Life Assurance

Life Assurance

by GRA

Life Assurance Details

Pay Codes: GRA Life A: 7115 / GRA Life B: 6151The Representative Body for Guards established the Garda Siochana Members Life Assurance Scheme in 1968. The scheme is administered by the Garda Representative Association and is open to serving and retired members of the Force of all ranks up to and including the rank of Commissioner. The scheme which is underwritten by Irish Life, allows the Association to pay defined benefits to the dependants of serving and retired members of the Scheme who die before their 70th birthday. Premiums are deducted from salary/pension at source. The contract was renewed for a three year period from 1 April 2015.

 

Benefits Age Next Birthday
€350,000 Serving Member 20 – 40th birthday
€260,000 Serving Member 40 – 50th birthday
€250,000 Serving Member 50 – 60th birthday
€175,000 Retired Member 50 – 55th Birthday
€150,000 Retired Member 55 – 60th birthday
€100,000 Retired Member 60 – 65th birthday
€10,000 Retired Member 65 – 70th birthday *

* Benefit of €10,000 costs €2 per month and is deducted at source

At a cost of € 390.00 gross per member per annum. (€ 5.10 net of Tax Relief per week)

 

Children’s Life Assurance Scheme

BENEFIT – Cover for children of members to age 21 – € 7,500. Cost – Included in Members Scheme

Loss of Eye / Limb / Disablement – Serving Member

BENEFIT – €15,000 re accident on or off duty. Cost – Included in Members Scheme

Trainee Garda Life Assurance Scheme

Trainee Gardaí are included for €30,000 Life Assurance Cover for their first 32 weeks, increased to €60,000 for the next 32 weeks, funded by the association. This is subject to the trainee Gardaí completing an application form to join the full plan after 64 weeks

Spouses / Partners Life Assurance Scheme

BENEFIT – Of € 115,000 paid only to a member of the Association who is also a member of the Members Scheme who suffers the loss of a spouse / or nominated partner (terms apply). Cost – Funded by the Association

Spouses / Partners Life Assurance Scheme – of Retired Member

GRA Members on Retirement who wish to retain a Spouse / Partner on cover (to age 65) may do so if the member contacts Cornmarket, they should do this prior to retirement from the Force.

* Definition of a Partner: A member’s partner with whom he / she has been cohabitating, in a marital type relationship for at least 12 months before the death of that partner. This person must be nominated by the member in writing upon applying for partner cover

Retired Members – 65 to 70 years

BENEFIT – €10,000. COST – €2 per month (GRA members on retirement who are members of the Life Assurance Scheme and who wish to retain cover for their spouse/partner may do so. Prior to retirement the member should contact Cornmarket, Liberties House, Christchurch Square, Back Ln, Dublin 8. Tel. 01 408 4000.)

Records on Database

Members should ensure their details recorded on the database held at the GRA Head Office are up to date in relation to their status etc. This is in the member’s and spouse/partner’s best interest. The Association advises that all members should make a will.


Tax Relief (Effect of AVC element on Premium)

All serving members qualify for tax relief on a proportion of the premium payable under the Life Assurance Scheme. The Association through its Brokers obtained approval from the Revenue Commissioners to allow tax relief at the members’ marginal rate of tax on 80% of the premium. The Association also agreed a procedure with the Department of Justice whereby the tax relief is processed as a “top line” deduction from salary thereby removing the need for the member to make a tax rebate claim. The tax relief passes on a real saving to members as illustrated below (assumes 41% tax rate). Gross premium €7.50 per week 7 Premium eligible for tax relief €6.00_per week Less tax relief @ 41% €2.46 per week Net premium €5.10 per week

Premium Weekly
Gross Premium €7.50
Premium eligible for tax relief €6.00
Less tax relief @ 41% €2.46
Net Premium: €5.10