Employee Benefits

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Every employer wants the best for their employees likewise employees expect the best from their employers. ZSIC Life understands that for a business to flourish employers must ensure that the employees are well motivated. We have over the years developed and customised our product range to cater for the needs of employees and employers to help cushion financial obligations that may arise whilst the employee is in service or after after the end of the contract.

The following are the policies on offer:-

 

Group Funeral Expenses

The Group Funeral Expenses Policy provides finances for the funeral costs incurred by an employer upon the death of an
employee or one of their family members. Since death is uncertain the policy helps protect corporate entities from
bearing unplanned costs arising from the death of an employee or their family members.

All costs associated with the funeral are transferred to ZSIC Life Limited in return for a premium.

1.1. What are the main features of this scheme?

It provides cover to any employee working for the employer taking up the scheme.The scheme does not only provide protection for the employees of the company, but cover is also provided for their family including dependants.

In exchange for this the employer pays some consideration in form of a premium. The premium charged takes into consideration all the members covered under the scheme as determined by the Employer.

The amounts payable by ZSIC Life differ from case to case per employee but this is based upon the discretion of the
company. The maximum amount of cover provided for each member in the scheme is 10 thousand Kwacha.

Premiums are payable yearly in advance but where this is not possible, an instalment payment plan can be agreed
upon with Company.

There is a provision for additional cover for existing members if there are any adjustments on the funeral benefits affecting some or all members upon being advised.

1.2. What are the terms of membership of the scheme?

A member shall be eligible for membership of the scheme as long he/she works for the employer taking up the scheme.
Upon termination or resignation of the employee from the firm, cover automatically ceases.

 

Group Gratuity

This Policy is provided to employers whose employees work on a contract basis. A gratuity is paid to employees at the
end of a fixed term contract and is often based on the irremuneration and length of the contract.

2.1. Why should ZSIC Life operate your Gratuity Scheme?
Gratuity payment liabilities can become an increasing burden on the organisation as the salaries and tenure of employment increase each year. The gratuity pay-outs can work out to be substantial amounts as the organisation grows and develops.

these payments from current revenue can become quite a challenge that can result in a negative effect on
other operations.

A responsible employer is one that can meet all such obligations in the best manner as they arise.
ZSIC Life is able to shoulder that responsibility on behalf of the client and pay gratuities to respective employees whenever they are due at expiry of the Contract Resignation/early retirement

2.2. When is Gratuity payable to an employee?
At expiry of the Contract
Resignation/early retirement

2.3. What are the premium payment terms?
Premiums are usually paid up front, however, if this is not possible, you will be required to pay 30% of the total
discounted premium as down payment. Please note that the terms are flexible and may differ from one company to
another.

2.4. What are the data requirements?
In order for ZSIC Life to give you a quotation on how the gratuity scheme , please provide us with the following
information:

a. List of employees
b. Monthly salary for each employee
c. Date of Birth of each employee
d. Contract start date and duration for each employee
e. Gratuity basis or formula i.e. value of how much you want to pay.

Group Life Assurance

This is one of the main products offered by ZSIC Life. The Group Life Assurance Policy is aimed at providing a peace of
mind to the employer and employee. It provides for the payment of lump sums to dependents of employees who die
while in the service of employers.

3.1. How does the Group Life Assurance Policy work?
Upon employer paying a certain amount of money, known as premium, ZSIC Life promises to pay the sum assured based on the agreed multiple of annual salary for the said employee upon his/her death.

Under Group Life Assurance, a free cover limit is usually given, for which no evidence of health condition is necessary,
however members who exceed the free cover limit will have to undergo medical examinations upon being covered.

3.2. What are the benefits of the Scheme for the
employer?

The employer is relieved from the financial burden that occasions deaths of employees as the liability is paid for by
ZSIC Life Ltd
The cost of Group Life Assurance offered is cheap and in a

 

Gratuity Plans

 This Policy is provided to employers whose employees work on a contract basis. A gratuity is paid to employees at the
end of a fixed term contract and is often based on their remuneration and length of the contract.


2.1. Why should ZSIC Life operate your Gratuity Scheme?
Gratuity payment liabilities can become an increasing burden on the organisation as the salaries and tenure of employment increase each year. The gratuity pay-outs can work out to be substantial amounts as the organisation grows and develops.
Making these payments from current revenue can become quite a challenge that can result in a negative effect on
other operations.
A responsible employer is one that can meet all such obligations in the best manner as they arise.
ZSIC Life is able to shoulder that responsibility on behalf of
the client and pay gratuities to respective employees whenever they are due.

2.2. When is Gratuity payable to an employee?
At expiry of the Contract Resignation/early retirement


2.3. What are the premium payment terms?
Premiums are usually paid up front, however, if this is not possible, you will be required to pay 30% of the total discounted premium as down payment. Please note that the terms are flexible and may differ from one company to another.

2.4. What are the data requirements?
In order for ZSIC Life to give you a quotation on how the gratuity scheme , please provide us with the following
information:
a. List of employees
b. Monthly salary for each employee
c. Date of Birth of each employee
d. Contract start date and duration for each employee
e. Gratuity basis or formula i.e. value of how much you want to pay.

For more information please contact us or fill-in the quick enquiry form below. We shall respond to you as soon as possible.

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