What is it?
The CABS Diamond Retirement Plan is a savings product that helps you to gradually build up your savings towards retirement.
What are my Contribution options?
You can choose to have either an Ad hoc Contributions (paying as and when you can) or Recurring Contributions policy (contributing every month consistently).
A minimum monthly contribution of $25 is due on the first day of each month until the day you retire or when you turn 70 years.
You may also make extra (ad hoc) payments into your Recurring Contribution policy to boost your savings.
You can easily switch from one option to the other anytime upon notifying us, however, a charge may apply.
WhICH OPTION IS THE RIGHT ONE FOR ME?
The Ad hoc Contribution option recognizes that your income levels may be variable e.g. if you run your own business, are a farmer, etc. It thus allows you the flexibility of paying as and when you can. The amount you contribute is also entirely up to you, subject to the minimum of $25.
The Recurring Contribution option is suitable if your income levels are stable e.g. if you are in formal employment. This option thus makes it easier for you to contribute towards your retirement consistently every month. However, please note that if no contribution is received for a period of 6 months, the policy is automatically converted to Ad hoc. A conversion charge will apply so please be confident that you can meet the monthly contributions consistently.
When is the benefit payable?
The benefit is payable on normal retirement, early retirement due to ill health, retrenchment, death or upon transfer to an approved scheme. You can choose to receive up to one-third of your total benefit as a tax free lump sum on normal retirement. The remaining benefit will then be used to purchase a pension. If it’s not adequate to purchase a minimum pension stipulated by the pension’s regulator from time to time, the whole benefit is paid out immediately.
What happens if I miss premiums?
You are encouraged to make consistent contributions towards your policy to improve your value upon retirement. For a Recurring Contributions policy, if a contribution is not received for six months, your policy is automatically converted into an Ad hoc Contribution policy and a charge will apply. You can still make contributions later on should you decide to.
How do I pay my Contributions?
Contributions may be paid through cash deposits, debit orders, salary deductions, electronic transfers and mobile money transfers. Remember to always quote your policy number when making contributions.
Contribution payment frequency or payment method may be changed upon notifying CABS.
What charges are levied on the policy?
Your total benefit will be subjected to investment and administration charges in force at the time of investment. The policy charges are not guaranteed and can be reviewed for existing and new policies.
Can I change my mind and cancel?
You may cancel your policy with us within 30 days from the issue date. We will refund any premiums you will have paid in full. If you cancel after one month, we will not refund any premiums you paid. However, they will be preserved until retirement.
What documents are needed when making a claim?
Claim due to death:
The original Policy contract, completed claim form, proof of marriage, Death Certificate, proof of bank account and claimant’s identity document should be provided. If it is not the spouse that is claiming, a letter of administration may be required.
Claim due to ill-health retirement:
A certificate from the medical attendant, the policy document, claim form, proof of bank account and policyholder’s identity document should be provided.
Claim on normal retirement:
The original policy contract, claim form, proof of bank account and policyholder’s identity document.
To transfer the total benefit to another registered preservation fund:
A letter from the preservation fund giving us the details of the fund (including the bank details), a completed claim form and the client’s identity document will be needed.
How do I contact CABS?
If you wish to contact us, you can visit any CABS branch, call, email or write to us using the following contact details:
Physical Address:
Old Mutual Life Assurance Company (Zimbabwe) Limited
100 The Chase (West)
Emerald hill
Harare
Postal Address:
Old Mutual Life Assurance Company (Zimbabwe) Limited
P.O. Box 70
Harare
Zimbabwe
Email: infomation@oldmutual.co.zw
Phone: +263 242 308400 Mondays to Fridays between 8:00am and 4:30pm.
You can also call us on our toll free number: 0800 4302.