Social Care Plan
CHARTERED INSTITUTE OF BANKERS SOCIAL CARE PLAN
In addition to creating opportunities for the professional education and development of members, the Governing Council has observed the inevitable social challenges faced by members. Hence, the Social Care Plan has been introduced as a comprehensive initiative to support some aspects of members’ social needs.
The Social Care Plan will provide financial relief to members in the event of the unexpected and protect members’ standard of living by providing a cushion when their income levels diminish.
The Providers of this comprehensive Social Care Plan are:
- Axis Fund Services Limited (AFSL) and
- Hollard Life
SCOPE OF THE SOCIAL CARE PLAN
The Comprehensive Social Care Plan shall cover the following areas;
- Group Life Insurance Cover
- Group Funeral Policy for Members
- Annuity Pension Fund
GROUP LIFE INSURANCE COVER
The Insurance package has been designed to provide a holistic life insurance cover for members and protect them in the event of the following contingencies:
Death
If an Insured Member dies during the period of cover, whether through natural, illness, or accidental causes, the sum assured payable under the death benefit shall be payable to his estate or next of kin. This package covers some expenses for the funeral of the Member.
Spousal Funeral
At the death of a spouse of an insured member during the period of cover due to natural or accidental causes, a lump sum shall be paid to the insured Member. This benefit is capped at a maximum of “ten” (10) spouses.
Total and permanent disablement
Suppose an Insured Person is totally and permanently disabled due to an accident or illness during the period of cover as certified by a qualified medical doctor. In the event of total or permanent disability of an insured member due to accident or illness, the Insured Person’s benefit shall be paid as a lump sum.
Critical Illnesses
If an Insured Person or their spouse qualifies for the critical illness benefit during the cover period, we will pay the Critical Illness benefit as a lump sum. For this benefit, a critical illness is a condition in which an insured suffers because of illness, as specified in the policy.
This means that CONTRIBUTION 5, the insured has been medically diagnosed, and based on objective medical and professional evidence, has satisfied the detailed criteria for what constitutes critical illness. The following Critical Illnesses are insured – Heart Attack, Cancer, Stroke, Kidney failure, Coronary, Paraplegia, Multiple Sclerosis, Parkinson’s disease, blindness, and Major burns.
Retrenchment
It provides a monthly payment equal to the monthly salary in Instalment in the event of an Insured Person covered by this benefit suffering Retrenchment during the Period of Insurance. The benefit will be paid for as long as Retrenchment persists, up to a maximum period of 6 (six) months. As determined by Hollard Life, the Retrenchment claim event date is the date on which the Insured Person ceases to earn an income, having regard to the
Insured Person’s last date of active service and employment record.
For this policy, the Retrenchment claim event date will be the date the Insured Person was first notified of the Retrenchment (for employed persons – pensioners, and persons not earning an income as an employee are not eligible). Pensioners and persons who are not earning an income as an employee (and are not self-employed) are not eligible for the Retrenchment benefit.
WHO IS ELIGIBLE UNDER THE GROUP LIFE INSURANCE COVER?
The Group Life Insurance Policy is opened to the following members of the Institute:
- Student Members
- Ordinary Members
- Associate Members
- Fellow Members and
- Honorary Fellows
GROUP FUNERAL POLICY FOR MEMBERS
This policy gives a sum assured to the family of Chartered Bankers in good standing who dies during the period of cover, whether through natural, illness, or accidental causes.
The Institute shall pay an annual premium to the Provider to support Chartered Bankers mentioned above irrespective of their age bracket.
