Group Personal Accident
The cover provides compensation to the insured for physical and visible body injury caused in an accident. It goes on further to cover members of a registered group i.e. employees/staff or welfare if the accidental injury as a sole cause results in death or disablement.
Work Injuries Benefit Act (WIBA)
Workers Injury Benefits Act. It is a requirement for businesses or organizations to cover themselves against compensation towards injuries caused to their employees. WIBA Insurance policy covers you as an employer against legal liability under the Labor Laws about Health and Safety Act 2007.
This is in respect to the assessments. It compensates for bodily injury to your employees due to accident or occupational diseases arising out of and during the course of employees’ employment in your organization or business premises.
Group Life Assurance
Is an annual life assurance cover provided by a company for its employees. In most cases, the premiums are paid by the employer to cover the employees. However, in a contributory group life scheme, the employees pays the premium.
How does Group Life Assurance work?
On the death of a scheme member due to illness or accident related causes, an insurance company will pay a lump sum amount to the employer or trustees of the scheme. The benefits will then be passed on to the member’s estate. The plan is offered through a single master policy issued to the employer.
Group life assurance benefit can be enhanced to provide a broader scope of benefits by including the following riders at an extra nominal cost:
- Last Expense Benefit
- Permanent Total Disability Benefit
- Critical Illness Benefit
- Retrenchment Benefit
Group Last Expense/Funeral Last Expense Cover
In these difficult times, one of the hardest blows one can receive is the loss of loved one. More over, there is a vital economic aspect which is provision of quick financing to meet the funeral expenses of the departed one.
Last Expense Cover is designed to help protect families and friends from the potential financial burden of having to cover for funeral costs of a loved one. The insurance company pays the sum assured/financial benefit to the authorized beneficiary within 24 hrs which goes towards assisting with funeral expenses of the deceased.
- A company’s employees; their spouses and children
- Any registered group of members
Last Expense benefit comes with a broad spectrum of options to suit different needs. Arranging cover is easy and only takes minutes.
Group Medical Insurance
Overall, the cover provides for medical and surgical expenses reasonably incurred by the insured members as a direct result of their sustaining accidental bodily injury and/or illness and/or a disease within the period of insurance. The cover takes care of Inpatient, Outpatient, Maternity, Dental, Optical, Pre-existing and Chronic conditions. The Group medical insurance is normally taken out by employers for the employees.
Members actively in service from age 18 to age 65 are eligible for cover. A member already in the scheme can have cover extended up to 70 years of age provided that he/she remains in active service and subject to underwriting. Dependent Children are eligible for cover from 0 Months (term Baby of 38 Weeks) of age up till the age of 18 years or to the age of 25 years if residing with their parents and enrolled full-time in a recognized post- secondary institution.
Medical Self – Fund Administration
Self-funded plans work differently from health insurance plans. In these plans, an employer uses their own funds to cater for employees’ medical expenses and not by passing on the risk to an insurance company. As such, the client deposits funds as per the contract agreement with fund administrator, which can be monthly, quarterly or bi annually. The funds are used to settle claims by members either on credit or reimbursement. Replenishment of the fund is done by the client when a certain level of utilization is arrived at, say 75% of the funds deposited at inception.
MNS Risk and Insurance Brokers are licensed by Insurance Regulatory Authority to offer medical self-fund administration services. The brokerage provides a wide panel of hospital and specialists where the insureds can access service. The medical benefits accessible from of the fund are set up as per the client’s requirements.