Group Life Assurance – GLA insurance agrees to compensate the policyholder if during the cover period, the insured suffers death or disability as a result of natural causes, the insurance shall pay a lump sum benefit amount equivalent to the pre-specified amount/multiple of the Life Assured’s annual salary applicable at the time of death.
The cover could be extended to include coverage for critical illness or dread disease and last expense.
Group Personal Accident – GPA insurance cover agrees to compensate the policyholder if during the cover period, the insured suffers an injury caused by an accident. The injury must lead to death, disablement or medical expenses. The maximum amount the insurer will pay is limited to the amount stated in the policy schedule.
WIBA – WIBA means Work Injury Benefits Act. The WIBA Act of Kenya provides for compensation for work related injuries and diseases contracted in the course of employment.
These three policies together form a combined solution and offers coverage for life and disability insurance (GLA), group personal accident (GPA) and WIBA and hence the maximum payout for accidental and occupational risks is 8 years’ salary as per the WIBA act. However, for natural related risks, the maximum payout will depend on the level of GLA cover selected by the company.
This cover ensures compliance with the law i.e WIBA and also gives your team coverage for risks outside work as well as those as a result of natural causes.
Contact us today Hillspan Insurance Brokers via email at info@hillspangroup.com or by phone at +254 709 075 500 /+254 769 487 794, for personalized assistance!
