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Life Insurance

Group Life Insurance is a statutory requirement in Nigeria. Remote ensures compliance with local labor laws by providing a fully employer-funded life insurance package for all employees in the country. This benefit ensures financial security for employees and their families, covering death, critical illness, and funeral expenses. Enrollment is automatic, and the coverage amounts are calculated based on the employee's Annual Total Emolument (ATE).

Please note: In Nigeria, employer-funded insurance premiums may be considered a 'Benefit in Kind' (BIK) and could be subject to personal income tax under local tax laws.

  • Local

    Coverage

    Life Insurance (Death Benefit)

    • Cover Level: 3x Annual Total Emolument (ATE)
    • Details: In the unfortunate event of an employee’s passing while employed, a lump-sum payment equivalent to three times their annual earnings will be paid to their designated beneficiaries.

    Critical Illness Benefit

    • Cover Level: 20% of the Life Insurance cover
    • Details: If an employee is diagnosed with a covered critical illness (such as cancer or stroke), 20% of the total life insurance coverage amount may be paid out upfront to support medical costs or other financial needs.

    Funeral Expenses

    • Cover Level: Fixed amount of ₦500,000
    • Details: A fixed benefit is provided to support funeral-related expenses. This is paid in addition to the statutory life insurance cover.

    Medical Checks

    • Limit: Applicable for coverage exceeding ₦400 million
    • Details: For high coverage amounts (where 3x ATE exceeds ₦400 million), a medical check will be required after coverage start to validate the full insured amount.
  • Basic

    Life Insurance

    Cover Level: Options ranging from $50,000 to $600,000

    • Provides financial protection and security for beneficiaries after the death of an insured team member.
    • In the unfortunate event of a team member’s demise, beneficiary compensation cannot exceed 6 times the team member’s annual salary or the chosen cover level (whichever is lower).
    • Example: See help article for details

    Accidental Death & Dismemberment (AD&D):

    Not covered

    Permanent Disability

    Not covered

  • Comprehensive

    Life Insurance

    Cover Level: Options ranging from $50,000 to $600,000

    • Provides financial protection and security for beneficiaries after the death of an insured team member.
    • In the unfortunate event of a team member’s demise, beneficiary compensation cannot exceed 6 times the team member’s annual salary or the chosen cover level (whichever is lower).

    Accidental Death & Dismemberment (AD&D):

    • Offers financial protection to beneficiaries in the unfortunate events of an insured team member's accidental death or dismemberment.
    • Compensation cannot exceed 5 times the team member's annual salary or the chosen cover level (whichever is lower). The exact payout varies depending on the type of injury sustained, as specified in the Accidental Dismemberment Table.

    Permanent Disability

    • Designed to offer financial support to insured team members who suffer from either permanent and total or permanent and partial disabilities as a result of an accident or illness.
    • Compensation cannot exceed 5 times the team member's annual salary or the chosen cover level (whichever is lower). The insurance provider assesses the extent of the permanent disability to determine the final compensation:
    • Disabilities below 33.33%: No compensation
    • Disabilities between 33.33% and 66.67%: Compensation calculated as a percentage of the capped amount
    • Permanent disabilities exceeding 66.67%: Full capped compensation amount

    For detailed examples of how the compensation is calculated for Life Insurance, Accidental Death & Dismemberment (AD&D), and Permanent Disability, refer to the help article for details

    If you have any questions, please email support@remote.com.