While it took the Federal Government four year to comply with the group life assurance provision in the Pension Reform Act, 2004, eight years down the line, many employers in the private sector still think the provision is optional.
Life insurers are also doing very little in this direction. However, the National Pension Commission (PenCom) and National Insurance Commission (NAICOM) have jointly revived the interest of service providers and other stakeholders in this regard.
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