Oneida Life Insurance Plan Plus (OLIPP)
FORM & INFO: Beneficiary Designation Form How to Choose a Beneficiary
General Tribal Council Resolution 01-17-2009-B created OLIPP as a valuable new benefit for every enrolled member. OLIPP was designed to replace the Oneida Burial Fund that had served us well for many years.
The OLIPP benefit pays $15,000 to the beneficiary(ies) designated by each member.
OLIPP became effective on October 1, 2009, for every member. The cost of this plan is completely paid for by the Oneida Tribe of Indians of Wisconsin. Each member will need to name the beneficiary(ies) of their choice on a Beneficiary Designation Form. The beneficiary(ies) is the person that will receive the $15,000 proceeds in the event of the member’s death. This is a very important decision because the member may rely on their beneficiary to pay for final burial expenses, outstanding debt, care for family members. Through the beneficiary designation, the member has the opportunity to decide how to direct the proceeds.
You or your beneficiary may assign a portion of the $15,000 life insurance benefit to a funeral home or the Oneida Enrollment Department to ensure final burial expenses are paid. At point of claim, any remaining amount will be paid to the designated beneficiary(ies).
One intent of this policy is to provide the recipients of these proceeds with funds to pay for the burial expenses of the deceased member.
OLIPP features a “Living Benefit” provision available to all eligible members. The living benefit is designed to provide a partial payment of the death benefit under the policy to the member that is diagnosed with a terminal condition (a life expectancy of less than 12 months). Once documentation has been submitted and approved, OLIPP will pay up to 50% of the death benefit less a $300 processing fee.
Please contact the Trust Department or the Enrollment Department for more information.
OTHER INFORMATION: Term Life Certificate Term Life Endorsement Schedule of Benefits