Death Benefit Scheme Sample Clauses

A Death Benefit Scheme clause establishes the provision of financial benefits to designated beneficiaries in the event of an individual's death, typically within the context of employment or insurance agreements. This clause outlines the eligibility criteria, the calculation or amount of the benefit, and the process for making claims, often specifying who may receive the payment, such as family members or dependents. Its core practical function is to provide financial security to survivors, addressing the risk of income loss due to the death of the covered individual.
Death Benefit Scheme. The Co-op provides a Death Benefit Scheme for colleagues. Colleagues become eligible from the date that their employment commences. A sum equal to one year’s wages (subject to a minimum of £5000) will be paid to the beneficiary of a colleague who dies in service. Payment of the benefit is at the absolute discretion of the Scheme Trustees in accordance with the Scheme Rules.
View SourceView Similar (5)
Death Benefit Scheme. 9.1 The object of the Scheme is to provide a benefit for the spouse or dependent(s) of an employee who dies from any cause while covered by this Agreement. 9.2 Employees become eligible after one year’s continuous service. 9.3 Payment of the benefit shall be made at the absolute discretion of the Society in accordance with the under mentioned provisions. 9.4 The Joint Parties to the National Agreement shall be responsible for interpretation of the Scheme. 9.5 The operation of the Scheme may be terminated at any time by agreement of the National Parties. 9.6 A sum equal to one year’s wages (or such lesser sum as the Society may determine) will be paid to the spouse or dependent(s) of an employee who dies in service. 9.7 Only the basic wage is taken into account when entitlement is calculated. All premium, bonus and unsocial hours payments are to be excluded. 9.8 The payment will be fully funded by the employing Society. 9.9 Subject always to the rules of any discretionary death benefit schemes and/or the rules of a Society’s pension scheme, a Society may provide additional death benefit payments. The minimum entitlement provided for under this agreement may not, however, be funded in any way by the employee. 9.10 A claim for benefit must be initiated by the spouse or dependant(s) in a manner to be prescribed by the Society. Notification that a claim is to be made should be notified to the Society within three months of death. 9.11 Employees shall be encouraged to record in writing their intended nominee to receive benefit in the event of death. It is not mandatory for the Society to follow this nomination process. An example nomination form is available to Societies from CEA upon request.
View Source

Related to Death Benefit Scheme

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree. 2. A surviving eligible retiree who qualifies for a monthly retirement allowance who was married to a retiree who was also eligible for a Grant shall receive the survivor benefit described in D.1., above, or his or her own Grant, whichever is greater. Such retiree shall not be eligible for both Grants.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.