Stanbic IBTC Group Life Assurance

Stanbic IBTC Group Life Assurance plan provides death cover for employees or members in an organisation or group with a single contract. The policy is compulsory for every employer of labour with three or more employees, according to the 2014 pension reform act.
Some of the benefits
Security
Flexibility
Track Record
Professional Service
- The Group Life Assurance Plan provides cover to the insured against death.
- Insurance coverage is for 12 months and renewable at the end of each period.
- Where an employee leaves the services of the employer before the expiration of twelve months, the insurance company shall return or set aside to the credit of the employer, the premium relating to the unexpired period.
- The minimum sum assured is equal to three times the annual emoluments of the staff members. Annual Total Emolument, for the purpose of Group Life Insurance policy is the gross emolument of an employee.
- The minimum and maximum ages of entry are 18 years and 65 years respectively, this can be extended to 70 for Professors and Judges and Affinity Groups.
- Compliance with the law (Pension Reform Act 2014).
- Relieve the employer of financial commitments associated with employees’ death (example: compulsory payments, burial costs, and so on).
- Enhances employers’ Employee Value Proposition (EVP) to their staff.
- Requirement for participation in Federal Government Ministries, Departments and Agencies (MDA) tenders.
- Tax savings – premium paid for Group Life is an allowable expense for PAYE (Pay As you Earn) purposes.
- Estate Planning: Provision of income for dependents or beneficiaries in case of death within the guaranteed period.
Documents required to sign up
- Schedule of cost and benefit, showing the staff members of the company.
- Certificate of incorporation
- Corporate Affairs Commission (CAC) Documents- Form C02 and C07
- Credit note or evidence of payment
- Proposal Form or completed Know Your Customer (KYC) document
You can report a claim by:
- Call 02 01 270 6801
- Send an email to [email protected]
Claim Turnaround Timelines
CLAIMS TYPE |
EVENT |
TIMELINE |
REMARK |
|
ALL CLAIMS |
Acknowledgement of claim |
Within 24 hours of receipt of notice |
Count from noon of the working day of receipt of claim notification |
|
Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims |
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CLAIMS TYPE |
CLAIM EVENT |
PAYMENT TIMELINE |
REMARK |
|
|
Maturity |
Payment on the due date |
Count from noon of the working day of receipt of executed voucher |
|
SAVINGS and ENDOWMENT |
Surrender and Termination |
72hrs after receipt of the request |
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GROUP LIFE, CREDIT LIFE, MORTGAGE PROTECTION,TERM ASSURANCE AND SUNSET BENEFIT PLAN |
Death |
48hrs - 72hrs after receipt of executed discharge voucher |
Count from noon of the working day of receipt of executed voucher |
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Other Riders |
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N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria. |
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*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents. |
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Features
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Benefits
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How to get started
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How do I make a Claim
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Frequently Asked Questions
- The Group Life Assurance Plan provides cover to the insured against death.
- Insurance coverage is for 12 months and renewable at the end of each period.
- Where an employee leaves the services of the employer before the expiration of twelve months, the insurance company shall return or set aside to the credit of the employer, the premium relating to the unexpired period.
- The minimum sum assured is equal to three times the annual emoluments of the staff members. Annual Total Emolument, for the purpose of Group Life Insurance policy is the gross emolument of an employee.
- The minimum and maximum ages of entry are 18 years and 65 years respectively, this can be extended to 70 for Professors and Judges and Affinity Groups.
- Compliance with the law (Pension Reform Act 2014).
- Relieve the employer of financial commitments associated with employees’ death (example: compulsory payments, burial costs, and so on).
- Enhances employers’ Employee Value Proposition (EVP) to their staff.
- Requirement for participation in Federal Government Ministries, Departments and Agencies (MDA) tenders.
- Tax savings – premium paid for Group Life is an allowable expense for PAYE (Pay As you Earn) purposes.
- Estate Planning: Provision of income for dependents or beneficiaries in case of death within the guaranteed period.
Documents required to sign up
- Schedule of cost and benefit, showing the staff members of the company.
- Certificate of incorporation
- Corporate Affairs Commission (CAC) Documents- Form C02 and C07
- Credit note or evidence of payment
- Proposal Form or completed Know Your Customer (KYC) document
You can report a claim by:
- Call 02 01 270 6801
- Send an email to [email protected]
Claim Turnaround Timelines
CLAIMS TYPE |
EVENT |
TIMELINE |
REMARK |
|
ALL CLAIMS |
Acknowledgement of claim |
Within 24 hours of receipt of notice |
Count from noon of the working day of receipt of claim notification |
|
Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims |
||||
CLAIMS TYPE |
CLAIM EVENT |
PAYMENT TIMELINE |
REMARK |
|
|
Maturity |
Payment on the due date |
Count from noon of the working day of receipt of executed voucher |
|
SAVINGS and ENDOWMENT |
Surrender and Termination |
72hrs after receipt of the request |
||
|
|
|
||
GROUP LIFE, CREDIT LIFE, MORTGAGE PROTECTION,TERM ASSURANCE AND SUNSET BENEFIT PLAN |
Death |
48hrs - 72hrs after receipt of executed discharge voucher |
Count from noon of the working day of receipt of executed voucher |
|
|
Other Riders |
|||
|
|
|||
N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria. |
||||
*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents. |
||||
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