SRIC Group Products
oIf you are a member of the pension fund, it is a statutory requirement that at least two-thirds of the total value of your retirement benefit secures a compulsory pension often payable monthly for the remainder of your life. Your pension may either be paid directly from your pension fund or be purchased from any registered insurer
oOn a provident fund the benefit is payable as a cash lump sum. There are two types of funding method namely Defined Benefit and Defined Contribution.
UMBRELLA RETIREMENT FUND
•A retirement fund offered to small employers with one set of approved rules, and an employer would set his contribution rates, retirement age and level of risk.
•The only component that is fixed in the rules is the payment of benefits in the event of retirement, death, or withdrawal of the member.
•The employer may elect to participate either on the Umbrella Pension Fund or Umbrella Provident Fund
•This type of retirement benefit serves as a “parking bay” for withdrawal benefits from Pension and Provident Funds in the sense that when a member withdraws from a retirement fund due to resignation, dismissal, retrenchment or liquidation of the Fund, the member may transfer his money into the Preservation Fund and preserves it until he reaches retirement.
•This policy offers retiring members of a retirement fund an opportunity to purchase annuities at very competitive rates.
•The annuity is payable monthly for the rest of the member’s life and is guaranteed for five or ten years. Widows and orphans annuities are also offered.
GROUP LIFE ASSURANCE
•A death in service benefit, which is paid as a cash lump sum to the dependants of the deceased person.
•The Group Life Policy may be taken as a “stand alone” policy or as an additional benefit attached to the Retirement Fund.
•This benefit is often expressed as a multiple of the member’s annual salary. The benefit can be extended to provide for spouses pension and orphans pension.
•A benefit is provided as an extension of the Group Life Assurance Policy and is payable when a member becomes totally and permanently incapacitated from engaging in any occupation for remuneration.
MORTGAGE PROTECTION PLAN
•A policy that pays the balance of any mortgage loan in the event of the death of a member before settlement of such loan
CREDIT LIFE INSURANCE
•A product is designed for short-term loans such as car loans, personal loans etc that the company may offer to staff.
•The benefit is paid on death of the member before the full settlement of the loan
GROUP FUNERAL BENEFITS
•This product ensures that ones family is covered in times of need.
•The object of the policy is to provide financial assistance towards the cost of funeral in the event of death of a member or his/her immediate family.