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Business |
Savings society pays out benefits
By VERONICA MANUK
PEOPLE of East New Britain are now
benefiting from a new product introduced by East New Britain
Savings and Loan Society (ENBSL) called the “life and medical
insurance plan”.
Under the plan, the society in partnership with Life Insurance
Corp (PNG) Ltd, has so far paid out K15,000 to three family
members to assist with funeral expenses.
Tiatia Okele of Vunatagia village was the first member to benefit
from the scheme after the society made a payment of K12,000.
This was followed by Nellie Tiamon of Karavia village who received
K2,000 for the funeral expenses of her late husband Konial Tiamon.
The society also gave K1,000 to another family to cover burial
expenses for its six-month old baby at Pilapila village.
The plan also includes benefits such as medical, hospitalisation,
optical, dental, maternity care and emergency evacuation.
Ellison Kaivovo, chairman of the society, said the association is
growing at the fastest rate with current membership reaching
43,000.
The scheme covers the following benefits.
For loss of life
*K25,000 per member
*K10,000 per spouse (one legal and declared spouse)
*K5,00 per parent or single member
For Funeral expense
*K3,00 on the death of member
*K2,000 on the death of the member’s spouse
*K1,000 on the death of any one dependant child of member of
family
*K1,000 on the death of any parent of a single member
 
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