It is a life assurance policy arranged by employer for his employees. In the event of death, the beneficiaries of the employees receive a lump sum death benefit. The benefit is provided in termsof Section 14 (1) of the Pension Act 2023 which states that an employer shall, in addition tomaking pension contributions on behalf of its employees, maintain a life insurance policy infavour of each of its employee for minimum insurance cover of one time the annual pensionableemolument of the employee.