Group Life Assurance
This is a death in service benefit where the capital sum equal to amount insured would become payable in the event of death of an employee while in service. The cover could be a multiple of annual salary, say 2, 3, 4 or 5 times.
Pension Schemes also incorporate death in service benefit.
The Group Life Assurance Cover may also include Two riders, namely;
Funeral Expense Cover Benefit
In these difficult times, one of the hardest blows one can receive is the loss of loved one, a colleague or an employee. In addition, there is a vital economic aspect that is provision of quick finance to meet the funeral expenses of the departed one.
With this in mind, Saham Life & General Assurance Co. Ltd. offers Group Funeral Expense Cover that is a rider to the Group Life Scheme. The Funeral Expense cover will, in the event of death of an employee, pay the Sum Assured under the Funeral Cover, directly to the Employer, within 72 hours of the submission and satisfactory proof of death to Saham
All Permanent employees and their named spouses are eligible.
The benefits of the policy to employee include:
Peace of mind as funds are available incase of death.
The choice to cover the spouse under the same Scheme.
No Harambees or Contributions as the burden is shifted to Saham.
The benefits of the policy to employer include:
A good means to retain a satisfied staff.
The Employer is seen as mindful and caring for staff.
Employer pays premiums annually.
Option of different Sums Assured per member to cater for different categories of staff.
No loss of working time due to employees holding meetings to collect funds for departed colleague.
Temporary and Permanent Disability Benefit Cover
By paying a little extra premium, the policy provides a rider, which provides cover if one becomes temporarily or permanently disabled due to an accident.