Group Life Products
Microfinance Care Plan
This is a loan protection policy for homogeneous groups of individuals who take loans from Microfinance institutions, banks or any lender institution for moderate amounts and short periods. The product aims at providing cover which is sufficient to meet the balance of the outstanding loan on Death, Total Permanent Disability, Critical illness and optionally extends to cover total temporary disability, catastrophic loss, funeral expenses, legal fees and unemployment.
Premiums are payable monthly based on the outstanding loan amount or as a single premium based on the initial loan amount.
The microfinance care plan is issued in the names of the creditor/lender and the debtor/borrower is the life Assured.
Benefits:
1. Outstanding loan plus interest in event of death, Total Permanent Disability, Critical illness, catastrophic loss
2. Predetermined amount in event of last expenses for borrower and family members
3. Predetermined amount in event of legal expenses
4. Predetermined amount in event of unemployment.
Group Life Term Assurance Plan
This is a policy issued to the employers who wish to provide financial protection for the families of their employees in event of death of the employee.
Benefits:
1. Death in service benefit which is a multiple of annual salary
2. Optional benefits for critical illness and Personal Accident
3. Optional benefits for last expense to member and family
Group Last Expenses Plan
This product offers affordable funeral expenses and renders support in hard times. The benefits are paid within 48 hours on receiving the necessary documentation regarding death of the life Assured.
The plan covers the principled members and the members of their families.
The Plan can be effected by institutions, employers, homogeneous groups and families.
Benefits:
Pay out between 300,000 and Ushs.2,000,000.
Deposit Administration Plan
This product is a retirement benefit scheme offered to a homogeneous group of people. The contributions that members pay towards the scheme are held in a central account called Deposit Administration fund which allows it to grow at a given guaranteed rate per annum. The account is guaranteed a minimum interest rate plus an annual bonus rate depending on the performance in the financial market and also the Corporation’s investment performance.
The Group Pension under Deposit Administration Plan ensures accumulation of contribution at an attractive rate of interest for generous lump sum benefits and monthly pension to the employees on retirement.
* As and when a member under the scheme retires, the total benefits i. e. contributions and interest are paid by debiting the account.
* Under Deposit Administration Plan the rates of contribution can be 5% of the employee’s gross monthly salary and a similar or other amount contributed by the employer.
* The minimum and maximum retirement age for the members of the scheme may range from as early as 50 years to as late as 65 years.