6
7
T
he rate of benefit payable under
the National Insurance System for
Survivor’s benefit is determined by the
number of contributions paid by the
deceased insured person. You earn one
contribution for every week of insurable
employment, that is, where your earnings
per week are not less than $200. If you
were not provided with a written statement
showing how NIB has calculated your rate
of the benefit then you should request one.
If you need to make a correction, please
go ONLINE or to any service centre and
obtain a “complaint form N.I. 99” to file
your complaint.
The payment of survivor’s benefit is based
under two categories; firstly, if the death of
your spouse occurred before age 60 years
you must have at least 50 contributions
and secondly, based at the rate of your
retirement pension. If your spouse had
contributed over 750 contributions you
would be entitled to receive an increased
benefit for every block of 25 contributions
over 750.
Survivors mean widow, widower,
dependant parents, and children -
biological, adopted and step-children under
the age of 19 years. A physically disabled
child who is a recipient of survivors’ benefit
can continue to receive such benefit
beyond the age of 19 years, for life or until
the illness / disability ceases. The monthly
rate is based on the total contributions paid
with a minimum of $600. Note that where
both parents are alive they must share the
$600 per month as their benefit. However,
a single parent is entitled to receive the full
amount of $600.
I must emphasise the need to obtain
a copy of a statement of your paid
contributions annually in order to ensure
that all your contributions are accounted
for on time. Where you have ceased to
be engaged in insurable employment you
can continue to pay your contributions
voluntarily. Please note that you can qualify
to pay voluntary contributions only when
you have applied to do so within 18 months
of your last day of employment and have
ceased to be employed.
While you are paying voluntary
contributions and if you return to work
such payment must cease. You can pay
voluntary contributions whenever it is
applicable. When a person is paying
voluntary contribution, they will only be
entitled to Retirement Pension or Grant,
Survivor’s Grant and Funeral Grant. The
rate of voluntary contribution is the total
rate payable by both the employer and
employee.
The current benefits payable under the
system are:-
(1) FUNERAL GRANT
of $7,500
(2) SICKNESS BENEFIT
for 52 weeks at a
maximum weekly rate of $1,882.80
(3) MATERNITY ALLOWANCE
for 14
weeks at a weekly maximum rate of
$1,882.80
(4) SURVIVOR’S BENEFIT
at a maximum
basic monthly rate of $2,447.64 and for
every block of 25 contributions over 750 a
monthly rate of $45.67
(5) INVALIDITY PENSION
at a maximum
basic monthly rate of $4,079.40 and
for every block of 25 contributions over 750
a monthly rate of $76.14
(6) EMPLOYMENT INJURY BENEFIT
at a weekly maximum rate of $2,092.00
Payable for a maximum period of 52
calendar weeks
(7) RETIREMENT BENEFIT
- Monthly
pension of $4,079.40 plus $76.14 for every
block of 25 contributions in excess of 750
contributions
Hubert B. Dolsingh, H.B.M (Gold)
Independent National Insurance Consultant
YOUR NATIONAL INSURANCE GUIDE
SURVIVOR’s BENEFIT
If you need any further
explanation or have any
suggestions, feel free to contact
me for a free consultation.
Tel : 625-4636 or
email:
.
National Commercial Bank Jamaica Limited | NCB Capital Markets Limited
NCB Insurance Company Limited | NCB (Cayman) Limited
Advantage General Insurance Company Limited | N.C.B. Foundation
NCB Global Finance Limited
Member of the Deposit
Insurance Corporation
Address:
68 Ariapita Avenue,
Woodbrook.
TTARP
members get an additional
0.25%
Call us for further
information
at 622-4234
ext. 75119, 75124, 75102.
Directors
: Steven Gooden - Chair-
man,Angus Young - CEO, George
Sheppard,Angela Lee Loy, Samantha
Gooden, Company
Secretary - Dave Garcia.
Maximize
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NEW
Fixed
Deposit Rates
TTD Fixed Deposit
AMOUNT
1 YR
2 YRS
10,000 - 200,000
1.50% 1.75%
200,001 - 499,999
1.65% 1.85%
500,000 - 999,999
1.75% 1.95%
1,000,000 - 4,999,999
1.85% 2.05%
5,000,000 and above
1.95% 2.15%
USD Fixed Deposit
AMOUNT
1 YR
2 YRS
5,000 - 99,999
1.00% 1.25%
100,000 - 499,999
1.25% 1.40%
500,000 - 999,999
1.45% 1.55%
1,000,000 and above
1.65% 1.70%
Deposits available up to 5 yrs
dK
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