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.

Open an account

Some of the benefits

Security

Stanbic IBTC Life Insurance is backed by strong and reputable financial institutions

Flexibility

Simplified policy update process ensures your policy remains updated

Track Record

The Stanbic IBTC Group has been managing funds for companies and individuals for over 2 decades

Professional Service

Our team of expert advisors are available to help you make the most of your money

Features

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.

Benefits

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.

How to get started

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

How do I make a Claim

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
ALL CLAIMS	Acknowledgement of claim	Within 24 hours of receipt of notice	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.

Frequently Asked Questions

What organizations are eligible to participate in the policy?
All registered organizations with at least 3 employees are eligible to participate in the policy.
How can I enroll my company for the policy?
You can download our subscription form here and contact us to provide guidance on the submission process.
Who are covered?
All members of the organization and their members stated on the policy.
Does this policy include the death benefit?
Yes. The policy includes the death benefit
When is the policy terminated?
This policy is not terminated by age. If the insured is still actively in employment of the insuring company, the policy contract is still valid.

Features
Benefits
How to get started
How do I make a Claim
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.