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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.