The “bereavement plan” is not intended to compete with CUNA FIP (Family Indemnity Plan) but instead to create another avenue where departing ones can leave some assistance to their loved one for burial, according to League General Manager Aaron Dalrymple.
“Through this product, a Credit Union member is expected to make an annual contribution of EC$60.00 per year and at the death of his/her beneficiary will receive EC$2,500.00 to assist with funeral expenses,” Dalrymple said of the proposed new package.
He said the product is mainly intended to encourage members to save, because a member should have saved $200.00 during the period of enrollment, and should have been enrolled for six months prior to the date of his/her death.
According to officials of the League, at one point they only provided representation to Credit Unions, but in the late 90’s a name change was requested to enable non-financial co-operatives to be affiliated to the league.
“In March 2000, the Co-operative division approved the name change to the Dominica Co-operative Societies League (DCSL) and so here we are now,” Dalrymple said.
The DCSL he said also seeks to strengthen itself by acquiring and developing the necessary capital to assist its affiliates.
“In the DCSL’s quest to achieve these goals, the management and staff have created a four year strategic plan and given the present economic situation, it is imperative that we seek alternate revenue streams that will improve our profitability,” he said.