Two in One Plan (For Rodrigues)

Contribute now and secure your future

What is the Two In One Plan (TOP)?

The TOP is a scheme launched by the Mutual Aid Association in November 2011 to encourage members to contribute each month so that, on death, a funeral grant of Rs 25,000 and a lump sum are paid to the beneficiary of the contributor. This scheme is initially opened to civil servants of Rodrigues and may eventually be proposed to the general public.

What are the advantages of TOP?

Payment of Rs 25,000 as death grant on death of contributor for funeral expenses.
Lump sum payment depending on contribution made with interests at a minimum rate of 2% above the savings rate.
Additional Bonus payment.
It is a flexible plan; contributions can be tailored to customer needs and increased if required.
The minimum contribution is Rs100 per month.

Who can join?

Civil servants and employees of parastatal bodies of 18 to 64 years can join this plan.

How long and how much do I have to contribute?

Members of the TOP have the possibility to contribute to this Plan up to retirement or up to the age of 64 as the case may be. A person may join the TOP by contributing a minimum of Rs100 each month. A contributor has the option to contribute a fixed amount monthly or to contribute any amount as and when he wishes. However, monthly contribution of Rs 100 is compulsory.

Can I withdraw from the plan at any time?

In the event a member ceases to contribute to the Plan, he will only benefit from the lump sum and bonus amount payable on retirement. No funeral grant is payable after withdrawal from the plan.

However, if a member decides to withdraw from the Plan and to be paid back his contributions, payment will be effected net of re-adjustment for lump sum and bonus amount . The re-adjustment will be applicable on both these amounts as follows:

N0.	YEARS OF CONTRIBUTION	% RE-ADJUSTMENT
1	0 ≤ 10	25
2	> 10 ≤ 20	15
3	> 20 ≤ 30	10
4	> 30 ≤ 40	5
5	> 40	0

When is the total amount payable (Funeral Grant, Lump sum including Bonus)?

The full amount is payable on death to cover for funeral expenses.

Conditions

Maximum age of entry-64(Age next birthday)
Death benefit is provided for whole of life
Premiums are payable up to age 64.
Lump sum and bonus amount are payable on retirement, resignation and dismissal.

Indication of lump sum payable

The table below gives an indication of the lump sum and bonus payable on the assumption that the contributions are credited with interest at a minimum of 2% p.a above the average savings rate. The table does not take into consideration age of the contributor for calculation of retirement benefits. (Assuming an annual rate of 8%).

COMPARATIVE TABLE OF BENEFITS
Years Of Contribution	Rs100		RS200		Rs500		Rs1,000
Years Of Contribution	Funeral Grant Rs	Retirement Benefits Rs	Funeral Grant Rs	Retirement Benefits Rs	Funeral Grant Rs	Retirement Benefits Rs	Funeral Grant Rs	Retirement Benefits Rs
5	25,000	4,003	25,000	11,348	25,000	33,383	25,000	70,108
10	25,000	9,885	25,000	28,022	25,000	82,433	25,000	173,119
15	25,000	18,527	25,000	52,521	25,000	154,505	25,000	324,477
20	25,000	31,225	25,000	88,519	25,000	260,401	25,000	546,871
25	25,000	49,883	25,000	141,412	25,000	415,998	25,000	873,641
30	25,000	77,243	25,000	218,974	25,000	644,165	25,000	1,352,818

Claims procedures

A Beneficiary should give notice of claim to the Mutual Aid Association at its Registered Office in Rodrigues.
The original of Death Certificate of Contributor and latest payslip should be produced.
The Mutual Aid Association may call for additional information and /or document.