Group Life Insurance and Employee Welfare in the Nigerian Banking Sector

This study investigates the relationship between group life insurance provision and employee welfare in Nigeria's banking sector, with specific reference to commercial banks operating in Abuja, Federal Capital Territory. Group life insurance constitutes a mandated employee benefit under Nigeria's Pension Reform Act, yet its administration, coverage adequacy, and impact on staff welfare are rarely evaluated empirically at the firm level. This research adopts a descriptive survey design with primary data from 280 bank employees selected through stratified random sampling across five commercial banks in Abuja. Questionnaires measure employee awareness of group life insurance entitlements, perceived adequacy of coverage, influence on job satisfaction, and experience with beneficiary claims processes. Secondary data from selected banks' human resources departments supplement primary findings. Descriptive statistics and Pearson correlation analysis assess the association between group life insurance provision quality and employee welfare indices. Preliminary findings are expected to indicate that while most employees are nominally aware of group life insurance coverage, few understand its terms or claim procedures, limiting its effectiveness as a welfare instrument. The study recommends that banks invest in staff insurance education programs and review coverage amounts in line with current income levels. Keywords: Group Life Insurance, Employee Welfare, Banking Sector, Abuja, Pension Reform Act.