Employee Benefit Group Life Insurance is a part of a benefit package which covers employees or members of an organization. In the event of a claim, the sum insured will be paid to the insured employee, named beneficiary(ies) or trustee.
There is no maximum limit on this policy.
An enrollment form is completed at the loan application stage. A Certificate of Insurance is returned to the customer as proof of coverage.
All loan applicants 18-64 years are eligible.
Coverage terminates upon full repayment of a loan or settlement of a claim.
JN Life’s Group Life Insurance Policy provides life insurance coverage for a group of people under a single contract. The policy owner is an employer, or an entity and coverage is provided for the employees or members of the organization.
Coverage options for Group Life insurance may fall under Specified coverage amounts, multiple of Annual Salary, or a combination of the two.
Specified Coverage Amounts – A negotiable coverage amount put forward by the insurer for the intended lives to be covered (e.g. 100,000/1,000,000).
Multiple of Annual Salary – This coverage options uses the salaries of employees as the basis for coverage.
Specified Coverage Amounts – the maximum coverage is J$ 70 million for this coverage option.
Multiple of Salary – the maximum coverage is at a multiple of 5-times salary for Permanent Employees and a maximum of 1-time Annual Pension/Fees for Pensioners and Directors.
The issue ages for this policy are as follows:
18-65 years – Permanent Employees
18-99 years – Directors
65-99 years – Pensioners
Accidental Death & Dismemberment (AD&D)
Critical Illness (options 1&2)
Under this policy critical illnesses are offered in two options:
Option 1: Heart Attack, Cancer, Paralysis, Stroke, Kidney Failure, Coma, Major Burns, Blindness, Loss of Speech & Deafness.
Option 2: Heart Attack, Cancer, Paralysis, Stroke, Kidney Failure, Coma, Major Burns, Blindness, Loss of Speech, Deafness, Coronary Artery Bypass, Major Organ Transplant, Multiple Sclerosis, Alzheimer’s Disease, Angioplasty, Aortic Surgery, Benin Brain Tumour, Heart Valve Replacement, Loss of Limbs, Motor Neuron Disease & Parkinson’s Disease.
Billing options for this policy includes:
ACH, RTGS & Cheque
Guaranteed Issue: Coverages which fall below the Group’s No Evidence Limit (NEL) are covered by JN Life’s guaranteed issue benefit. Medical underwriting is required for coverage above the NEL.
Permanent Total Disability Benefit: With the provision of written evidence of total permanent disability, JN Life will issue 100% payout of the principal sum.
Terminal Illness Benefit: With the provision of written evidence of a terminal illness JN Life will payout 50% of the insurance coverage to a maximum of J$ 2 million.
Ambulance Benefit: This is a one-time, reimbursable benefit of a maximum of J$7,000.
Conversion: At the end of an employee’s contract of employment this policy can be converted into an individual burial plan (JN Life COMFORT) and a term insurance (JN Life Vest) offered by JN Life within 30 days of the termination of the Group Life coverage.
Policy Assignment: The policy can be used as a security for financial loans.
Certificates of Insurance will be issued to the covered employees.
Premiums for this policy are due and payable monthly or annually.
We provide peace of mind while ensuring that your loved ones are protected from the consequences of life’s unexpected turns. Let us guide you along your journey to finding the perfect coverage, because here, your life is valued.
Be at ease knowing that we’ve got you covered. Invest in peace of mind today and protect what matters most.
Secure your family’s future with one of our products tailored to meet your unique needs. Our policies ensure that your loved ones are cared for even in your absence.
Secure your team members’ futures with our group life insurance policy. Provide coverage for your employees in the event of an unforeseen circumstance.
Retire in confidence, knowing that you’ve built a robust financial foundation for your golden years. Start planning today for a brighter tomorrow.
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