CICL offers pension scheme to Water Board employees
View(s):The Co-operative Insurance Company Ltd (CICL) has introduced a pension/ life insurance solution for the members of the Common Employees’ Union of the National Water Supply and Drainage Board.
CICL said this move will benefit workers who are not eligible for a pension scheme after their retirement. The pension scheme/life cover has been offered by the Co-operative Insurance after careful consideration following requests made by the employees. “This unique financial protection plan will be offered for a tiny premium which is just Rs. 600,” a company media release said.
It said the new agreement will allow the retiring employee to go for two choices, either to receive a monthly pension or a life cover which will be paid upon maturity or at a death of the insured. The pension scheme will be valid till death and the employee is free to make any one of these two choices. The payments will be settled within one week upon completion of necessary documentation.
“This unique insurance solution has been specially designed for the employees of National Water Supply and Drainage Board with the Common Employees’ Union, and will not be entertaining other trade unions according to the MOU that was signed recently. Four members of each of the employee’s family will be eligible for the coverage while the benefits will be valid up to two deaths per year,” it said.