The feature appropriately christened “life Bonus” ensures that a member of the scheme is always adequately catered for . It was made possible through a collaboration with Star Micro Insurance Limited as part of People’s Pension Trust’s quest to give its members unparalleled interventions to promote their livelihood.
Speaking the launch, Chief Executive Officer of People’s Pension Trust, Samuel Waterberg, said, “the life bonus entitles the nominated beneficiaries of a deceased member to a sum assured equivalent to four times the total contributions made by the deceased member during the previous calendar year, in addition to the outstanding balance (contributions plus accrued interest) in the deceased’s account.
He further added, that stated beneficiaries and the family of the deceased member are therefore not left to wallow in sorrow as well as be saddled by fund challenges and debt issues. They are assured of giving their dead relative a befitting burial as well as promote and sustain the livelihood of those left behind (the next of kin or beneficiaries) especially, if they are children of school going age. To show how committed we are to our members, for the first year, the premium for all members has been borne by the company, they will pay themselves in the subsequent years, but even that is a very negligible amount.”
In an address, read on behalf of the Labor Minister, Dr Stephen Amoah-Director in Charge of Special Initiatives at the Ministry of Labor and Employment Relations pledged the government’s unflinching support to initiatives that better the lives of the working populace. He further emphasized the need for other players in the industry to emulate the example set by People’s Pension Trust and be innovative in their product development.
Board Member of People’s Pension Trust, Madam Joyce Aryee on her part, entreated the working populace not to defer their retirement planning to a later date but start early and save assiduously towards it. She emphasized that old age should not be viewed as a distant stage in one’s life but rather an unavoidable phase that comes earlier than expected.
The Deputy Commissioner of the National Insurance Commission, Michael Andoh also highlighted the importance of both pension and insurance and stressed on the need for it. He cautioned the invited guests to patronize financial products and services that cushion them from economic hardships other than totally relying on the government to provide all their financial needs.
Scheme members at the event were excited that such a product had been designed with their welfare in mind. Whilst some rededicated to their retirement plan, others pledged to increase the frequency and value of their contributions and spread the good news to others who have not yet signed up, so they are also adequately covered in life as well as in death.