GLICO GROUP COMPREHENSIVE PLAN

As a progressive employer, your employees constitute the most valuable asset of your business.

You do all you can to equitably reward their efforts.

You even stretch yourself to provide for their protection against accident and illness in the course of their employment.

We believe your goal is to achieve a well-motivated workforce and if that is so, then the GLICO GROUP COMPREHENSIVE PLAN is what you need.

With the GLICO GROUP COMPREHENSIVE PLAN you will not only be fulfilling your obligations under a legislation as the Workmen’s Compensation Act or a promise of Group Personal Accident to management and staff but will also be ensuring your employees’ welfare now and when they retire.

THE PLAN

The GLICO GROUP COMPREHENSIVE PLAN is an employee benefit package designed to give ample protection during the employee’s term of service with an option to accumulate investment fund or income to the employee when he retires or withdraws from service.

Unlike the ordinary Group Personal Accident and Workmen’s Compensation policies that offer limited benefits to the employee, the GLICO GROUP COMPREHENSIVE PLAN offers the following benefits enough to satisfy the requirements of the Workmen’s Compensation Law:

Also, the Plan can be endorsed to offer optional additional protection benefits such as the Hospital Cash Income, Funeral Expenses and Investment Cash Accumulation to provide end of service benefit to retiring employees.

BENEFIT DETAILS

Term (Death) Assurance Benefit

If an insured (employee) dies during the term of his employment, the sum assured payable under the death benefit (an amount between 1x and 5x employees annual salary) shall be paid.

Accident Indemnity Benefit

If an insured is involved in an accident and sustains bodily injury or illness, the PLAN will pay the amount of benefit (1x to 5x annual salary) payable under the accident indemnity benefit. This includes accidental death benefit, total and permanent disability benefit, dismemberment benefit, accident weekly income benefit and medical expense benefit. Alternative benefit payment is as recommended by the Chief Labour Officer under the Workmen’s Compensation Law 1987.

Dread Disease or Terminal Illness Benefit

In the event that the Life Assured is diagnosed as having any of the dread diseases listed below during the lifetime of the policy, the benefit payable will be the capital benefit payable. (an amount 1x to 5x annual salary)

Terminal disease or dread disease includes; Cancer, Stroke, Kidney failure, Liver failure, Heart attack and paraplegia.

PAYMENT OF BENEFITS

All benefits are payable to the POLICYHOLDER (EMPLOYER) unless otherwise directed by the policyholder to be paid directly to the life insured (employee)

WHO CAN JOIN THIS PLAN

All employees including directors of a company.

AGE LIMIT

Available for ages 18 to 59 years.

PREMIUM PAYMENT

Premium payment for the Group Comprehensive Plan is by the employer.