Golden Harvest Saving Plan
The Golden Harvest Savings Plan is a long -term savings program combined with a decreasing term life insurance, which allows members to set goals and realize them. The plan allows member to set a savings goal, up to an insurable maximum of three million (JA) dollar ($3,000,000.00) for any period between 1 – 10 years. Once a goal has been selected, the member is required to sign a contract to pay a specified amount to the credit union on a monthly basis. The member’s goal amount is insured. In case of death or permanent disability, the insurance coverage will pay the benefits to the beneficiary. The insurance coverage payable upon death or disability is equal to the difference between the savings goal and the balance at the time of death or disability. Members are eligible to enroll between the ages 15 – 65 years
old. GOLDEN HARVEST SAVINGS PLAN INTEREST RATE 12% PER ANNUM ____________________________________ S.W.I.F.T - SAVE WISELY INVEST FOR TOMORROW Conditions: ___________________________________ SHARE ACCOUNT Members save with the credit union by acquiring shares with the par value of two ($2.00) dollars each. This account allows the members’ the privilege of enjoying all the benefits of the credit union: It can be used as security for loans and a dividend bearing account. Dividend is paid based on the surplus the credit union makes. The board of directors decides the percentage for dividend, which is then presented to the members for their approval at each annual general meeting. Shares are insured by the credit union at no cost to the members. This
insurance is carried under the life savings program operated by Cuna
Mutual Group. ____________________________________ Family Indemnity Plan
Who is covered? The member of the credit union, spouse, or any combination of up to two (2) parents or in-laws of the member, all of whom have not yet attained age seventy-six (76) at the time of enrolment. Children of the member, including dependent children under legal guardianship of the member, who are not married and are, ages one (1) through twenty-five (25). Members may enroll their permanently disabled children before age twenty-six and have them covered for life. Members have the option of choosing one of the four- (4) plans available: Plan Individual Benefit Monthly Premium A J$80,000.00 J$384.00 To open a Family Indemnity Plan members are required to complete an
enrolment form at the credit union’s office and pay the first month’s
premium. Coverage is effective the first month following the enrolment.
There is a six-month waiting period during which only claim arising from
accidental death will be paid. Member enroll during the open enrolment
period will benefit from immediate coverage. ____________________________________
The fixed deposit account was designed to give member’s attractive returns on their money. A fixed deposit account can be opened with a minimum amount of ten ($10,000.00) thousand dollars. Member’s have the option of fixing their money over different time periods has indicated by the following schedule. Penalty of 5% will be charge on Fixed Deposit once account is broken before maturity.
Interest rates are subject to change base on market changes. ____________________________________ Standing Orders The credit union offers a standing order facility payment facilitates to other institutions such as insurance companies and mortgage companies for members are required to pay a fee of $30.00 for each transaction. ____________________________________ Credit Union Blue
Individual Family Option 1 $2,761.00 $6,678.00 • Hospital Services Application forms are completed at the credit union’s office and the first month premium is paid through the credit union. |