The benefit is normally in the form of a lump sum equivalent to a multiple of annual salary or nominated fixed sum. It is payable in the event of death of a member while still in active employment of a participating employer or member of a specified scheme or group. Occupational Disability benefit is also offered, where a lump sum is payable in the event of total and permanent disablement of an insured employee/member such that the employee/member is not able to perform his or her own or suited occupation. The disability must be total and permanent.
The rider benefits associated with Group Life Assurance include
- Dread disease cover
- Total Permanent Health Insurance
- Temporary Total Disability
- Continuation Benefit
- Conversion Benefit