Triple C Plan: Premiums

Minimum premium

This depends on the chosen currency.

The minimum single premium is waived when the policy is written in conjunction with an annual premium.

Frequency of Premiums

These can be paid quarterly, semi annually or annually. A single premium can also be added at a premium due date (although restrictions may be applied when within five years of retirement). Paying premiums on a more frequent basis gives more opportunities to review and amend premiums and benefits.

Increasing, decreasing or stopping premiums during the lifetime of the policy

The premiums can be increased, decreased or stopped on a premium due date and must be amended prior to the settlement of any invoice due on the date of amendment. When premiums are stopped, the Triple C Plan will be paid up and cannot be restarted. When a policy is made paid up, the employee (or accompanying spouse) loses their entitlement to disability pension, survivor’s pension, children’s pension, lump sum on death (other than the retirement account) and waiver of premium benefit.

Changing premium frequency during the lifetime of the policy

The premium frequency can be changed on a premium due date and must be amended prior to the settlement of any invoice due on the date of amendment.  

Premium collection

An invoice is sent out prior to each premium due date. Before settling the invoice on that date, you have the opportunity to:

• Change the insured benefit
• Increase or decrease the premium
• Change the premium frequency

The invoice must be settled by bank transfer. We do not accept cheques, bank drafts or cash.