Co-operative Insurance Company Limited (CICL) introduced a pension/ life insurance solution for the members of the Common Employees’  Union of the National Water Supply and Drainage Board. 

This move will benefit workers of the Board who are not eligible for a pension scheme to live up a comfortable life 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. The new schemes will allow the employees to fulfill their aspirations, ensuring financial security after the retirement. This unique financial protection plan will be offered for a tiny premium which is just Rs. 600. 

The Executive Committee of the Common Employees’ Union agreed with Co-operative Insurance Company Limited’s plan and the Managing Director of the Co-operative Insurance Company Limited signed a memorandum of understanding with the Common Employees’ Union secretary in this regard.

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 accommodate any other body. 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.