One of the many benefits of being a member of the St. Lucia Teachers' Credit Co-operative Ltd. is insurance coverage of your shares and loans in the society. Members between the ages of 16 and 55 years enjoy 100% coverage on their shares up to $8,000.00 and loans up to $50,000.00 which their beneficiaries will recieve upon the death of the member.
FIP is a group life insurance that provides a level cash benefit in the event of death of an Insured Person. It is designed to cover the funeral expense of credit union members and their eligible family members. To accomplish this, clean claims are paid within two working days. The FIP provides for a total of up to six (6) eligible family members including applicant to be insured at any one time. There are four coverage options from which the member may choose.
|Option||Monthly Premium||Benefit per member|
Administered by: CUNA Caribbean Insurance Society Ltd.
In addition, the St. Lucia Teacher's Credit Union has an arrangement with Rambally's Funeral Parlour from which insured members recieve a 10% discount on funeral arrangements.
|Single & One Dependent||$146.33|
Administered by: The beacon Insurance Company Limited.