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1st Anniversary of LawCare Group Life Insurance Policy PDF Print E-mail
Thursday, 30 August 2007 05:59am

Contributed by Alex Tan Jee Hian

LawCareIn early April 2006, the LawCare Fund Management Committee recommended to the Bar Council to sign up for the Group Life Insurance Policy with TPD and PPD rider with Malaysian Assurance Alliance (MAA). The commencement date of the Master Policy then took place on 1 July 2006.

On 1 July 2007, the Master Policy was renewed with MAA and it will be effective till 30 June 2008 with no changes to the premiums to be paid whilst the terms and conditions of the coverage remain unchanged.

Here are the simple statistics derived from the administration of the Group Life Policy as of 30 June 2007:-

Total Claims Made

:

20

Death Claims

:

19

Total and Permanent Disability

:      

1

Total Claims By Gender

:

18 male and 2 female

Death Claims By Gender

:

17 male and 2 female

Death Claims By Age

:

2 (31-40), 4 (41-50), 4 (51-60), 5 (61-70), 3 (71-80), 1 (81 and above)

Lost of Fellowship With The Bar Council

:

517 years

Amount Paid Out By Insurers

:

RM330,000.00

Amount To Be Paid Out by Insurers

:

RM270,000.00

There is another record that members might be interested to know. Of the 12,139 members of the Malaysian Bar who are insured, only 1,975 members have nominated their intended beneficiaries! This translates into a mere sixteen percent (16%) of our fellow members who made the effort to ensure that their loved ones receive the insurance proceeds expediently from the insurance company. Yes, we repeat it. Only 1.6 members out of 10 have nominated their beneficiaries under the insurance scheme.

On death of members who have filed their nominations, payment will be made to the nominee. In all other cases, payment will be made to the deceased member's lawful Executor / Administrator on production of certified true copy of Grant of Probate / Letters of Administration.

Therefore, we urge that you assist your loved ones to expeditiously receive their benefits from the insurance scheme by filling up the details of the Malaysian Bar Member's Beneficiary Nomination Form as provided herein or alternatively, you may log-in at our website to download the nomination forms by clicking on this link.

It is also to be noted that a couple of members who died were not covered by the insurance policy as they had not paid their LawCare levy and had their Practising certificates issued or renewed at the time of their death.

Accordingly, the LawCare Fund Management Committee urges each and every member to pay his / her LawCare levy and renew his / her Practising certificate in good time.

Please also ensure that your nominee / loved ones are apprised of your coverage under the insurance scheme and advise them to complete and file their claim forms as soon as possible after your demise.

Apart from the above payments, LawCare has also made other payments to needy members on a case-to-case basis. Your LawCare Fund Management is also currently looking into Medical & Hospitalisation insurance coverage for members of the Bar.

We wish you a long and healthy life but are nevertheless doing our best to arrange some protection for members in the unfortunate event of some calamity.

It is part of the Malaysian Bar's efforts towards looking to the welfare of our members.

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