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NATIONAL INDIGENOUS AUSTRALIANS AGENCY has floated a tender for Provision of Funeral Bonds for Youpla Support Program. The project location is Australia and the tender is closing on 29 Apr 2024. The tender notice number is PROC0013382, while the TOT Ref Number is 99526074. Bidders can have further information about the Tender and can request the complete Tender document by Registering on the site.
Procurement Summary
Country : Australia
Summary : Provision of Funeral Bonds for Youpla Support Program
Deadline : 29 Apr 2024
Other Information
Notice Type : Tender
TOT Ref.No.: 99526074
Document Ref. No. : PROC0013382
Competition : ICB
Financier : Self Financed
Purchaser Ownership : Public
Tender Value : Refer Document
Purchaser's Detail
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Login to see detailsTender Details
The National Indigenous Australians Agency (the Agency) is publishing an open tender for the provision of a single, simple, low-risk funeral bond product for former policy holders of the Youpla Group as part of the Youpla Support Program (YSP). The YSP will provide a resolution payment to people who held a funeral insurance policy with the Youpla Group (also known as the Aboriginal Community Benefit Fund) that was active anytime on or after 1 August 2015. Estimates based on available data indicate that approximately 13, 700 persons held policies during this period. The program commences on 1 July 2024. Applications close on 30 June 2026. The value of the resolution payment will be determined by NIAA, assessed at 60% of the total premiums paid up to their policy limit. People eligible under the YSP will be able to reinvest their resolution payment into a funeral bond, or they can opt to receive it as a cash payment. People eligible will be offered free, voluntary financial counselling prior to making their decision. Due to the high proportion of First Nations persons among former policy holders, the successful tenderer must be able to demonstrate the capacity to provide the funeral bonds in a culturally appropriate manner. Additionally, as a significant proportion of former policy holders are located in remote and regional areas, the successful tenderer is to establish and maintain reliable contact in these areas. Eligible people who opt for a funeral bond will be referred to t...
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