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What is Goup Life Insurance?
It is a means of securing a Group of people against untimely Death or Accident/Sickness under a single contract called "Master Policy".
There are three kinds of Group Life Products a client may choose depending on their needs:
- Protection:
1. Group Term
2. Credit Insurance
- Group Universal Life (GUL)
Standard Features of NGi Group Life
- Affordable for both Employers and Employees
- Competitive in cost, coverage with value added features
- Easy to enroll and install, saving employers time and money in benefits administration
- Rate guarantee available on request
- Profit sharing on certain conditions
NGi requires at least 10 people to be eligible for Group Life
The Group Life LUMP SUM
Intends to help meet the immediate and future cash needs of the employees' dependants or the designated beneficiaries.
The LUMP SUM may be defined as
A. Multiples of Salary – 1, 2, 3 or perhaps 4 times the employee's annual salary
B. Identical for all employees
C. Identical for employees within specified job grades and management
positions
Group Life Credit Insurance
Creditor Group Life Insurance is a special form of group life insurance issued to a Lending Institution to insure individuals who become indebted as a result of personal or real estate loans or consumer credit-transactions.
The debtor is insured for the amount of his outstanding indebtedness up to the maximum amount permissible under the policy.
In the event of death of the debtor while insured, the amount of insurance is paid to the Group Policyholder to be applied toward the outstanding indebtedness of the debtor.
Group Universal Life (GUL)
Group UL is a two-way Protection and Savings scheme at the very least cost (being packaged as a Group Plan) possible to employees. This provides insurance cover and at the same time serves as a savings for them. NGi will invest the money and guarantees a minimum 3% Return on Investment.
Additional Group Benefits
- Accidental Death Benefit ADB – additional Sum Assured in respect of death due to accident
- Permanent Total Disability (PTD) – a person suffering from severe disability
- Permanent Partial Disability (PPD)
- Total Temporary Disability (TTD)
- Passive War Risk
- Medical Expenses due to Accident
- Repatriation due to death and disability
- Critical Illness / Terminal Illness
For further information please contact customer service:
Telephone:+ 9714 222 2772
Email: customerservice@NGiuae.com or sales@NGiuae.com
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