Group Life Insurance

Compulsory insurance are those insurance made compulsory by law, frequently with the objective of providing protection to third parties and the general public.  There are five insurance products made compulsory by the Insurance Act 2003 and other related legislations.

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Description

In line with the PenCom Act 2004, it is mandatory for all employers to maintain a Group Life Insurance Policy in favour of their employees for  minimum of three times annual total emoluments of each employee to provide for their beneficiaries in the event of death or disability.

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