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JIS News

The management of the National Insurance Scheme (NIS) wants insurance professionals to sensitise their clients about the products offered by the scheme.
Director of the NIS, Denzil Thorpe, encouraged insurance agents, attending today’s (April 1) quarterly meeting and induction ceremony of the Jamaica Association of Insurance and Financial Advisors (JAIFA), to introduce current and potential clients to the range of benefits offered by the NIS.
He told the insurance sales representatives attending the function, held at the Knutsford Court Hotel, Kingston, that the NIS should form the base of any suite of investments they offer.
He explained that the NIS functions in conjunction with other retirement and financial plans, for the benefit of insurance industry practitioners and their clients.
“We are starting with the base. Where you come in, is to provide solutions that add to that,” he said.
Mr. Thorpe lamented the fact that many Jamaicans are still unaware of the range of products offered by the NIS, or how to qualify for them.
“A lot of people know that there are retirement benefits from this thing. What people don’t know is that there are several other benefits, as well,” he said.
Among the benefits he listed were: invalidity payments; maternity allowance for domestic workers; funeral grants; and, employment injury, death, widow’s, widower’s and orphans and special child’s benefits.
Mr. Thorpe also pointed out that the benefits at retirement far outweigh the contributions made. For example, he said, a person who currently contributes the maximum, of just over $1,000 per month, is eligible to receive $2,000 per week at retirement.
The NIS is a compulsory, contributory funded social security scheme, that covers employed and self-employed persons, as well as voluntary contributors. Individuals are required to join the scheme at age 18.
Almost 100 new members were inducted into JAIFA at today’s ceremony. Most of the inductees were from Sagicor Jamaica, Guardian Life and Caribbean Assurance Brokers.

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