FAQ

It is a Service that enables ncsl members to access their account balance by typing in the request format. *628*Membership Number# and press send. A text message will be sent to the member advising of the savings account balance and the balance of any loan outstanding. Applicable to both Bemobile and Digicel users.

Any person, who is a contributing member towards superannuation with nasfund and is not an active financial member of another savings & loan society, is eligible.

No. Savings with ncsl is not compulsory. It is a voluntary savings scheme that gives members flexibility to access savings to fulfill their urgent financial commitments such as school fees, customary obligations and funeral expenses.

ncsl offers three savings accounts. The accounts are:

The purposes of these accounts are to:

• Encourage members to save regularly
• Enable members to obtain larger loans when required

Education Savings Account (ESA)

• Minimum savings of K20.00 per deposit (whether paid on fortnightly or monthly basis).
• A minimum balance of K50.00 must remain always in the account.
• Withdrawals are allowed only for education related purposes.
• Cheques will only be made payable to school, education institutions or supplier of education related goods or services.
• Quotations from suppliers of goods and services must be attached with each application

General Savings Account (GSA)

• Minimum savings of K20.00 per deposit (whether paid fortnightly or monthly).
• Minimum withdrawal of K200.00 at any one time.
• Members may withdraw up to 50 % of their net total savings balance in their General Savings Account and only one withdrawal per month is allowed.
• A member must save for a continuous period of three months or more and have a minimum balance of K200.00 before a loan is allowed.

Christmas Savings Account (CSA)

• Minimum savings of K15.00 per deposit (whether paid fortnightly or monthly).
• Withdrawals are only allowed in November, December and January of each year.
• A minimum balance of K20.00 must remain always in the account.

Savings can be used as security against loans.

Yes. The Society pays interest on savings based on the surplus funds (profit) made each year.

No. Superannuation savings are totally separate and independent from ncsl savings. One can not transfer superannuation funds to ncsl while being an active member of nasfund.

No. The Registrar of savings & loan societies does not allow members to join more than one society. If you wish, you may cease your membership with another society and transfer your savings to ncsl.

Members may withdraw up to 50% of their net total savings balance in their General Savings Account. Only one withdrawal per month is allowed.

The minimum amount that a member shall withdraw is K200.00. No amount less than K200.00 shall be permitted for withdrawal.

A member with a loan balance that exceeds 50% of their total general saving account, shall not be allowed any withdrawal of their savings.

A refund of savings or a full exit is due to the member three months after the last contribution is received. An exit fee is applicable.

We give you peace of mind and comfort with the way in which we manage and administer the affairs and operations of the Society. Commitment to good governance, prudential management and customer-oriented service is what we are known to deliver.

Additional Savings

• Additional savings outside of regular deductions can be accepted from members.
• The member must inform ncsl of the account they wish to deposit additional savings to.
• If additional savings are deposited into the General Savings Account for the purpose of obtaining a loan, the loan request shall be considered seven days after making the additional deposit.
• No cash deposit is allowed. All deposits must be paid by cheque, by direct bank deposit or EFTPOS facility

Yes. The maximum lending ratio as approved by the Registrar of Savings and Loan is 1:2. If you have K1,000 in your savings account, you are allowed to borrow a maximum of K2,000.00 provided normal loan requirements are met. The 1:2 loan ratio is now available for emergency and medical purposes.

Lending Guidelines Loan Eligibility

A member is eligible for a loan if he/she:

• Has had a continuous payroll deduction contribution for a minimum period of 3 months
• Has a minimum of K200.00 in their savings account
• Is honest and of good character and has had no prior conviction for fraud or theft
• Has a good credit rating.

Any 1:2 loans of K100,000.00 and above requires NCSL Board approval.

Loan Ratios and Terms

The Society can grant loans for a wide variety of reasons such as:

Maximum, Minimum & Additional Loans

Maximum Loan: The maximum loan the Society may grant to a member is limited to twice their total accumulated savings at any one time, taking into account any existing loans, fees and charges that is outstanding to the members account.

Minimum Loan: The minimum loan that may be granted to a member is K200.00. A member with a loan balance that exceeds 50% of their total general saving account, shall not be allowed any withdrawal of savings.

Additional Loans: Additional loans may be granted to a member (a) If a members’ total current savings fully secures the aggregate sum of the loan required. (b) No member shall be granted more than one (1) additional loan per month. No additional loans will be granted to a member if the existing loan balance exceeds 50% of their total savings balance.

Interest on Loans
Interest is charged at 1% per calendar month on the unpaid balance on all existing and current loan accounts.

