EMPLOYEE PROSPERITY PROGRAM

Essential financial support when work is no longer possible.

Every business relies on its employees, and successful businesses are those that look after the welfare of their workforce, and which provide the motivation that ensures loyalty and optimum performance.

AJB Bumiputera 1912's Employee Prosperity Program has been developed to provide protection and financial security for employees and/or their families in the case of disability through accident or other causes, untimely death, or reduced income due to retirement. The plan lets your employees know that you care for their wellbeing and that of their families, and gives them the confidence to look forward to a secure future.

The three key risks faced by employees are: retirement when the employee is no longer working actively in the company due to age or certain physical condition factors; death, when an employee passes away, and his dependants no longer benefit from his income, and will most likely face serious problems in meeting their living costs; and the physical risk of disability, through accidents or other causes, which prevents an employee from performing his work and causes income to decrease or be totally lost.

To meet these risks, AJB Bumiputera 1912 has designed a life insurance product called Collective Employee Welfare Insurance Program (Employee Prosperity Program).

This Scheme protects the financial well being of the employees and their families when the relevant employee reaches pension age, and/or suffers from total permanent disability, or is unable to work due to sickness or death.

There are two key schemes: the Lump Sun Pension Scheme and the Periodical Pension Scheme.

LUMP SUM PENSION SCHEME
Provides Pension Benefit to the retiree or his beneficiary in the form of a lump sum payment.

1. Pension Scheme: Any retiree (employee) reaching retirement age shall be entitled to receive a pension (Sum Insured) at the amount agreed.
2. Consolation Money: If the retiree (employee) passes away before reaching the retirement age, his beneficiary shall be entitled to receive the benefit (Sum Insured) at the amount agreed.
3. Disability Aid: If the retiree (employee) suffers from total permanent disability or is no longer able to work (confirmed by two doctors one of whom is from AJB Bumiputera 1912), he or she shall be entitled to compensation amounting to the benefit agreed upon.

The amount of benefit can be adjusted to suit the claim/company's conditions. The Sum Insured may be either nominal (fixed amount) or related to the latest salary and the service term.

PERIODICAL PENSION SCHEME
Provides Benefit to the Employee, Widow/Widower of the relevant Employee and his Children, in terms of periodical benefit (every month) as long as they live.

1. Retiree's Pension: The Pension paid is in the form of monthly periodical payments to the relevant retiree, having qualified for retirement, either because of age, disability or inability to work, and is paid as long as the retiree is alive.
2. Retiree's Widow/Widower Benefit: The Benefit paid is in the form of monthly periodical payments to the retiree's Wife/Husband if the retiree passes away, whether during the service term or the retirement period, and on the condition that the beneficiary is alive and has not re-married.
3. Retiree's Children Benefit: The Benefit paid is in the form of monthly periodical payments to the retiree's children if they are orphans. It is paid as long as the beneficiaries are under 25 years old, unmarried, unemployed.

The amount of benefits, whether for the relevant retirees, their widows/widowers and children may be adjusted according to the company's discretion and capability.

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