Group Life Assurance Scheme

The cover provides payment of Death benefit as a lump sum (subject to a minimum of3 times Total Emolument of the employee) to the nominated beneficiaries of any deceased employee.

It covers a defined group of people, for example, the members of a society or Professional association, or the employees of a particular employer.

Group Life Insurance is a valuable employee benefit, which can pay a tax-free lump sum or taxable dependants' pension for the loved ones of an employee who dies whilst covered by the policy.

The Pension Reform Act 2014 makes Group Life compulsory for employees in active service, the scheme shall apply to employees who are in the employment of an organisation in which there are 3 or more employees.