People’s Pension Trust Ghana Limited has formally outdoored an innovative and unique feature that has been incorporated in its personal pension plan.
This entails the embedding of a life insurance solution in its existing PPT Personal Pension Plan, which is aimed at giving extra value to its members.
Christened “Life Bonus,” it ensures that a member of the scheme is always adequately catered for.
The package was birthed 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 at the launch, Chief Executive Officer (CEO) 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 also stated that beneficiaries and the family of a deceased customer would not have challenges with their funds or any other debt issues.
“They are assured of giving their dead relative a befitting burial, as well as promoting and sustaining 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 Labour 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, 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 stressed that old age should not be viewed as a distant stage in one’s life, but an unavoidable phase that comes earlier than expected.