Fiji Inclusive Insurance Bundled Product INCLUSIVE INSURANCE - - PowerPoint PPT Presentation
Fiji Inclusive Insurance Bundled Product INCLUSIVE INSURANCE WORKING GROUP V3 12/4/16 Background Aim of the product Provide insurance cover to employees of the formal sector Insurers involved 7 insurers Purpose of Employer
INCLUSIVE INSURANCE WORKING GROUP V3 12/4/16
formal sector Aim of the product
Insurers involved
insurance product Purpose of Employer Feedback session
Project support to Insurers:
Life $2,000 Hospital Cash $1,000 (Overnight) Funeral Expenses $1,000 Home Building $3,000 (Fire) Personal Accident $3,000 (Accidental Death)
Increased productivity Recruit & retain high quality workers Better employee physical health Reduced employee stress Loyalty of workers
Tax Incentives
200% tax rebate for employers Exemption from Fringe Benefit Tax Waiver of VAT & stamp duty
Enrolment Payment Employer Support & Consumer Education Administration Claims Management Consumer Protection & Complaints
Employers eligible to buy insurance: Workforce 50 and above Buying the insurance: Employee List and TINs
Payment methods Instalment option No added insurers fees and charges
Insurer on site presentations Leaflets Website Helpline
Documents supplied by Insurers
Monthly reports to be sent to the Insurers
Payment Adjustment – additional or refund
Reporting a claim - in person, telephone, e mail Documents received. Pay-out 48 hours Claims payouts - electronic
The Process