Statutory Insurance Mandates

Nigeria's legal framework sets out various statutory insurance policies that corporate organizations are required to have. These mandates are primarily defined in the Insurance Act 2003 and other relevant statutes. Below are some of the key statutory insurance requirements that businesses in Nigeria must be aware of and comply with:

Group Life Insurance for Employees:

Under Section 4(5) of the Pension Reform Act 2014 (PFA), private and public organizations with five or more employees are mandated to maintain a Group Life Insurance Policy for their employees.
The insurance policy must cover each employee for a minimum of three times their annual total emolument. Non-compliance with this provision may lead to penalties, including fines and imprisonment, as provided for under Section 85 of the PFA.

Health Insurance:

The National Health Insurance Act 2022 (NHIA) obliges all residents of Nigeria to obtain health insurance. Organizations with five or more employees in both the public and private sectors are required to facilitate the acquisition of health insurance for their employees.
The responsibility for obtaining health insurance is typically shared between the employer and the employee, with the employer often taking the lead in securing the insurance.

Emeka Humphrey ibe
Risk manager
AXA MANSARD INSURANCE PLC
070-34336144

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House Holders insurance frequently asked questions.

bonus life insurance basics

*Affordable Healthcare*

With only ₦12,000, you can access healthcare for 6 months with our EasyCare plan. It gives you access to the hospital to treat ailments & get medication.

EASYCARE BENEFIT

*Premium/Individual/Year-₦32,000

*Premium/Individual/6 Months

₦20,000

*Region of Cover.-Nigeria

*Primary/Seconday Dental Care

Covered up to ₦3,000

*Out-Patient care General and Specialist Consultation

*Minor, Intermediate, Major Surgeries and Procedures

Up to a limit of ₦3,000 (6 Months Waiting Period)

*Admission (Including Feeding)

*Prescribed Medicines and Drugs

*Accident and Emergencies

*Evacuation (Home/Hospital to Hospital & Road Side to Hospital)

*X-Ray, Laboratory and Diagnostics Tests

*Physiotheraphy Sessions (Up to Approved Limits)

3 Sessions

*Health Screening at Designated Centers

*Physical Examination , Blood Pressure, Urinalysis

*NPI Immunization

*Antenatal care, Induction of Labour and Normal Delivery

Covered up to ₦10,000 (after up to 10 months on the scheme)

*Assisted Delivery and Emergency or Medically indicated Elective Caeserean Section

Covered up to ₦10,000 (after up to 10 months on the scheme)

*HIV/AIDS - to the Extent of Diagnosis + Treatment at Free Specialist Centers

*Psychiatry Cover up to 8 Weeks

*Advanced and Complex Investigations (Including CT Scan, MRI Scan)

Emergency Only

*Treatment of ENT diseases and removal of foreign bodies

*ENT Surgeries

As a part of overall limit on Surgical services