Loan Repayments

• All loans must strictly adhere to the approved loan repayment schedule.
• Any interest rate in excess of 1% per month on the unpaid balance may be charged subject to the approval of the Registrar.

Lending Priorities
Loan priority shall be considered on a first come first served basis and availability of liquid funds.

Administration Fees

• K25.00 fee for loans
• K20.00 fee for new membership
• K20.00 fee for fully exiting
• K1.00 fee for all withdrawals

nascare is a medical and life insurance cover for ncsl members. It provides medical, dental, optical, pharmaceutical, hospital and death benefit for members, their spouse and children in PNG. Members are insured for medical expenses they incur through illness or injury. Our partners are AON for medical cover and Capital Insurance for life cover. These are reputable insurance companies in PNG.

No, NASCARE is a benefit available only to members of ncsl.

No, Members can not take out partial cover i.e; they cannot take medical insurance and leave out life insurance or vice versa.The nascare plan is for both medical and life insurance cover.

The premium is K850.00 and is to be paid in full upon registration. Membership in nascare is renewed each year to maintain the cover. It is NOT a one off cost.

Members must fully complete two proposal forms, one for medical cover and one for the life cover. Once registration is confirmed, the cover is automatically in place.

You can pay your premiums in the following manner:

• Direct payment into ncsl Bank Account.
• Withdrawal from member’s General Savings Account.
• Obtaining a loan from the society. The loan will be considered under normal lending policy. If you elect to obtain a loan from the Society, the loan repayment will be K35.76 per fortnight. Loans must be repaid within 12 months.

NASCARE covers:

• Member up to 65 years.
• Spouse up to 65 years.
• Children up to 18-21 years of age who are unmarried but full time students (proof of student identity is required from the relevant education institution).

You can claim the following within 12 months period of the cover:

How can I claim a refund for medical expenses?
When you seek treatment from a medical institution, you must pay in full after obtaining treatment. You must complete the medical claim form and forward to any NCSL Office with original copies of the following:

• • Medical accounts;
  • Doctors’ prescriptions;
  • Pharmacy receipts.

Your claim will be settled within 14 working days with payment made to your nominated bank account.

Members will be refunded 80 % of the total amount claimed, i.e. if your hospital bill is K100.00, the refund will be K80.00.

• Vitamins or health food supplement
• Pre-existing conditions
• Cosmetic Surgery
• Any Non-Medical expenses
• In Vitro Fertilisation
• Non prescribed medication
• AIDS, venereal disease, Sexually Transmitted Disease
• Intentional self injury
• Suicide or attempted suicide
• Alcoholism, drug addiction
• War, services in armed forces
• Pregnancy within 12 months of joining
• Repairs/Replacements of broken, damaged or stolen spectacles, dentures or artificial limbs
• Visa/Occupational medical examinations
• Domestic violence.
• Extreme Sports

In the event of a member’s death, the life benefits are paid out to the nominated beneficiaries, usually spouse and children. In the event of the spouse’s death, the life benefit is paid to the member. When claiming life cover, you must complete the death claim form and attach all original required documents with the application to any NCSL office. Your claim will be settled within 14 working days with payment made to your nominated bank account or cheque to be collected at your nearest NCSL Office.

Any claims arising from;

• Sexually Transmitted Diseases, HIV, AIDS, or Retroviral Infection.
• Alcoholism, intoxication, drug addiction, mental illness or deficiency, psych on eurotic disorder.
• Suicide, self inflicted injury, or criminality, including tribal fighting.
• Any condition for which the insured person has received medical treatment, diagnosis, prescribed drugs, or attended consultation, during the 365 days immediately prior to the insured person being insured under this policy. However, this exclusion shall not apply to any insured person who has been covered under a previous policy for a full 365 days period immediately prior to the inception of this policy. If an insured person has been covered under a previous period immediately prior to the inception of this policy which is less than 365 days, this exclusion shall apply until the expiration of 365 days from the inception of that prior policy.
• an epidemic as declared by the World Health Organisation or other relevant authority.

Yes. Members can claim life and medical insurance for natural parents. You can claim K500 as a life benefit for a nominated parent. Under this policy, there is no age limit for natural parents.

You may call ncsl Head Office on phone 313 2023/313 2014, website page or email nascare@ncsl.com.pg for more information.

Biometric Identification System (BIS) enables members to scan their fingerprint into a reader which then verifies their identity and automatically displays personal details and a summary of their savings, loan balances and eligibilities. Members can also perform withdrawals through BIS which is more quicker having quicker turn around time to have access to your funds. Prior to using this service, a member must initially register their finger print at the nearest ncsl office.