Group Life Products

Group Life Products

  • GLICO DEPOSITORS ADMINISTRATION SCHEME (DAS)
  • GLICO GROUP COMPREHENSIVE PLAN (GGCP)
  • GLICO WELFARE SCHEME

Group Life assurance is a type of life insurance designed to provide cover for groups of people. The groups may be made of employees, members of a club, association, church, mosque among others. The policy is mainly to provide benefits to named beneficiaries of any group member who passes on (unfortunate death) during the policy period.

The GLICO LIFE Comprehensive plan is an all – encompassing group insurance plan designed to adequately and equitably cover employees of an institution. The plan is designed to give 24 hour cover whether the employee is at work or outside the office or is involved in an activity outside working hours.

Use the links below to learn more about our group policies, and to know how GLICO LIFE can help you fulfill your responsibilities under the conditions.

 

GLICO DEPOSITORS ADMINISTRATION SCHEME (DAS)

The DAS is a long term investment plan which assures adequate retirement income employers employees when they retire. The accumulated cash investment enables the insured employee who has served for more than five (5) years from the commencement of the scheme to draw up to fifty (50%) of his/her contribution to meet obligations such as school fees and other short-term commitments. It can also be arranged to partly accommodate house purchase.

The DAS plan is available for employees ranging from age 18 to 59 years. The administration of the scheme is done in collaboration with the interested organization and GLICO LIFE arranges to deduct premium at source; which is highlighted on the employees’ pay slip each month.

in view of the fact that the deduction is a percentage of monthly salary, contributions made by employees automatically increase with an increase in salary.

Benefits:
Upon earlier termination or retirement from service, the insured (employee), in accordance with the scheme rules, can choose to take either of the following benefits:

Gratuity Benefit: a lump sum of money payable outright at the end of employee’s service.
Annuity Benefit: a monthly income payable over a period of five (5) years certain; or as may be determined by employee (for example: 10 years or for life).
Hybrid benefit: a combination of 50% of the principal sum payable as gratuity/end-of-service benefit and the remaining part payable as annuity benefit over a period of five (5) years certain; or as may be determined by employee.

Optional Benefits:
An insured employee may apply for a loan after the first anniversary ( end of one year) of the policy or apply to take part of the accumulated investment (partial withdrawal) after five years( the period could be reviewed by board of trustees) of continuous contribution.

GLICO GROUP COMPREHENSIVE PLAN (GGCP)

The GLICO Group Comprehensive Plan is an all- encompassing group insurance plan designed to adequately and equitably cover employees of an institution. The plan is designed to give 24 hour cover whether the employee is at work or outside the office or is involved in an activity outside working hours.

Benefits:

Group Life (Term): when an employee dies, the beneficiaries would be paid a lump sum equivalent to the employee’s annual salary or its multiples or stated sum as agreed upon with the employers.
Group Personal Accident: an employee who gets involved in an accident could have the following unfortunate outcomes:
Temporary disability: GLICO LIFE shall pay the employee’s monthly income as compensation until the time he/she recovers and resumes work duties.
Permanent disability: an employee shall receive the full sum assured when this happens. However, in the case of a loss of body part, GLICO LIFE shall pay either 100% or 50% of the sum assured depending on the number of specified body parts lost.

GLICO LIFE shall also pay medical costs incurred up to 10% of the sum assured

Workmen’s Compensation: an employee involved in an accident in the course of discharging his/her official duties, shall be paid by GLICO LIFE through the employer, the recommended benefit to be determined by the Labour Officer under the Workmen’s Compensation Act.
Dread Disease or Terminal Illness: Dread diseases/terminal illness refers to diseases such as: Heart Attack; End-stage Stroke; End-stage Cancer; Kidney Failure; Paraplegia: Blindness among others. When such occurs, GLICO LIFE shall pay 50% of the total sum assured.

The benefits enjoyed under the Group Comprehensive Plan ceases to apply when an employee retires, resigns, passes away or have his/her appointment terminated.

GLICO WELFARE SCHEME

The GWS is essentially a supplementary pension plan that has Investment and Protection packaged together with other benefits such as partial withdrawal and loans including housing loan, personal loan, car loan, to assist interested members of the Scheme acquire a property.

The special protection benefits ensure payment of substantial sums to members or their beneficiaries in case of death and disability resulting from accident. The death protection cover extends to the dependents of the members of the Scheme.

The investment aspect of the plan is also specially designed to provide a hedge against inflation so as to ensure that the value of members’ investment is maintained and sustained.

The GWS is designed for group or association with members whose ages range from ages 18 to 59 years. The group may determine the total amount to be contributed by members on monthly basis for both the investment and protection premium. Members

aiming at having substantial sums of money for a comfortable retirement may make additional voluntary contributions, which shall be reflect in their statements of account.

Protection Benefits:
The welfare benefits are intended to adequately compensate members of the scheme and their dependants in the event of any misfortunes befalling them. The scope of coverage and benefits of the GLICO welfare Scheme include:

  • Death Benefit (members)
  • Death of Spouse Benefit
  • Death of Child Benefit
  • Accident Benefit (members only)
  • Medical expenses resulting from accident (members only)
  • Terminal (Dread) Disease Benefit (members only)

Death Benefit:
In the event an insured member, his/her spouse or a child passing away during the period of his/her membership of the Plan, the total death benefit payable shall be a predetermined amount (sum assured).

Accident Benefit:
If an insured member is involved in an accident and sustains bodily injury, the scheme pays out a benefit to the injured member and if the member becomes permanently incapacitated as a result of the accident, the full predetermined amount or sum assured shall become payable to the claimant.

Medical Expense Benefit:
Furthermore, medical expenses incurred as a result an accident shall be payable/reimbursable up to 10% of the full accident benefit.

Terminal Illness Benefit:
In the event that an insured member is diagnosed as having any of the terminal diseases including Cancer, Stroke, Kidney failure, Liver failure, Heart attack and nervous paralysis during the term of the Plan, the stated benefit becomes payable.

Investments benefits:
When the Plan has accumulated enough funds, members who shall qualify may apply to for the following special loans:

  • Personal loans
  • Car loans
  • Housing project loans
  • Loan for rental purpose

A member may apply for fifty percent (50%) of his investment contribution after contributing for a period not less than three (3) years to meet his or her financial needs.

All benefits are payable through the association/group/organization unless otherwise directed to be paid directly to the claimant.

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