Benefits provided

A stated capital sum is granted in respect of death (D) arising from injury following an accident and a stated capital sum in respect of permanent disablement (PD) similarly caused. Medical expenses and temporary totaled disablement (TTD) are also covered under this policy.

Minimum Rate

Class Three

Comprises of hazardous risks where the possibility of occupational accident is considerable and includes outside occupations, where the proposer himself is working. The general body of manual workers falls within this class.

Class Four

This is restricted to abnormally hazardous occupations

B: Group Personal Accident Insurance

Scope of the Cover

Group personal accident policy is intended to cover a group of employees. The policy cover is on a 24hr basis or on occupational risk only and is included to cover any form of accident other than that excluded under exceptions.

Fringe Benefits

Only upto 50% of the basic salary may be allowed for incision in premium calculations to cover the accept of extra benefits like bonuses, allowances, gratuity etc. which must be declared at inception and at every renewal and percentage basis failure to which the policy must pay on a basic salary.

Minimum Rates

Death and permanent disability benefits based on salary Based on 24hr cover

Minimum Loadings and other Requirements

• Minimum premium: On flat basis: K250,000.00
• Medical Expenses: Rate on limit selected at 5%
• Extensions of Cover: Load basic premium by 2.5% for every extension or deletion of a standard exclusion
• Mining Risk and those excluded from Treaties refer to lead Reinsurer:
• Multiple of Salary : Over 5 years gross earnings, refer to lead insurer
• Adjustment of premiums: Premiums are to be adjusted at the end of the year in accordance with the actual earnings during the year.