complete form in block letters.
 

SECTION A (BIO DATA)

 

SECTION B Beneficiary(s) (Attach recent passport)

 

SECTION C

  • I declare to the best of my knowledge and belief that the information given in this form is true and complete. I agree that if any answer has been written by any other person on my behalf such person(s) shall for that purpose be regarded as my agent and not the agent of the company, Standard Alliance Life Assurance Ltd. I declare that this proposal for Investment / Life Assurance is made in good faith and be incorporated in and form part of the contract under the normal terms and condition of Standard Alliance Life Assurance Ltd.
 

Verification