Life is full of uncertainties.

Should the unexpected happen, is your family adequately covered?

Can you afford to take the risk of leaving your family without sufficient financial resources?

The SICOM Family Protection Scheme provides for the financial security of your family.

What is the Family Protection Scheme?
It is a group Whole Life Assurance Group Scheme open to all private companies and corporate bodies for their full-time and permanent employees.

What benefits does it provide?
It provides for a lump sum on the death of an employee/member payable to his family.

This lump sum may be paid in the form of a monthly pension.

Under specific conditions, the employee / member may opt for the payment of part of the sum assured on or after attaining age 60 years.

How much do you have to contribute?
The minimum contribution is 4% of the employee’s pensionable salary, the employer and the employee contributing 2% each.

Additional voluntary contribution by the employee for increased benefits is possible.

What happens if you should go on leave without pay?
During the period of leave, you will be required to make the total contribution, i.e. both your share and that of your employer.

What happens if you retire before the age of 60 years?
You have the following options

• Make contributions up to age 60 at the rate of 4% of your salary at the time of your retirement, thus maintaining maximum benefits
  
• Make contributions up to age 60 at the rate of 2% of your salary at time of retirement with reduced benefits
  
• Stop payment or contributions. The benefits will be reduced based on contributions already make, provided they have been made for at least 3 years

What happens if you retire on grounds of ill-health?
The benefits will be reached based on contributions already made, provided they have been made for at least 3 years.

What happens if you change employment?
You have the following options

• Transfer your policy to your new employer if the latter is already a member of the Family Protection Scheme
• If your new employer is not a member of the Family Protection Scheme, maintain contributions on your own up to age 60 as follows:
  • at the rate of 4% of your last salary for maximum benefits
  • at the rate of 2% of your last salary for reduced benefits
• Stop contributions. The benefits will be based on contributions already made during a minimum period of 3 years

You may benefit from your ex-employer’s share of contributions subject to his approval.

What are the Income Tax reliefs?

• The sum assured payable on death is exempt from tax.

To join the Scheme