All public and private sector organizations with more than three (3) employees
a). Death - Compensation for the employees who may die while in service
b). Disappearance - Compensation in the event of disappearance of an employee. Optional
c). Additional Compensation for Permanent Disability (mental or physical) (through accident or stroke) especially at a time when pension contribution is still small.
d). Compensation for Temporary Total Disability and Medical Expenses following accident
e). Compensation for any self-employed person who is worried by the happenings under (a-d) above.
For Death - Three (3) times Total Annual Emolument (TAE)
For Disappearance -Three (3) times Total Emolument (TAE)
For Stroke etc - Three (3) times Total Annual Emolument (TAE)
For Permanent Disability - Three (3) times Total Annual Emoluments (TAE)
For Temporary Disability A % of the TAE based on the Degree or Disability For Medical Expenses - Max. 25% of Total Annual Emolument (TAE)
All employers of labour in the public and private sector with more than four (4) employees.
20% Discount as from five (5) staff or family members and above
Existing Deformity is covered as if it happened during the period of Insurance. Death or Disability arising from Riot, Strike and Civil unrest are also covered.
The Premium is to be borne 100% by the Employer
N250,000 fine and One (1.) year imprisonment for every director or officer of the defaulting body corporate.
The National Insurance Commission (NAICOM) The National Pension Commission (PENCOM)
NATIONAL INSURANCE COMMISSION