124 Life Insurance Policy for Staff of the Service

(1) The Service shall maintain a Life Insurance Policy in favor of the Staff of the Service for a minimum of Three (3) times the annual total emolument of the Employee.

(2) The Service shall fully bear all costs in relation to procurement of the Life Insurance Policy, and this shall be in addition to, and separate from, the contributions to be made by the Service to each Employee's Retirement Savings Account, as required by the Pension Act.

(3) The Life Insurance Policy shall be effected through the purchase of a Life Policy issued by a Nigerian registered Insurance Company licensed and authorized to conduct Life Insurance Business by National Insurance Commission under the Insurance Act 2003.

(4) The Policy shall provide cover to the Staff of the Service against Death.