The Family Indemnity Plan for Credit Union Members
How does the plan work?
When there is a death in the family, the Family Indemnity Plan (FIP) will pay cash benefit to cover the funeral cost for your eligible family member(s). These may be the member, the member’s spouse, or the member’s parents or one or the other of his parents in-law, all of whom have not yet attained age seventy-six (76) at the time of the enrolment.
Also eligible are the children of the member, including dependent children under legal guardianship of the member, who are not married and are age one (1) through twenty-five (25).
Advantages of the Family Indemnity Plan
No Medical Examinations or questions
Lifetime Insurance Coverage
Payments for claims are made within two (2) days
How does a person enroll in the Plan?
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Type Of Plan
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Monthly Premiums
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Death Benefits Payable
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Plan A
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$52.80
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$10,000.00
|
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Plan B
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$79.20
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$15,000.00
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Plan C
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$105.60
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$20,000.00
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Plan D
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$158.40
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$30,000.00
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Plan E
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$211.40
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$40.000.00
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First he/she must be a credit union member. The member then applies for the Plan. The options are as follows.
It is a simple process, which requires that the member fills out an enrolment form at the credit union and pay the first month’s premium. Coverage is effective the first of the month following enrolment. There is however a six-month waiting period during which only claims arising from accidental death will be paid.
Contact the Credit Union Today, for more information!
Pension Plus
Pensions Plus the personal pensions plan for your retirement was designed by CUNA Caribbean and the Unit Trust of Trinidad and Tobago. This retirement plan is designed to either supplement your company’s pension plan or if you don’t have a company pension, it can be your own personal pension plan.
After you stop working and retire you will need to have an income for decades still. Meanwhile inflation continues to carry up the cost of living. For you to maintain your standard of living after you retire you will need to plan now, and save now, for you golden years. With Pensions Plus your funds are invested in the Unit Trust Growth and Income Fund and although past performance is no guarantee of future performance, the growth and income Fund has been the best performing in Trinidad and Tobago for over twenty years, and the corner stone of the unit trust family of funds.
Special Features:
Tax Approved
- Pensions Plus is a tax approved plan.
Life Insurance:
- Pensions Plus also provides you with up to $100,000 reducing term life coverage, dependent upon your age. In addition, accidental death insurance of $50,000 is provided up to age 65.
Portability:
- Because you own the plan, you can take it with you when you change jobs.
Flexible Contributions:
- You decide how much and when you contribution.
Guaranteed Principal:
- Each contribution is guaranteed by the UTC after it has been invested for a minimum of three years.
Retirement Options:
- Retirement anytime between age 50 and 70 and the retirement age can be changed up to one year before maturity.
For more information, contact your Credit Union Representative today....
Payment Protector
In life the unexpected happens…
It may be a sudden illness or an unfortunate accident. These circumstances may affect your ability to work – which in turn may adversely affect a number of financial matters.
RHAND Credit Union has something to protect you - THE PAYMENT PROTECTOR PLAN.
What is Payment Protector?
It is a temporary disability insurance provided by the Credit Union. If you are unable to work due to temporary sickness or any injury, Payment Protector provides a benefit which covers your regular monthly payments to the Credit Union. These payments include:
- Loan installments
- Credit to Shares and Deposit accounts
- Insurance premiums – e.g. Family Indemnity Plan (FIP)
All this is paid for you – up to a maximum of two (2) years.
Who qualifies?
Payment Protector is available only to Credit Union members who have a loan(s). Additionally members must be between the ages of eighteen (18) and sixty-five (65) years. If you are unemployed at the time of signing up, you can still get coverage!
How does a member access this service?
Simple! Your loans officer at the Credit Union will help you to complete an enrollment form, and calculates the necessary premium which is included in your loan installment. You will then receive a certificate which highlights the details of the plan.
When the unfortunate happens, your focus should be on getting back on your feet, not financial matters. Let Payment Protector take care of you.
For more information, contact your Credit Union Representative today….