A group life insurance contract covers the members of a particular group. The group could be employees, members of a club, society, association, church, mosque etc. It provides financial compensation in the event of death of a member of the group.
As stated above, the Pension Reform Act 2014 requires employers of labour to provide life insurance cover for their employees. The minimum Benefit specified by the Act is three times the annual total emolument (basic salary, housing and transport) of the employee.