First Mutual Life’s Acacia Group Life Assurance (GLA) is a death in service benefit available to any enterprise that employs up to 50 people. This fantastic package allows smaller enterprises to cover employees against financial risks associated with death whilst still in service.
Each employee is covered for 24 times their monthly gross salary payable as a tax free lump sum should they pass away irrespective of the circumstances. In addition the Acacia GLA Scheme has a free funeral rider of 3 months gross salary (subject to a maximum of $5000 to cover immediate funeral needs.
This product provides life cover up to a free cover limit of $70 000 without the need for medical examinations. This limit may be reviewed from time to time. By virtue of its umbrella nature, the Acacia GLA Scheme accords an opportunity to enterprises who traditionally could not afford to run stand-alone schemes due to their size and cost.
In the event of death of an employee, First Mutual Life shall be notified and for claim settlement the following documents shall be submitted to the First Mutual Life Employee Benefits Division:
- Notification of death form
- Burial order obtained from the Registrar of births and deaths (In the case of Acacia GLA only to allow for processing of free funeral rider)
- Original Death Certificate
- Marriage Certificate / Affidavit of Customary law marriage(where applicable)
- Birth certificates for all Children
- Banking details of dependent(s) receiving benefit