Business News of Friday, 2 November 2018
People’s Pension Trust (PPT) Ghana Limited has formally introduced an innovative and unique feature into its Personal Pension Plan to give extra value to its members.
Christened “Life Bonus,” the new feature is the addition of life insurance solution in the existing Personal Pension Plan.
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 at 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 and be saddled with 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,” he said.
In an address, read on behalf of the Labour Minister, Director in Charge of Special Initiatives at the Ministry of Labour and Employment Relations, Dr. Stephen Amoah 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 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.
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 called on the general public 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.