This is a loan product for pensioners and pension benefciaries. Customers aged between 18 and 68 are eligible for this loan product. Furthermore, the pensioners will be covered under the FML’s Pensioner Guarantor Plan
|Age Limits||• There are no age limits for
the principal member, his/
her spouse and biological
children and parents.
• For non- biological dependants, dependant’s age at entry will be restricted to a maximum of 75 years.
• Child dependants will enjoy child rates until they reach 23 years or self-sustaining which ever happens frst.
|Death Benefts I) Death Of Life Assured||The sum assured is payable on death of the policyholder, spouse or dependants as indicated on the dependants list.|
|Ii) Accidental Death Before The Expiry Of 3 Months Waiting Period (Policy holder).||In the event of death of the policyholder by way of an accident, as defned by the company, full benefts are paid out and policy ceases.|
|Iii) Accidental Death (Benefciary).||Full benefts are paid out and policy continues.|
|Paid Up Benefts||There are no paid up benefts|
|Iii) Beneft On Expiry Of Premium Paying Term||The policy is one year renewable|
|Maturity Benefts||No maturity beneft is payable.|
|Surrender Beneft||No surrender beneft is payable.|
|Lapses||In the event of non-payment of contributions within a period of one month, the policy lapses with no benefts payable.|
|Reinstatement||A lapsed policy may be revived on application only after the payment of the outstanding premiums is done within 3 months of lapse. There shall be a waiting period of 3 months after reinstatement before accessing the benefts and immediate cover in the event of accidental death.|
The following plans and premium rates apply to principal members and their respective dependents. However, children pay 50% of the adult rates but enjoying the same level of cover.
|Plan Name||Cover||Monthly premiums|
|Micro Plan||USD 500.00||USD 0.80||USD 0.40|
|Median||USD 1,000.00||USD 1.60||USD 0.80|
|Basic||USD 1,500.00||USD 2.40||USD 1.20|
|Premier||USD 2,500.00||USD 4.00||USD 2.00|
|Executive||USD 3,000.00||USD 4.80||USD 2.40|
|Elite||USD 4,500.00||USD 7.20||USD 3.60|
|Deluxe||USD 6,000.00||USD 9.60||USD 4.80|
The cover limit is currently restricted to a ceiling $1,500 in light of the removal of maximum age at entry for biological dependants. The lower tier plans are also better suited to the POSB clientele and also reduces the administrative burden of handling all the seven plans. The higher plans (from Premier to Deluxe) could be opened up to the Esteem banking clients at a later date.
• A full set of claim forms for the Funeral Cash Plan will be made available to each POSB branch.
• Claim forms are to be accepted only when fully completed and the required supporting documents provided.
• POSB staﬀ will check to ensure that full details of the claimant are provided and will scan the documents and forward to FML for verifcation purposes.
• All completed claim forms shall be sent over to the nearest FML branch for processing and payment as per service level agreement.
• In extreme cases, a claim can be processed without the required documentation and FML has in place a verifying mechanism to avoid fraudulent activities.
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