The CSU Group Life Assurance Policy lapse 30 days after the due date of renewal. However, for individual members, a member seizes to be on the Scheme for any year her payment (premium) was not made. This simply means that the member is not on cover and the beneficiaries will not be entitled to any benefit should death occur within that year.
Benefits of CSU Group Life Policy:
1. Members will not need to contribute money to care for the dependents of a deceased member.
2. The premium payable is small when it is distributed over the members as against when they are invited to contribute large sums for funeral and deceased family maintenance.
3. Members’ loyalty and commitments is enhanced.
4. Member’s dependents can maintain a standard of living not less than what was obtainable before the demise of their benefactor.
5. Proceeds of the policy can be applied in the best interest of the deceased CSU member.
Claims Processing Procedure
1. The Insurance Company is notified of the claims within 3 months of it occurrence
2. The following claims supporting documents will need to be submitted to the Insurance Company (certificate of cause of death if death is by natural means. Police report if by accident. Coroners ordinance report for cases of missing person)
3. Birth Certificate. For the purpose of verification, it is advisable that members on completing their forms should fill in information for which they have supporting documents on.
4. On the Insurance Company certifying the genuineness of the claims will forward a claims discharge form to the Society.
5. The National Insurance Coordinator complete the form and return same to the Insurance Company.
6. The Insurance Company issues a settlement cheque in favour of the beneficiary/ies.
7. The deceased member’s name is deleted from the scheme. Please note that death occurring as a result of the following are not covered:
Any act committed by the Life Assured which constitute a violation of criminal law e.g Suicide
If the death occurred as a result of direct or indirect active participation in war
Excess use of alcohol or willful inhalation of gas
Active participation in mountaineering, horse ride – any speed competition other than foot competition.
[9:09 PM, 11/27/2017] Phil Csu: As the Social Secretary of my Parish, what am I supposed to do?
Yes as the anchor person in your Parish, you are expected to create the awareness and educate members of your Parish on the benefits of the Scheme. The CSU Group Life cover is very cheap because we are operating it as an association. If any individual is to pick up similar policy on same benefit, the individual will pay over N50,000 yearly as premium. Death is an inevitable end and in most times comes when no one expects it. From statistics, so many women are now the bread winners of their families. The question is what happens to our children if we are no longer there as the bread winners? With the benefit of N1 million, an education endowment can be bought to enable the children complete their studies. With the N1 million, the deceased husband can inject more fund into his business or set up a new business to keep the family going.
Insurance is a store of value and it is to the benefit of any sister who participates!
[10:17 AM, 11/28/2017] Phil Csu: CSU INVESTMENT SCHEME (GROUP DEPOSIT ADMINISTRATION)
CSU Investment Scheme in the Insurance palace is known as Group Deposit Administration. It is a welfare scheme aimed at encouraging members to make savings for their future needs.
Unlike the Group Life Insurance where benefits goes to the Sister’s beneficiaries, in the Investment Scheme the Sister is the direct beneficiary. It is a scheme that gives a sister the opportunity of saving a little part of her earnings. Proverbs 13:11 “Wealth gained hastily will dwindle but whoever gathers little by little will increase it” Sisters it is time to make hay while the sun shines.
How much am I expected to contribute as Premium?
The CSU investment Scheme is a flexible package that gives members the opportunity to contribute according to their financial power. Also, depending on a Sister’s financial target, the annual contribution could be as much as N500,000 but the minimum annual contribution for the CUS scheme is N36,000.00.
When do I make the Payment?
Payment can be made once or twice in a year. A sister is free to decide on her frequency of payment. i.e. annually (once in a year) or half yearly (twice in a year) e.g. If Sister Gloria’s choose an annual contribution of N100,000. She can decide to pay N50,000 in October and pays another N50,000.00 in April. Alternatively she pays the entire N100,000 in October.
Can I change my annual premium from time to time?
No, for easy administration and proper accounting, such staggered payments are not allowed. Once you choose N100,000 as your annual premium, you will be expected to maintain same amount throughout the tenure of the policy.
For how long am I supposed to pay the Premium? For a trial period, we settled for 3 years but this can be elongated at the end of the first tenure to make the contributions more reasonable and useful at maturity.
How much do I expect at maturity of the Scheme?
Your total contribution and your interest which will be calculated on compound interest rate will be paid to you. Note, the interest will be 2% above bank savings interest rate.
When can I join the Scheme?
A sister can join at any of the renewal periods.
What are the benefits of CSU Investment Scheme?
1. It inculcate in Sisters financial discipline.
2. The contribution attracts interest rate 2% above bank saving interest rate
3. Target Projects are archived with the proceeds.
4. Members’ loyalty and commitments are enhanced.
[2:09 PM, 11/28/2017] Phil Csu: How does it operate?
1. At Parish level, the Parish Social Secretary has the responsibility of coordinating the Scheme and ensure that every CSU member gets registered.
2. Every new member completes a registration form (copy attached below) and hand it over to the Social Secretary of their parish.