Friday, 8 May 2009

OCM, Carlsberg Set Up Retirement Scheme For Athletes


KUALA LUMPUR, May 7 (Bernama) -- The Olympic Council of Malaysia (OCM) on Thursday signed an agreement with Carlsberg Malaysia set up a retirement scheme for athletes in the form of a whole life insurance policy for the beneficiary.

OCM president Tunku Tan Sri Imran Tuanku Ja'afar said the sponsorship fees provided by Carlsberg would be utilised for the OCM-Carlsberg Athletes Retirement Scheme, which was created to provide a retirement scheme for athletes who fulfilled certain conditions.

"Our partnership is quite unique in that the financial support for OCM goes entirely to a retirement scheme for outstanding national athletes who won gold medals at the Asian Games and/or Commonwealth Games and athletes who won gold, silver or bronze medals at the Olympic Games," he told reporters, here.

Under the scheme, OCM, with sponsorship from Carlsberg, will pay the annual premium for 14 years.

After that, the athlete has the option of surrendering the policy by taking out the cash, continue with the policy without premium payment with a death benefit of RM50,000 and still have the option to surrender the policy for cash or continue the policy by paying the premium privately.

For athletes who won gold medals in individual events at the Asian Games and/or the Commonwealth Games, will be provided with a whole life policy worth RM50,000 each.

For members of a doubles team, each member of the gold winning pair will be provided with a whole life policy of value RM25,000, and for gold medal winning teams, with more than two members, each member of the team, will be provided with a whole life policy of value RM10,000.

Tengku Imran said athletes who won gold, silver or bronze medals in individual events at the Olympic Games would be provided with a whole life policy of value RM160,000, RM80,000 or RM40,000 respectively.

For members of medal winning teams, the value of each policy will be the above the value for individual medal winners, to be divided equally by the number of team members.

He also wished to encourage athletes to strive for gold medal winning performance at the 2010 Commonwealth Games in Dehli and the 2010 Asian Games in Guangzhou in order to qualify for the OCM-Carlsberg Athletes Retirement Scheme.

-- BERNAMA

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