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This ensures that employees and their families are taken care of when negative life events such as death or disability occur.
Group Risk Insurance provides protection to a group of persons for life changing events. It is typically provided by an employer to their employees. This ensures that employees and their families are taken care of when negative life events such as death or disability occur.
Group Life Assurance is
a lump sum benefit paid out on
the death of a member.
Those that are formally employed provide income for their families.
Group Life cover ensures that the family is protected and are able to provide for themselves should the income earner pass away.
Thus Group Life Assurance is a key way in which an employer can care for the financial needs of their employees.
The benefit is a lump sum payment. The employer can choose whether the benefit is:
Lower of 10 x annual salary and Tsh 7 billion
The following optional benefits can be added to Group Life Assurance:
Cover can continue for members employed after normal retirement age, up to age 70.
